How To Fund Starting Your Ketamine Clinic
There are 4 funding options you can choose from. Each have their own advantages and disadvantages and it’s up to you how much your risk tolerance is and how much you actually need.
It’s no surprise, but starting a business requires money. Starting a ketamine infusion clinic is no different. Initially, it may come from you but if you want to expand your business even further, you have a few options besides conventional bank loans. The world is just like a big ocean out there. And just like the ocean, there is so much you can explore in terms of funding options. In this blog, we will cover some of your options, and why some are better than others.
Knowing Your Options
Who can you turn to when you need money to start your ketamine clinic? And what are the pros and cons of each? To help illustrate your options, we’re going to use aquatic imagery adapted from a book written by the late entrepreneur, Felix Dennis:
Sharks - They will charge ridiculous fees and interest rates. For example, there’s stories of entrepreneurs taking money from multiple credit cards to fund their business. But the rates can be upwards of 20%. Avoid sharks at all costs!
Dolphins - These are typically venture capitalists who will take large portions of your clinic’s equity in return for financial resources. However, you will lose autonomy and control. They are known as dolphins because they like to flip the companies and have a planned exit strategy. This is mainly because the V.C. firms also have a responsibility to their financial backers who want high returns.
Fishes - These are friends, wealthy family members, and acquaintances who may be interested in investing in your clinic. They are generally more friendly and less knowledgeable about the financial world. You may not have to give them equity but rather a promise to pay them back with a fair interest.
Coral Reef - You’ve spent many years becoming a physician and you've put aside your earnings into a savings account. Like the coral reef which is stable yet slow growing, your savings can provide the financial resources you need to grow. But remember the coral reefs are limited and you could lose your previously built savings.
What’s The Best Way To Fund Your Ketamine Clinic?
Given that you understand your options beyond a conventional bank loan a little better now, you may be wondering what’s the best option. Of course it depends on your personal finances and your risk tolerance level. It also matters if you are going to start this ketamine clinic on your own.
At this time of our writing, we believe having minimal debt and the most autonomy is key, especially when starting out. You also need to have a good idea of how much it would cost for you to start a clinic. You might be surprised by how much or how little it will cost you, and find that you don’t need anyone’s money.
Learn more about this at our How Much Money Does It Cost To Start A Ketamine Clinic blog post.
Are You Ready To Dive In?
Yes, the ocean is full of resources, so it can be overwhelming to decide which one is the best “catch” for you. In any business, proper planning before execution is key. Once you’ve determined how much you’re willing to tolerate, then choosing the right funding will be much clearer.
This is just a brief overview of the 4 options you can choose from. We recommend that you do your own research to help you make a more sound decision.
We hope that you found this blog useful!
If you’re ready to take action, join our email list and be notified about the next free webinar and open registration for Ketamine StartUp.
Resources:
As a small fish in the vast ocean of business, your options for funding your ketamine clinic are endless. In this blog post, we’ll cover these options so that you can decide which one suits you the most.
Discover 3 essential questions every EM physician should ask before starting a ketamine clinic to help guide your decision and next steps.