Chiropractor Stretched Thin

Is Expansion the Right Choice?


Over time, accommodating everyone who wanted to see the chiropractor became increasingly challenging. Consequently, they began to wonder if expanding their practice would be a good idea. The concept of acquiring a larger property, along with hiring additional chiropractors and staff, emerged periodically.


Simultaneously, they harbored uncertainty about proceeding solely on speculative grounds. Gradually, they dedicated time to meticulously ponder their choices and ultimately arrived at the conclusion that expansion was desirable. However, their enthusiasm hinged on obtaining suitable financing without encountering undue difficulties in loan repayment.


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.

Going Through All the Options


The owner was pleasantly surprised to discover the wide availability of numerous financing options for profitable businesses. Firstly, they meticulously assessed all the options, discarding those that were clearly unsuitable. In the end, after careful consideration, they narrowed it down to two final choices. Ultimately, they made a well-informed decision after compiling a comprehensive list of pros and cons.


The owner chose to move forward with an SBA 7(a) loan. It could be used for nearly any business purpose and it seemed like the top option if the owner was approved.


Selecting an SBA 7(a) Loan


When considering the reasons for choosing the SBA 7(a) loan, several factors come into play. Firstly, the loan offers amounts of up to $5,000,000. It allows for term lengths of up to 10 years and provides funding in less than three months. The combination of a long term and lower interest rate positioned it as a top contender right from the beginning.


The business easily met all the approval guidelines and was able to move forward with a loan that many consider the gold standard for businesses.

Life After Expansion


After receiving the loan funding, the owner promptly initiated office upgrades and expansion to accommodate more clients. Consequently, this resulted in ample space for newcomers and quicker appointment scheduling. Moreover, the addition of new staff and tools has significantly optimized operations. As a result, this establishment has solidified its reputation as increasingly recognized as one of the state’s premier destinations for chiropractic services.

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