The FiSol Perspective

Expand Your Veterinary Practice With a Quality Loan

  • July 09, 2021 by Marty Newton
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When you're a vet, you already know how hectic and busy a practice can get. Sometimes, you have so many customers that you actually can't fit them all in on the same day. While it would be nice to expand your practice, that takes money and time that you might not have. If only you could increase your customer base, you could bring in more revenue and expand your services. But that requires having more rooms and helpers and becomes a vicious cycle.

A veterinary practice loan may be your best bet, as it will allow you to pay for expenses upfront and continue working at the same time. When opening or renovating a veterinary practice, you can expect to spend about $240,000 on building new rooms, renovation projects, and even repairs like fixing a leaking roof or redoing the foundation of the building. By seeking out a quality veterinary business loan, you may be able to accomplish the impossible.

Finding the Right Terms

There are a wide variety of services that offer veterinary practice loans. From commercial banks to credit unions, their rates and terms can differ (sometimes not in your favor). You always want to be aware of the interest rate, terms of the loan, and what it can specifically be used for. You do not want to think about financing renovations or expanding your business on a credit card, because then you may fall into the trap of overspending or not being able to make the payments.

Instead, seeking out veterinary practice financing from specialized companies such as FiSol DVO is probably the right choice. When you work with a company that knows your business inside and out, they can assess risk better and offer the best terms possible. This can lead to relief on your end and quality work actually getting done.

Expanding Bays, Automating Customer Service, and More

If you're doubtful about what you could accomplish with a veterinary practice loan, you only need to observe your office on its worst day. What could you do with another bay and vet tech? More surgical equipment? Kennels for animals that have been found on the street or abandoned and brought to you? One need not stretch the mind too far to see how expansion and renovation of your practice could be beneficial to everyone involved.

Perhaps you are wasting precious resources letting a vet tech answer the phones or respond to emails when this could better be served by a third party. Not all automation services are created equally, so we'd advise you to do your due diligence, but you may not always need a human available for these tasks. If it turns out that you do, a veterinary practice loan can help you partially finance the hire of a specialized receptionist or administrator that may improve your efficiency.

Advertising and Adoption Days

Even if your veterinary clinic is well known in your local community, a little advertising never hurt anyone. If your advertising budget has been suffering lately, a small veterinary practice loan can help jump-start it again and potentially bring in more business and loyal customers that make you 10x what the loan you took out was. Advertising that will bring in potential new customers can be for "adoption days" that your clinic hosts, in which unwanted or newly born animals can be adopted by people in your municipality. After they have these animals, they'll need care and advice, right? That's where you come in to save the day.

Lots of Uses for One Loan

As you can see, there are lots of uses available for one veterinary practice loan that can help out your business today. Aside from solving immediate cash flow problems, it can allow you to restructure and change your business so that you hire a competent administrator, expand the bays or staff of your practice, or invest in advertising. Once you find the right terms for you, the options are practically limitless as to how the money can be used. From adoption days to new equipment, you'll constantly be thinking of ways to keep your customers happy and find new ones. When you're ready for a great loan, contact FiSol DVO today!

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