Small-business finance is, and has always been, a confidence game. For those with dreams of growing a thriving professional practice in the health field, you need to know one very important thing: Financiers only give or lend money to those who have earned their trust.
Your chances of funding a professional practice post grad-school is much higher if you have taken the time during your training to put the vitality into your personal and professional relationships. How do you do that? Make an effort to form reciprocal relationships with your peers and mentors. Vital, collegial relationships are so important to aspiring professionals.
The friendships you make during your training for your career will form a network for associations that can get your practice off to a strong start. Don’t look at it as simply self-aggrandizement. That’s the wrong approach. It’s more akin to cultivating a network of peer support. Make an effort to carry those professional school associations into your career plans over the long haul.
Newly minted professional school graduates have credentials, but they may not have an expert understanding of how to grow a professional practice. That’s where a mentor or even a partner can really come into play. Seek one out. Here’s four other suggestions for building your professional practice.
- Personal demeanor. Body language may be a fun topic for parlor games, but the truth is that a large part of our interpersonal relationships are driven by those subtle signals. When you are seeking financing for your business or searching for a partner in your practice, be aware of your posture and presentation. It’s worth spending a few minutes in front of a mirror to see how you are coming across to the other person. Practice your delivery several times.
- Pro-forma statements. You can exude all the confidence in the world, but if you don’t have the numbers to back it up, all we can say is ‘good luck!’ Yes, your amazing personality will carry you pretty far, but do the math, too.
- Reliable communication. Let’s say you’ve got an interested backer or potential business partner willing to explore a partnership. Don’t blow it with a disappearing act just when financing for your concept is in the offing. Quick replies to queries for clarification on your business expansion plans are crucial to your financing efforts.
- Have a backup plan. Line up several alternatives for ensuring sufficient liquidity for your practice so that grand-opening day isn’t delayed. You’ll also need cash reserves for marketing. Give it your best estimate and then double that amount. So many businesses underfund the marketing plan, but that’s the key factor in a startup’s success.
Follow these four tips and you’re on your way to achieving your small business dream.