Many established dentists have sufficient cash flow to make payroll and miscellaneous weekly and monthly operating expenses and the appropriate insurance costs.
If you are thinking about expanding your dental practice or have one but it's not profitable, this article may help you to increase your cash flow through Small Business Loans Depot's dental practice loans programs which will help give you great suggestions to help you have a successful dental practice.
We have compiled marketing and financial bank statement loan, bridge capital and cash flow loan program info from all our past dental practice clients and hopefully you can use the info to help with your dental practice.
Overhead and cash flow are two most important factors that will determine whether you have a successful dental practice that is expanding and growing. Ideally you will want to negotiate your building and operation costs which will help you increase the amount of growth you have..
Unfortunately 90% of small businesses fail during the first five years. Taking proper precautions along with watching and managing your cash flow can help you avoid this.
Most of the practices fail because of improper planning. Understand that you won't know every situation that will arise you can at least know by consulting with others who are in the business beforehand on what to do and what not to do.
Ideally you have to have enough revenue coming in each month to continue to replenish your inventory and keep equipment updated. If you have a slow period then you may want to consider getting working capital from an alternative funding source through a dental practice loan.
I've found if you contact another dentist that runs a similar practice that is located in another part of the country, there is a good chance you can connect with a dentist who is willing to help you with info if you explain you would like to talk briefly with them. Ideally if you contact your college alumni department you should be able to be connected with a dentist you can consult with.
Many dentists would be more than happy to share their ideas of how they started and what they did that worked and what didn't work. This information is priceless.
The largest expense in overhead is rent but you have to aware of other expenses such as taxes and insurance, most don’t, find out what those expenses are. Besides insurance on the building, you need insurance on your inventory, in case of fire or a major theft.
Then there is electricity, gas, phone, internet, and advertising. Another major expense can be employees, even part time. Not only their salary, but the payroll taxes that have to be paid unless you hire them as self employed 1099 workers but you have to be careful because if you are audited by the IRS you could end up losing your business if you structure this improperly.
Once you know what these expenses are, then you can figure out how much you need to bring in financially in order to make a profit.
Luckily there are alternative funding sources such as Small Business Loans Depot that offers bank statement loan programs and working capital loan programs that allow antique business owners to receive the working needed to add staff or purchase equipment to keep your cash flow going which will allow proper operation of your antique business.
As I noted earlier many businesses fail due to lack of capital Ed Rogers at Small Business Loans Depot has past experience to help you find the correct loan program to help you with your cash flow needs.
Contact today for a simple 1 page application that is hassle free and there are programs available with 500 credit score. Ideally you will need at least 4 months in business and 3 months of verifiable revenue.