If you own a chiropractic practice, the best way for a business to survive while waiting to establish credit is called bootstrapping. Bootstrapping is when you do all possible to survive off of your current cash flow and avoid borrowing any money.
Ideally a chiropractors must sit down and analyze their own personal situation because there is no one answer fits all when it comes to bootstrapping. You need to know how much money you have available, how much is coming in and how much your expenses are. You factor in all these together and work month to month based on these factors.
Unfortunately in the real world it's not possible for chiropractors to operate this way, especially when they are a newly opened practice. Many new chiropractors find that they have more expenses compared to income coming in.
For example, The business may be in a great location but need more signage.
It may be possible to find a freelance graphic designer to come up with ideas for marketing.
In this case the business owner will be able to pay on a per project basis as compared to dealing with an expensive ad agency.
In this case the business owner will be able to pay on a per project basis as compared to dealing with an expensive ad agency.
Instead of hiring staff, it may be best to bring on workers who are willing to work 1099 or on a self employed basis until the cash flow is much larger and steady.
Also free online marketing is a great way to save money. Classified websites such as Oodle and Craigslist are a great way to sell the items you have. After you sell the items you can bring in new customers. The new customers will then tell others about your business. Word of mouth advertising is the best form and is also free.
Once your 6 month period of establishing credit has has passed you may find that additional cash flow is no longer necessary.
Chiropractors may want to consider a bank statement loan and need to be established at least for 4 months with 3 months of verifiable revenue. To find out details on bank statement loans programs, contact Ed Rogers at Small Business Loans Depot 919-771-4177.
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