Opening a substance abuse center doesn’t only bring profitability – it is a business in which you have to think beyond only profits and money. It is a way to provide relief to those suffering from substance addiction. It comes with a great responsibility. But in order to start one, you require sufficient funds to open up and support your business. A kickass business plan is the best way to convince investors that your business is worth investing in. Be very smart when writing one, make sure you mention all the details regarding your business, your strategies for growth, marketing and promotion. If you’re starting a substance abuse center then here are a few options you may use in order to get the funds you need. You may pick any that is most comfortable and convenient for you.
Banks
Banks are the safest bet. Apply for a loan in the bank that you fully trust. Make sure that you already have all required state approved licenses – you can never be too legal for a bank. Always be sure to read all the terms conditions before signing a contract with the bank.
Government Funded – Rehabs
If you’ve got the means for it then getting your substance abuse center funded by the government is a really convenient option. State-funded rehab centers are organizations that use government money, distributed by the state, to support people in recovery from substance abuse. They provide detox, treatment and support services to people without a lot of income or with inadequate or no insurance.
Private Investors
If for some reason you are unable to get funds from the above-mentioned options or are just not comfortable with it then go for private investors or angel investors. Private investors are in the business to loan out money to new entrepreneurs looking to start their businesses while angel investors are just wealthy individuals who may invest in your business just because they support the same idea or on a whim.
Bootstrapping
If you have enough money then you don’t need an investor to fund your business, you can very well fund it yourself. But opening a substance abuse center may not be as easy as it seems. Starting it up is one thing, keeping it afloat is another. You may face difficulties in keeping it afloat all by yourself without any investors. It’s all well and good if you’re sure that you have enough money, if not then you can always ask your trusted friends and family to help you out as well.
To help get funding for your substance abuse center you will need a business plan. Click here to learn about our substance abuse center business plan template.
