You better check on your expenses. A vibration trainer cost $10,000 alone. My friend owns EFI (a division of Total Gym) and that Power Trainer is close to $8,000 normal cost. I had one at my booth at the Olympia he gave us to use. Rent is $300? This place must be barely 500 sq. ft. if that in size. How the hell can you run a business in such a small area. And 5 people can't work in that space. Are you paying cash outright for the equipment or leasing. A 3 year lease on that equipment alone will be close to $650 a month depending on your rate. The EMS machine can also run you some good money if you get a decent one. Vince go over your numbers again. Also, a suggestion don't use the Dr. prefix. Without malpractice insurance you would be dead soon.
The vibration trainer I'll be getting is actually 16,000 plus 500 for the oxygen tank attachmentand the PowerTower rehab package I will have is $9,000 however I sell the Turbosonics for Maxim Labs and I'm good friends with EFI since I used to sell and sponsor their Total Gym 1100 machines back in the mid 90's back in the day. We worked out an unsecure arrangement to where the machines will be greatly discounted in return of promotional advertising and sales of both products for the business. However that can change of course but even if it did I'm still am going to be well under $50,000 and my requested loan will be about 75,000 which I will need for advertising, media relations, web design, and inventory of King-Bio Pharmacuticals in stock.
I've only used $20,000 as a skeleton number for the bare essentials but naturally the expenses always go up in a venture such as this because I haven't looked at zoning, building inspector, and the number one killer...advertising. Office space is 1000 sq ft and the facility used to house another local doctor but of course that can change as well. Space in the region between Cherokee and Waynesville is abundant thanks to foreclosures but again I may decide on more space or two adjacent spaces because I'll need a space for the inventory of supplements and homeopathic medicine.
Liability Insurance is already covered by Lloyd's but I don't need malpractice insurance since there will not be any conventional medical treatment being done or filling out prescriptions. It's classified as a wellness center. I may actually recruit a medical doctor who specializes in anti-aging treatment and that would actually quadtriple the revenue it could bring in but it would require more space.
Keith, you know the wellness and anti-aging clinics are popular now and no bank is going to have a problem with a loan. Once the clinic is opened, it will pay itself off in less than a year.