Penn Veterinary Supply, Inc. - Since 1981

Written in Partnership with our partners at OnePlace Capital

Ready to Start Your Own Veterinary Practice?

From creating a strong business plan to choosing the right financial and professional partners, the success you enjoy will be a result of the decisions you make.

And there are a lot of decisions to be made.

Finding a location, equipping your business, hiring qualified staff, and securing the funds to make it all happen are all on your “TO DO” list. (It sounds like a lot, but you’ve got this!)

Decision: What will my practice look like?

Startup Costs 

For starters, you’ll need a physical location for your practice. You have options when evaluating a potential space — you could construct a new building, lease an existing building, or acquire an already established veterinary practice.

Once you’ve budgeted facility costs (if you purchase a facility, don’t forget building and property maintenance), you will need to furnish your practice with the necessary equipment and supplies. It’s important to factor in all the major medical equipment you’ll need, such as exam tables, surgical equipment, an X-ray machine, and more. And although a lower price tag on used or limited-function equipment may be appealing, equipment quality is vital to ensure the safety and well-being of the animals in your care.

Next, factor in your office supplies, including computers, printers, and office furniture. Finally, don’t forget the smaller, everyday items such as gloves, needles, syringes, and cleaning products (always remember patient treats!).

And finally, now you’re ready to calculate your operational business costs, including employee wages, insurance, licenses, and utilities.

Decision: When will I be able to support myself?

Breakeven Timeline

Most new enterprises don’t start out making a profit. With that in mind, you’ll need to evaluate your financial situation.

Things to consider:

• If applicable, consider your spouse’s income and evaluate how much you need to cover your recurring expenses.
• You may be in a better financial position at the beginning if you buy an established practice and continue its operation. This way, you’ll inherit an existing client base, which gives you more business at the start than if you started your practice from scratch.
• With the high cost of a veterinary education, it’s plausible that you’re carrying some student loan debt. Generally, veterinary lenders don’t anticipate you will have all your student loans paid off before you begin your practice.

That said, your student loan and other debts must be in good standing before considering getting financing for your practice.

Decision: Who is the right lender for my practice?

Financing Solutions

From traditional banks to the Small Business Administration (SBA) to specialized veterinary lending specialists, many financing options are available.

When it comes to equipment financing, a specialty lender like OnePlace Capital (OPC) may be your best choice.

Here’s why:

At OPC, financing equipment for your practice has never been more accessible. Our unique Equipment Finance Agreement is specially designed to meet your veterinary practice’s needs.

We offer:

• No pre-payment penalties, so you can pay off your loan anytime.
• No force-placed insurance. Unlike many lease programs, our straightforward finance agreement does not include any additional cost for insurance.
• No blanket liens. We do not place a blanket lien on all of your practice assets, only the equipment we finance. This keeps you in control of the assets you already own.

In addition to some of the best finance terms on the market, at OPC you will receive an unparalleled customer experience and a fast turnaround time.

Why Choose OPC over other lenders?

Our loans provide flexibility.

Consider these six factors when comparing OPC with our competition:

1. Loan Processing
At OPC, we can process requests in a matter of hours. Most requests take several days with our competitors.

2. Liens
We will file a security interest only on the item financed. As for our competitors, most banks will file a blanket lien against you/or your business.

3. Early Payoff
You can always make extra principal payments or pay the loan off at any time without penalties or future interest charges with OPC. With other companies, you may incur penalties and be liable for interest charges for the full term of your loan.

4. Credit Report
Our loan WILL NOT appear on your personal credit report as a debt obligation. Your loan will likely show as an obligation with other companies.

5. Owning Your Equipment
You own the equipment from day one with OPC. With competitors, the leasing company may own the equipment.

6. Tax Write-Off
The equipment may qualify under Section 179 for a tax write-off as a true purchase. With competitors, some leases have buyouts and may act as an operating expense instead of a full upfront write-off.

At OPC, we’re the experts in Healthcare Equipment Financing. So, make your dreams a reality and start planning your practice today – we’ll help you get the equipment you need!

Click here to learn more about Penn Vet's partnership with OnePlace Capital.