Have you ever wanted to raise starup funds for your practice?
See the 7 Questions You Need Answers to Before Soliciting Startup Funds
Raising startup funds for a medical practice can be tough enough, so don’t compound the difficulty by not having a clear understanding of exactly what you need and want for your endeavor. This means asking yourself the hard questions that you’ll definitely need answers to before one check is written.
Rather than dive into the process floundering, it’s helpful to at least know what some of these questions you need answers for are, if for nothing else than to help you get serious about your responses.
7 Questions that need answers for startup funding
How much capital do you need? – Having a clear idea about how much capital you need obviously simplifies the task a great deal. Assess what your costs are going to be, and understand that it always costs more!
What will it cost you? – What are you willing to give for this money? Is it going to be shares of your company, and how much is that? 10%? 25%? This is something you need a firm grasp on, and at least initially not be swayed from.
When do you have to pay it back? – When are you expected to repay this investment? Are the terms you’ll receive conducive to running your practice while doing so? How much strain will this produce on the practice and yourself?
What’s the growth plan? – This is a major factor your investors and you should both be interested in. Together with the growth plan a time frame is needed.
What are you putting up? – What is your financial stake in this? Knowing what you’ve got on the line can be comforting for investors who you are asking to pony up a lot more.
How much input do you want? – Making it clear from the start how much outside input is welcome is a good idea. Many investors want nothing to do with this, but there are othersâ€¦
Who buys and uses your product or service? – Who is the ideal customer, and how do you plan to market to them? Having a firm grip on your eventual buyers calms many investment fears!