Being a doctor is one of the noblest professions. Additionally, lenders recognize this, which is one of the reasons why doctors have access to a variety of financing choices. Due to their exceptional earning potential, high net worth, and steady income, doctors who have successfully started their own clinics often have access to the bulk of medical practice loans. With little documentation required, several lenders are keen to provide doctors loans for medical firms.
Credit Success Business Loan for Doctors is the way to go if you’re looking to get a clinic set up. Compared to other loans, the loan amount is also disbursed rather swiftly. If you’re a doctor or a medical professional, the thought of starting your own clinic business must have crossed your mind at some point in time. Building your own practice from scratch can be a very challenging task, but it has the potential to be a very rewarding one. Although the solution is straightforward, the process is lengthy and requires a lot of patience, perseverance, and sustained effort.
Following is a step-by-step guide to a clinic set up in India:
Curate business plan
- The first stage in every business endeavor is to create a detailed, comprehensive, and flawless business plan while allowing for flexibility and agility to adapt the plan in response to the various outcomes, unexpected situations, and unforeseen challenges. It would be ideal if you had an estimated budget for all your expenses- right from buying clinic supplies to paying rent for the space you use. You must develop a complete plan to accomplish these two crucial goals, as well as a target for the amount of revenue and disposable income you intend to generate. A solid strategy will help you communicate your ideas to the bankers and lenders, who will carefully review your proposal before agreeing to provide a Doctor Loan.
- A robust and thorough plan can accelerate the process of loan approval. It is advisable to organize the documentation and planning of every aspect of the business. Additionally, you should be prepared for managing the clinic and pay for daily expenses in the event of unforeseen circumstances. This would include insurance and a business continuity plan. Since a clinic deals with the health and lives of its patients, even a small error can have major negative repercussions. For instance, businesses without a proper business continuity plan in place are suffering the most at this time, when the coronavirus pandemic has forced many commercial establishments to operate at reduced capacity or even not at all in certain situations.
Obtain financing
- After setting up the necessary foundation, you present the concept or plan to the lenders and convince them of the viability of your business and your creditworthiness as a borrower. It will be quite useful to obtain financing because many lenders have loan products specifically designed for doctors and other medical professionals. At Credit Success, for instance, we provide unsecured Business Loans up to ?30 Lakh. We provide specialized Business Loans at favorable rates of interest with flexible repayment terms of up to 36 months and borrower-friendly repayment options for doctors who run their own practice and intend to grow their business.
- By utilizing our online Business Loan EMI calculator, you can estimate your monthly repayments and plan your expenditure accordingly by entering the loan amount, tenure, and interest rate. Your loan amount must account for financing for shop or office rent, marketing costs to reach the target audience through the appropriate channels, overhead costs like staff expenses, electricity, etc.; and the working capital needs like purchasing equipment, supplies, etc. to be able to run the clinic until you are able to bring in a steady stream of revenue.
Find a location
- Ideally, your clinic location should be decided according to the characteristics of your target clientele. For instance, if you are a pediatrician, it would be wise to open a clinic in a neighborhood that is predominant with large families. Such a facility should also have enough parking and accommodations for people with disabilities. Thus, even before scouting an ideal location, it is crucial to identify your target client base. The ideal patient might be identified using criteria like age, income, kind of disease or problem, etc. Your clinic needs to be closer to your potential patients.
- Additionally, you need to consider the office’s design and atmosphere. You should be able to create an atmosphere of comfort and warmth, as this will enhance the likelihood of recurring visits. It is strongly advised to choose the location before obtaining financing because you will be able to accurately estimate your costs for lease or rent and factor those costs into your budget. If you decide to choose the location after obtaining financing, you might have to do so within the limits of the loan amount given to you after taking other expenses into account.
Acquire robust equipment
One of the most important steps after securing the funding and choosing a place for the clinic is buying appropriate and accurate equipment free of any flaws. You are the greatest judge of the equipment you should buy to run a successful clinic and provide your patients with the finest care possible. But when you start a clinic, you’re also starting a business, thus all the tools and technologies needed to run a company are non-negotiable. As a result, you must buy computers and communications equipment for both your clinic’s administrative needs and your practice. As you tend to the needs of the patient at hand, your waiting area may need furniture, a water cooler, and some basic amenities like magazines and newspapers for your patients to pass the time with.
Recruit staff
This process may have to begin early in order to keep the employees on their toes when the clinic opens for business. You’ll require licensed nurses and medical professionals depending on the practice. Additionally, you require staff to manage payments and extensive documentation. Having a team to handle the taxes and accounts would be beneficial. Employing individuals who share your ideas and ideals is key. To establish a win-win situation where you, the staff, and the patient are all satisfied, it is crucial that your goals and objectives line up with theirs. This will ensure that the patient receives outstanding care and service.
Marketing
Gaining visibility and brand recognition requires marketing. Only if you can convey value to your target clients will you be able to offer it. To make potential a reality, marketing is important. Without a solid marketing strategy, it’s simple to get lost in the competition. Nowadays, having an online presence is essential for business success. Therefore, you may invest in a robust website that gives users an overview of your clinic and the services it provides. You can explain how your clinic’s services can help the potential client achieve the best medical services or find relief from their difficulties with the help of your clinic.
To conclude
There are many situations in which a Doctor Loan is beneficial. You can apply for Credit Success Business Loan for Doctors to help your medical practice grow and to fulfil your specific professional needs. Credit Success provides medical professionals with what they need to build a strong foundation in the course of clinic set up. You are only a quick and hassle-free process away from acquiring the funds you need to accomplish your goals.
