A start-up dentist, sometimes known as a squat practice, required significant upfront investment. Even if you are starting a dental practice with a partner, you will still need access to cash to support initial costs, including buying or renting premises, equipment, tax and insurance - and that's before you take into account paying yourself and your team.
A career as a dentist means professional skills. But using those skills to start your dental practice will depend on the investment you have. You could be the top dentist in the area, but without the finance to support your start-up, then you might fail before you even begin.
At Rangewell, we work with new and established dental businesses to find and secure business loans of all types. Our team of experts scour the whole of market, including a number of specialist lenders and online lenders, to provide you with the best funding packages to kickstart your business.
We're by your side every step of the way, from helping you to write the best dental business plan through and identify any risks that might impact what a lender can offer you. So, choose Rangewell as your finance broker and we'll help you to find the best loan options for your circumstances.
The challenge of funding your new dental practice
Opening a startup dental practice is tricky. Even the smallest practices require a significant upfront investment in order to meet industry and NHS standards.
Even before you see your first patient, you'll need to find funds. Firstly, you'll need business premises, equipment, staff and insurance. You may need to invest tens of thousands of pounds into a chair, your drill, hand tools, autoclave, and x-ray machines. You will also need trained dental staff and working finance until your new practice finds its feet.
Many startups discover that they are unable to secure funding from traditional lenders, as they require several years of audited accounts and even property or assets as security - not helpful if that's what you need the finance for in the first place!
Even the new breed of online lenders usually want evidence of a year’s trading with online accounts and VAT returns before considering an application. That's not to say funding a startup dental practice is impossible, but there are challenges and you'll benefit greatly from having an experienced team on your side. At Rangewell, we can show you the financial solutions and the lenders who can provide start-up funding.
The types of funding you might consider for your dental start-up include:
Commercial mortgage for your surgery premises
Premises will be a high cost for your new practice, but buying with a commercial mortgage may cut costs compared with leasing. Find out more about commercial mortgages here.
Commercial loans for your basic costs
There are two types of commercial loans. Secured Loans may be suitable for more considerable sums, while unsecured loans can be arranged quickly for smaller amounts.
Asset finance for your dental equipment
Asset finance covers a range of funding solutions designed to let you spread the cost of equipment. For example, hire purchase lets you acquire equipment straight away, with a single deposit payment and spread the costs in regular monthly instalments over up to 5 years. Leasing works much like a rental agreement. It lets you use the equipment without buying it, with a payment each month to the finance company.
‘Jigsaw’ finance - tailored to your dental start-up plans
Setting up a practice may mean a range of funding is required. For example, we can provide jigsaw funding - a bespoke package made up of the most appropriate type of funding for each need. We have found that it can help people ready to make the most of their business, access a higher level of funding provided by a single finance option - and reduce costs.
Getting the help you need from Rangewell
Coming to Rangewell means getting financial experts working for you and your new practice.
We can discuss your objectives and help find answers that are right for you, with financial solutions that include professional loans, unsecured and secured loans, invoice finance, dental equipment finance, merchant cash advance, commercial mortgages, growth finance and more.
To find out more about your dental practice financing needs, simply call us. From finding the finance you need to grow your dental practice to refurbishing a dental practice, or any other type of dental practice loan, our experts at Rangewell are ready to help.