Download worksheets here IMPORTANT:  Under Construction.  Many links may be broken.   Table of Contents How much money will I need to start my own practice? Where can I get help with the needed funds? Financial terms you'll want to know  Key to success! Important reminder! Resource Links                       How much money will I need to start my own practice? Your startup funds needed will depend on whether you are beginning a solo practice or a multi-therapist group practice.  If you decide to work out of your home then your startup costs can be as little as $6,900.   At the same time you can receive a good tax break while making income (this type of business setup must be marketed in a very specific and proper way for success).  On the other hand, if you are starting a multi-therapist general practice in a free standing facility it can require more than $100,000. There are many ways you can structure the startup plan.  Here is the wisest and least expensive, not to mention the most successful way. Spend most of your money in your marketing tools design, print, implementation and advertising. Find a location that does not require much decorating, interior design, fixtures, furniture, etcetera (major costs associated with these activities). Lease space from a health club, senior center, physicians office, chiropractors office, acupuncturist, another physical therapy private practice.  Utilize their equipment, furniture, and decorations, etcetera. Lease your specialized equipment with minimal monthly payments. Refine your billing, collections, payroll, bookkeeping, marketing, advertising, and management skills. Develop a good reputation, create a database of satisfied patients, generate word-of-mouth advertising then later move out to a free standing facility of your own. Think positive about your new venture but don't expect to make a great deal of money with little or no investment. Lack of capital can prevent you from building your identity and marketing tools to aggressively position yourself to be in demand.  Lack of capital can hinder your ability to generate new patients.  You may have limited take home pay for the first few months as you plow your profits back into the business to make it grow but if you follow the steps presented in this course, that shouldn't last very long! You will need a cash reserve of at least 3-6 months or other source of income, during the "build-up" phase, to take care of your personal expenses. It's not uncommon to work part-time through a registry or home health agency during this phase. Find out how your startup costs rank in the ranges given here.   Back to top           Where can I get help with the needed funds? There are many ways to fund your business startup.  I recommend you have some of your own personal funds invested (it makes you work harder and it means more when your own cash is on the line). Investigate these options first: 1. Personal savings 2. SBA (small business association) loan 3. Line of Credit (short term credit from a bank) 4. Low interest credit card 5. Leasing programs Second options to consider 5. Seed capital from friends and family. A popular way, but you will have to ensure that your business plan specifies who is running the company, and what financial rewards investors can expect. 6. Business Angels (outside investors) Angels are individuals who provide seed money to companies who are starting out or in their early years of operation. Small sums are involved, generally under $100,000, but investors do expect a good return. You'll need a sound business plan, persistence in securing the right investors (though there are many network agencies) and patience in explaining your business over and over again. Make sure that expectations are covered by agreements, and do your homework on investors if you can. The best bring enthusiasm, contacts, experience and business savvy to your operation 7. Bank loans and overdrafts If banks cannot see an established, well-run business, with every likelihood of loans being repaid on schedule, they will not lend, or lend only at exorbitant rates against collateral of home or other assets. You need to think very carefully before taking this option. Feed very negative figures into your projections, and be sure you can repay, whatever happens. Back to top                 Financial Terms You'll Want to Know View list of terms here Back to top                   Key to Success Estimate your startup costs on the high end and spend more on your marketing tools (especially your newsletter) than you think you should.   Back to top               Important Reminder Stay Simple, Focused and Automated!   Back to top                   Resource Links - Contact IndeFree for the Best Leasing Program All in One Leasing Aspen Corporate Funding Austin Medical Equipment Bluedot Funding Capital 4 healthcare Direct Lease eStore Finance eLease *Lease Experts Net-Savings Leasing *IndeFree Recommended Back to top