Start-up Finance for your Podiatry Practice

Setting up as a podiatrist practice is a big step, but it is entirely possible to succeed with the right support. 

Once you have trained, you may be able to work with an existing practitioner. But once you have made the decision to start up your own podiatry practice, you need financial support.

The costs you’ll face setting up a podiatry clinic

You may be able to operate from a room in your home but, if not, premises will be a major cost for your new surgery. You may need to lease a suitable suite. You’ll need equipment - you’ll probably already have the basics, such as your knives and hand tools, but you should expect to provide seating for a waiting area, and a pc and printer. You may also need a website and marketing. And you’ll certainly need to deal with overheads - from your electricity bill to the local business rates.

You need finance to pay for them all before you bring in your first patient. You also need working finance until you have built up a patient list.

You probably can’t call on help from a bank. Traditional lenders are only interested in established businesses with years of audited accounts.

They can’t help you. Even the new breed of online business lenders usually want evidence of a year’s trading, with online accounts and VAT returns, before they will consider an application.

But there are ways to raise the funding you need, and lenders who can be sympathetic. At Rangewell, we can show you all the options for start-up funding, plus we have a 5-step plan to help you to secure the finance you need.

The types of funding you might need to start a podiatry business

There are two types of commercial loan - Secured and Unsecured to consider.

Secured Loans

Secured Loans must be supported by security, such as your home, that the lender would take and sell if you became unable to make repayments. This reduces the risk to lenders and allows them to reduce the cost to you, with rates that can be as low as 2% above base rate, and ten or more years to repay.

Unsecured Loans

Unsecured business loans are a straightforward way of borrowing and operate much like a personal loan. The loan is repaid in monthly or quarterly instalments over an agreed term under 5 years. Decisions can be fast but you will need to provide a personal guarantee meaning that you will become personally liable for the debt if your business was unable to pay.

Asset Finance

Asset Finance covers a range of podiatrist equipment finance solutions designed to let you spread the cost of equipment.

• Hire Purchase lets you acquire the equipment you need for your practice, with a single deposit payment followed by regular monthly instalments over up to 5 years. At the end of this term, you own the asset outright, making it ideal for items which have a high cost and a relatively long life.
• Leasing works much like a rental agreement. It lets you use the equipment without having to buy it, with a payment each month to the finance company. For technical equipment which could go out of date such as your IT leasing can be ideal.

Government-backed Start-up Loans

Your new podiatry business may be suitable for a Government supported start-up loan. These are designed for individuals who have a viable business plan, but no access to finance. The scheme can provide loans to businesses in every sector.

Getting the help you need to start your podiatry business from Rangewell

Coming to Rangewell means getting a team of financial experts working for you and your new podiatry practice.

We can discuss your objectives and help find answers that are right for you - from refurbishing a podiatrist clinic to VAT and Tax Loans for your podiatry clinic.

Setting up a practice may mean a range of funding is required. We can help you find the most competitive rates for all types of finance, including Professional Loans, Unsecured and Secured Loans, Invoice Finance, Asset Finance, Merchant Cash Advance, Commercial Mortgages, Growth Finance and more. We can also help source Jigsaw Finance for podiatrists - a bespoke package made up of the most appropriate type of funding for each need - reducing your costs overall.

To find out more about setting up finance for podiatrists simply call us. Our experts are ready to help.