Hi! It’s DaveTheNurse here with the Health & Wealth Academy. I’ve got another great question sent via email for our Friday Q&A.
“Dave, do you have advice for a homecare or a home health agency looking for funding to get my business started?”
Thanks for the question.
Here’s the unfortunate reality. When it comes to funding at the start, you may have to go old school for seed money. This means you may have to self-fund it from your checking and savings accounts, or maybe borrowing money from family and friends.
You can try to seek a bank loan, if you have some history with the bank, if you’ve dealt with the bank earlier, and if your credit score is OK. However, you may still run into some resistance to a loan, because you might be seen as a risky investment for the bank.
The banks (and other family lenders) are going to be somewhat cautious with lending you money, especially if you’re a first-time business owner. Maybe you might have a partner who can help you fund your business? That might also be an option.
You’re going to have to try a lot of different angles to get your initial seed money to get started. I wish you all the best of luck in finding your best sources of money for you to start a home health business! Thanks for the question!
If you have a question you’d like me to try to answer, send an email to me at HAWacademybiz@gmail.com and I’ll do my best to answer your question.