When it comes to buying an optometry practice and financing, you need to think about diversifying the methods available to you. For instance, financing your clinic only with a commercial bank loan is not necessarily a good strategy.
Each source of financing has its own advantages and disadvantages that must be carefully considered.
The following is a list of the most common sources of financing in the optical industry:
1. Personal Savings
Banks consider that if you invest your personal savings and/or pledge assets as collateral, you are better equipped to deal with any risks associated to your optometry clinic project.
2. Investments from Family and Friends
Although this type of investment usually represents only a small percentage of your clinic's financing, it is an interesting way to diversify sources of financing.
3. Angel Investments
This type of investment is usually made by a company or an individual who invests directly in your clinic and who will share their experience in clinic management with you. Generally, these angels agree to invest with you in exchange for a role in the management of your clinic.
4. Government Funding
There are government agencies that specialize in small business start-ups. Visit the Government of Canada website to learn what grants and funding are available to you.
5. Bank Loans
Banks generally consider optometry clinics as reasonable risk businesses. As a result, optometrists often encounter very little difficulty financing their optometry clinic. Take the time to review the programs offered by the various Canadian banks. Normally, an application for financing must be accompanied by a business plan .