If you’re in the industry, you might be wondering why should veterinarians get business funding. Having extra capital to use for growth is great, but some business owners question if it’s worth it to spend money (interest) to borrow money (principal amount).
Maintaining a smooth cash flow is a necessary part of running a business. Balancing cash flow becomes much more difficult in any industry that relies on invoices. Covering gaps from insurance delays and invoices is the primary reason why should veterinarians get business funding.
In the veterinary industry, the margins between cost and profit are constantly narrowing. As pets become more like family members than working laborers, owners expect top notch service with the latest laboratory and diagnostic equipment, surgical tools, changing drugs, and new treatments and therapies, all at an affordable cost.
The increasing financial challenges of maintaining an independent vet practice are pushing many business owners to be bought out by bigger corporations, a trend that is only projected to grow over time. In such a competitive landscape with advancing equipment and rising medical regulations and legal fees, many solo practitioners are avoiding the tightfisted banks and turning to FundKite for assistance.
We believe it is entirely possible for you to meet your customers’ high expectations while still offering competitive prices. Extra working capital can help take some of the bite out of owning your own vet business by providing the boost in funds you need to get better tools and resources to succeed.
Why should veterinarians get business funding?
Don’t let the monetary burdens of entrepreneurship prevent your business from finding a balance between managing the practice’s finances and offering fair salaries to employees and fair prices to customers.
EDUCATION & TRAINING
Always a progressing industry, being a veterinarian means you and your staff need to stay up to date on the latest discoveries and techniques. Reinvesting in your company’s education will show through your practice and develop loyal customers.
EXPANSION AND GROWTH
Every growing business needs a facility to match it. Upfront funding can get you there much quicker than the drawn out bank loan process.
New technology is coming out faster than you can say “Who’s a good boy?”, which means a lot of investing in the latest tools. Inventory is another source of financial need, as you never know when the next “my dog ate all my socks” crisis is going to sweep the town.