Funding Your Integrative Health Practice: Comparing Financing Options & Finding What Works For You

If you’re looking to start your own integrative health practice, now’s the time! As the world shies away from addictive and conventional medical practices, we’ve seen the emergence of holistic medicine and preventative health.  

Holistic medicine has always been there, in fact, some practices date back thousands of years! With an attentive ear, the world is starting to listen to what was once considered utter nonsense. Why? It works! 

Charlene Dimond is an experienced nurse and integrative health guru that’s passionate about helping nurses and patients understand the power of integrative health. As the founder of Integra Nurse, she provides mentorship, concierge nursing, and natural heath services that explore the world of integrative practices such as Acupuncture, Guided Imagery, Yoga, Reiki, and more! 

With a comprehensive understanding of the inner workings of holistic health businesses, Charlene mentioned during our chat that integrative health practices are gaining traction, now with the support of Medicare and other third party payer-models. While integrative practices are still not widely accepted, in the past decade we’ve seen a shift in interest which will hopefully keep growing. 

It’s exciting news hearing that Medicare has an interest in holistic health practices. While this can help businesses owners get paid for their work, a lot of nurse entrepreneurs still have questions about initial financing. 

When it comes to financing a dream, it always means a little bit of work and a little bit of sacrifice.

“No matter what business you’re in, business is business, and financing and money are critical”- Daymond John

Here are some pros and cons of different financing approaches for your integrative heath start-up:

Investors

Investors are always looking for the next profitable business venture. Agreeing to partial ownership and/or interest, investors can get your business off the ground with the hopes of good ROI. 

  • Pros: Investors can come from anywhere! Family, friends, and even strangers can provide you with the financial nudge you need to get started. 
  • Cons: If you give up equity for investments you’re always making the potential gamble that you could eventually lose control of your business. Smart business owners don’t give up more than 50% of their shares. 

Loans

Much like purchasing a home, banks can give out loans for startups with solid business plans. While the process is extensive, loans can give you the seed money you require to get a good start on your integrative health business. 

  • Pros: Banks who give you small business loans don’t have shares, therefore don’t own equity in your business. This can give you the full freedom to run your business how you wish. 
  • Cons: Loans come at a price tag. The high interest rates and payments, especially during those first months/years, can eat up any potential profits.  

Self Funding   

No investors, no banks, just pure self-funding. When you fund your own start up you put a lot on the line. If things work out, then you’re in for solid earnings. If things go wrong, that’s another story. 

  • Pros: When you self fund you have complete control over your business. From financial decisions to operation, the power is in your hands.  
  • Cons: If you have a limited budget it can hinder growth. With investors and loans, at least you have enough to start out as aggressively as you’d like. 

If you’re a healthcare worker that’s passionate about integrative health, now’s the time to take life by the rains and become your own business owner! Contact us to learn more about how nurse entrepreneurs are turning their passions into business opportunities! 

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