For many in dentistry, private practice is an attractive and lucrative option for setting up a practice. Private practice gives people the option setting their own hours, being their own boss and setting up a dream practice where they have always wanted to work. For many though, the process of setting up and running their own business is a large step outside of their comfort zone in terms of the skills they have developed. For many dentists the idea of figuring out payroll, inventory, dentist financing, reading spending reports and generally managing as office is a daunting task which they have no experience doing. For many this may mean that they give up and join someone else’s practice or work for a bigger conglomerate. For those who do stick with their dream of opening their own practice, the first step is often to determine their business plan and how much it will cost. Securing dentist financing is a huge step towards realizing these goals.
In order to set up a practice, keep one running or update an existing office, one must be able to afford the updates. Very few can afford these improvements on their own and turn to other sources of dentist finance in order to realize these projects. While banks and other traditional sources of dentist finance can take a long time to apply for as well as have incredibly high standards, there are plenty of alternative dentist financing options available that progressively more and more people are turning to in order to fund their practices. Though dentists are usually good candidates for bank loans, more and more will find themselves rejected as banks have cut back drastically on their small business loan programs. With the decrease in available dentist financing and the increase in demand, many will find that they must turn to alternative source of dentist financing if they hope to secure capital for their practice.
Dentists cal qualify for the same alternative business loans that serve retail stores, restaurants, construction companies and any other type of business. While these are not targeted dentist financing they can serve the same purpose. Many small business owners have managed to reap the benefits of unsecured small business loans, merchant cash advances and other alternative funding sources. Dentists too should be aware of these as options in their search for dentist finance. Merchant cash advances are ideal for those looking for fast, available dentist financing. These are not loans per se but rather a purchase and sales agreement. These are ideal forms of dentist financing for those on a time schedule and those with bad credit. They are similar to unsecured small business loans in that neither one requires collateral to be put up in case the business fails. They are both ideal options for any of the reasons someone might look for dentist finance: equipment, expansion, payroll, renovations etc. Dentists should keep in mind that they are also considered small business owners. In this way they will be able to find dentist financing as conveniently as other businesses do.