Setting up a dental practice unit requires a substantial investment at the very outset. Individuals looking to start their own practice need to take care of crucial setup expenses, starting from latest equipment, seating arrangement, professional staff, interior, etc.
Just as managing service efficiently to maximise patient satisfaction can be tricky, managing liquidity to maintain daily operations can also be a difficult task. To address such shortcomings, various financial institutions across the country offer various solutions for dental practice acquisition financing.
Such credit variants are easy to access and come with an affordable interest rate. Borrowers can apply for doctor finance to support their dental practice and boost growth. Following are a few strategies to avail funding for a dental practice, alongside the crucial details pertaining to their approval.
Strategies to finance a successful dental practice
Following are a few avenues from which eligible individuals can avail dental practice acquisition financing to set up a successful venture.
- Avail a professional loan
An individual planning to start a clinic needs to invest in property, equipment, marketing expenses, and such. Moreover, the cost of hiring staff and offering them benefits like insurance require investing substantial capital. In such a scenario availing a loan for doctors can prove beneficial.
Ideally, borrowers can avail around Rs.35 lakh against a business loan offered under a suit of credit options curated especially to meet the requirements of medical professionals.
Availing these products can be more streamlined with the availability of pre-approved offers from NBFCs like Bajaj Finserv. These pre-approved offers can be availed on products likes business loan, personal loans, etc. Check your pre-approved offer by entering your name and contact number.
- Raise funds from investors
A smart way to acquire funds to finance a dental practice is by consulting investors. As the healthcare sector is expanding rapidly, more private equity investors are interested in parking their funds in it. Moreover, growing awareness about dental hygiene have increased the number of clinics in India, making the field lucrative for investors. Thus, raising funds from investors is a viable option to mange the expenses related to a clinic or investing in new technology like digital dentistry, the future of one’s dental practice.
- Marketing the business
Marketing one’s practice can be an effective way to attract new patients and build a reputation. One can plan and execute marketing strategies like social media promotion, advertising, SEO techniques, etc., to attract more patients and investors. This process of promotion requires minimum funding and timing. A dentist can earn lucrative revenue or dental practice acquisition financing to upgrade, revamp or expand the practice.
One can also avail a doctor finance for this purpose by submitting minimum documentation and eligibility. A smart way to quicken the application process is to research how to be eligible for a doctor loan.
- Partnership
Another efficient way to finance one’s dental practice is a partnership. A dentist can start his/her dental practice through joint investment. This will again reduce the burden on personal savings and encourage stability. Again individuals can also avail a joint dental practice acquisition financing from financial sectors. If the guarantor maintains a good CIBIL score and repayment history, the chance to receive a considerable fund against low-interest-rate.
After gathering substantial funds to set-up a dental practice, an individual needs to check ways to increase revenue. This would create a stable income profile and help a borrower avail further dental practice acquisition financing with ease. Moreover, sustainable revenue would promote timely outstanding loan repayment, thereby increasing the creditworthiness.
