Saturday, March 8, 2008

Investing In Your Practice, Investing In Yourself

Starting your own practice takes money. When I was researching start-up costs, talking to other ND's, I was told numbers ranging from 10-25K as minimum investments required. Regardless of how you finance your business venture you will have to utilize your resources to achieve your dream. What your start-up will actually cost you will depend on a lot of factors including, location, market, size of operation, and tools required. This is where your business plan comes in. (my previous blog topic)
One of the best things you can do now for your future finances, is to develop an excellent credit rating. Get some credit, use it frequently and repay it promptly, you'll have 7-9 yrs during school... so make use of this lengthy time period. A great credit rating can give you an edge when negotiating leases and other financing. If you have no idea what your credit rating is you should check it. http://www.equifax.com/home/en_ca
Finally, find yourself an accounting professional http://www.cga-bc.org/ who will advise you on the best business structure appropriate to your financing streams. You will need to work with them as your business starts and grows.

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