Line of Credit
Is Expansion the Right Choice?
As time passed, it was increasingly challenging to accommodate everyone who wanted to see the chiropractor. They wondered if expanding their practice would be a good idea. The idea of having a larger property with additional chiropractors and staff was something that came up from time to time.
At the same time, they were unsure if it was smart to move forward based on what might happen. It took time for them to think through their options and decide that they would like to expand, but only if they could get appropriate financing without having to struggle when paying back a loan.
The Cost of the Expansion
The first step was deciding how much money they needed to expand and accommodate a larger client base. They looked into other practices that had done the same thing and came up with some numbers in terms of how much financing would be needed. The main focus would be updating the building and expanding its size, but they also hoped to add new tools and staff.
In the end, the expansion with all the trimmings would cost around $500,000. It wasn’t a small amount but it would give the owner everything he wanted. The next step would be to look into financing and decide whether this was a realistic project to take on or something that should be pushed back to a later time.