How I built a successful practice on a shoe-string budget, during a recession.
I graduated from Chiropractic college in 2008 at the height of the economic recession when no bank would even look at a new grad with a six figure debt. I distinctly remember numerous meetings with senior business account managers which lead to nothing, zilch, zero. One particular meeting, which happened to be my last, is etched in my memory.
I arrived ready and determined. Looking very dapper, confident, with a solid business plan I had worked on for almost a year only to have the manager stop me half way through my presentation and give me a reality check.
“Son, I’ll be honest with you. Your presentation is great and it looks like you’ve really put a lot of thought into this business plan. Clearly you know your stuff but the bank won’t lend you the money. I could draft up an application and have you jump through the hoops but I assure you it won’t be approved. Do you have any family members or friends that would be willing to lend you the funds?”
I found myself in a bit of a quagmire. Isn’t it ironic that banks will give you loans to go to professional school but are reluctant to fund your business plan to pay them back?
Here are 10 steps to start your practice on a tight budget which I used.
