© 2023 MJH Life Sciences™ and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.
4 funding pitfalls you can easily avoid
Expert advice on keeping your business afloat.
Looking to start your own practice? You should know that many new business owners make the same mistakes when it comes to funding. In a recent interview at American Banking News, Sylvia Browder, who has her own blog for women entrepreneuers, discussed how to avoid the four most common mistakes.
1. Before anything else, develop a business plan. If you go full-tilt into buying or creating your own veterinary practice without establishing a business plan, you might get knocked off your horse. A detailed plan that includes your mission, goals, and financial plans will keep you firmly seated and ready to take on challenges as they come at you.
2. Figure out up front how to best bring in those pet owners. Money spent in the wrong place is money completely wasted. A marketing plan that clearly defines your target audience and how to reach them will help you see where the best marketing investments are.
3. Have enough cash flow, and be ready to look for more. If there's not enough capital behind your business, you could quickly get in over your head if the need for extra cash arises. Seek out support from venture capitalists, factoring services, financial advisors, or accountants. And make sure you have a good credit score and a solid business plan to ensure you are in good shape to apply for more funds.
4. Create a detailed budget. This essential step that will help you pay your bills on time should be part of the business plan. If you are having a little trouble laying out your budget, agencies such as Consumer Credit Counseling Services can help.
See the related links below for more advice on how to achieve these objectives and keep your new business going strong.