Secrets to owning a veterinary practice

There couldn’t be a better time for the launch of Vet Candy! A woman founded, woman-owned Inclusive Digital Hub Designed to Make Veterinary Life Easier (MyVetCandy.com). According to U.S. Veterinarians 2018 Market Research Statistics, over 60% of Veterinarians are women and represent 60% of Veterinarians working in private practice (AVMA.org). The rise of women in power is at an all-time high within major corporations, the judicial system, and government. It’s no surprise that women-owned businesses have increased by 58% over the past 10 years, surpassing 12% growth in new firms overall, with total revenues increasing to 46% according to the 2018 State of Women-Owned Business Report Commissioned by American Express. Women-owned businesses currently represent four out of every ten businesses in the United States (Ventureneer.com).

The average age of a female Veterinarian is 40 years old while her male counterpart’s average age is 50 (DATA USA: Veterinarians). Are you included in the 60% female veterinarians working in private practices?

Are You Ready to Launch Your Own Practice? There has never been a better time to start a woman-owned business. With corporations such as Goldman Sachs announcing their $500 Million investment in companies led, founded or owned by women (Reuters.com) there are numerous resources available for women start-ups and women-owned businesses.

Where Do You Begin? Always begin with researching local women business organizations, Small Business Resource Centers, your local Small Business Administration Office and your City’s Office of Minority and Women-Owned Businesses.

What are the Top Sources of Funding for Women-Owned Businesses?

According to Small Business Trends (smallbiztrends.com), the top sources of funding as reported December 2018 are: Term Loans, SBA Loans, Microloans and Business Lines of Credit.

TIP: Don’t forget to research grants! Take advantage of any grants you may be eligible for before using your own money or applying for credit.

Lastly, make sure you consult with a financial advisor and attorney when forming your business. Be certain you are clear about the differences between business designations, potential tax implications, legalities, etc.

Starting your own business can be scary, however it is very rewarding. Women, YOU’VE GOT THIS!!