This article is sponsored content brought to you by Credabl.
In 2019 when Melbourne-based dentist Dr Safinah Hambali first started discussing opening her private practice with Credabl’s Kelly Gall, she had no idea that when the time came in 2020 to take the plunge, she would be doing so in a pandemic. Upon reflection on what was a hugely challenging time, Dr Hambali knew she was taking one of the biggest risks of her life but knowing she had the right support team around her, meant she had a lot of belief in herself.
Selecting that support team takes careful consideration from getting the timing right to finding a network that can give experience-based guidance and offer emotional support.
Specialist finance is now on offer by almost every big bank, as well as dedicated financiers. So how do you go about choosing the right finance partner for you, when do you do this and how do you know if you’re getting good value?
As a new practice owner, Dr Hambali acknowledged she had to take ownership and responsibility for the decisions she was making around creating her practice, but she was reliant on the guidance and input of those around her to influence her in that decision making.
“As much as I bounced ideas around different people, it’s up to you how you take on board that advice, interpret it and approach those things” she said.
As a newly qualified graduate, you may be asking yourself, ‘is now the right time to pick a finance partner?’ The truth is, you should establish a relationship with a financier as soon as possible. Even if in the early stages of your career you only require a car or small unsecured loan (neither of which are overly complex transactions), the main reason to start a relationship with a specialist financier is to build a history and relationship. This partnership will hopefully last 30 years (or more!) and make the finance part of your career journey seamless and efficient. The less paperwork you have to do and the fewer the layers of complexity, the more time you will have to see patients and earn an income.
Dr Hambali shared: “I really built myself through connections and relationships and I think a lot of the steps and the journey were about trusting my gut feeling, who I felt comfortable with to keep me going because at the end of the day I was the one who had to make the decisions and it was important I felt good about it.”
When dealing with a lender, it is imperative that you deal with a specialist who knows your profession and speaks your language.
“At Credabl most of our team have been in the industry for over 15 years and have a deep understanding of the various healthcare professions. We know what your projected income should be at each stage of your career, we know what you should be looking for when buying commercial property and we know what a Dental Practice should sell for,” explained Finance Specialist Kelly Gall.
“And we aren’t the only specialists. From accountants, lawyers, equipment vendors and builders, we know plenty of industry specialists that we’d be happy to introduce you to on your journey” she continued.
Opening a new practice, or embarking on a new stage of your career can be overwhelming. As Dr Hambali experienced, you need to address one issue at a time, one problem at a time, celebrate each success at the time.
“For me, I remember the date we opened. We had a little ribbon cutting ceremony. That was a big moment, seeing that happen. All the struggles, all the tough times, all the emotion was worth it to get to that point” she shared. “I know I now have something special, but I’m always learning new things and it’s important that I’m still listening to the right advice within my current and expanding network so that I have the right people on my journey with me.”
At Credabl, we believe the only way to determine the best deal for you, is to deal with the best – someone who understands your profession, can navigate the lending landscape intimately, and who has your back. You always get more with Credabl.