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Practice Startup Success
Information Advice
Encouragement
December 17, 2007
ISSN 1934-3248
The world makes a path
for the person who knows where he is going.
In this issue:
Transition Loans: Good deal? Or not?
Get a Blowtorch!
Get organized and get started – Get Planning for
Practice Success at a year end price.
Marketing Tip: The Secret Patient
Transition Loans: Good deal or not?. Several
recent grads have told me they received a special
“transition” loan to help them start into practice and use
for collateral on a business loan. Great idea, right?
Maybe, maybe not. I talked with a loan officer from Wells
Fargo, who said these are basically unsecured (no
collateral) personal loans or lines of credit. There is no
set amount; it’s whatever the bank will give you. The trick
is the high interest rates – over 11 percent and up to 18
percent. Yikes! That’s on top of your student loans. And
before your business loan.
So let’s say you get one of these loans, $15,000 worth.
First, it goes on your credit rating, so it will be seen by
a bank. Some banks don’t like you borrowing money to pay
your collateral. It is very shaky. If you have to pay
back: A: your student loan B: your business loan, and C:
your personal transition loan, guess which one gets paid
first? If you decide to get one of these loans, pay it off
as quickly as possible. The interest is a killer. Think
carefully about borrowing more money if you are considering
going into practice soon. It may not be the great idea you
think.
SPECIAL
ON Planning for Practice Success. I am running a
special price on Planning for Practice Success in
Dynamic Chiropractic, starting now online and in January
in the print edition. I’ll offer you the same 20
percent off price. You will need to use this link to
order, so you can receive this price:
www.dcpracticesuccess.com/p4ps_2007.html
Note that
the link isn’t on the DCPracticeSuccess
website, so you’ll need to cut and paste it.
Get a Blowtorch! Brian Kim (at
www.briankim.net) has really great daily inspirational
sayings and little stories that keep me motivated. Here is
one I particularly like:
Lee
Iacocca, the president of a then ailing Chrysler company was
wandering
the factory floors one night.
A couple
of workers saw him walking around and approached him
and suggested that one of the car models on the floor would
look better as a convertible.
His
response?
He asked
for a blowtorch in order to help cut the roof off one of
those cars.
He then drove the car for a week to see the kind of reaction
he got from people on the streets.
That one suggestion and action he took led to the
re-introduction of
the convertible to Chrysler's lineup which ultimately helped
reinvigorate
the financially ailing company.
Do you need to get a blowtorch and tear up some of
your old thinking and get re-invigorated?
(Go to Brian Kim’s website (www.briankim.net)
to sign up for his daily motivational tips.)
The Secret Patient.
As you start your practice, check to see what first
impression people receive when they walk in. Find a “secret
patient” to do the evaluation. Ask someone who is not a
relative and who has no connection with your practice to pay
a visit and record impressions. Ask the person to record
impressions for all 5 senses. What do they see? What do
they hear? What do they smell? What do they taste? What
do they feel? A marketing person or a student from a local
college who is in a marketing class would be a good person
to do this. Then ask yourself, “Is this the image I want to
create?” If it isn’t, change it.
________________________________________________________________________ Ask Dr. Jean Murray a question (email
jean@dcpracticesuccess.com )
Order Planning for Practice Success™ or one of our other
products (http://www.dcpracticesuccess.com/p4ps_orderpage2.html)
Or call our toll free number at any time (24/7):
1-866-940-7526
©Copyright 2007 Emence
Enterprises LLC.
All rights reserved. The
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may be different or our sources may not be up to date
due to changes in laws or other circumstances.
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Success,™ and its sponsors, advertisers, agents,
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