Friday, May 24, 2024

Expertise of Small Business Development Center Benefits New Chiropractic Clinic

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With years of experience in chiropractic healthcare, Dr. Noah Banks wanted to explore the possibility of opening and running a solo practice. He first learned of the services offered by Small Business Development Centers through a friend and fellow chiropractor in another state. Discovering the Arkansas Small Business and Technology Development Center at the U of A, he reached out for help.

Mary Beth Brooks, ASBTDC director and business consultant, began advising Banks on his choice of location. Utilizing market research, the industry-specific report provided a ranking of two locations in different demographic categories. Population, median household income and chiropractic services data helped Banks decide on the best location for a clinic in Bentonville.

Once the location was identified, discussion centered on financial projections, funding options and strategy. “The ASBTDC team was an amazing resource for me because they acted as my sounding board for my plans about overhead, applying for a loan and developing a business plan,” Banks said. “I was excited to have Mary Beth’s experience at my disposal throughout this process.”

Funding for the clinic was completed with the combination of a loan, line of credit and personal savings. “Mary Beth was a huge help to me because she has so much experience in the banking industry,” Banks said. “She had been involved in the loan process a million times, so she knew what I needed and didn’t need in my business plan.”

While the clinic opened as a solo practice, Brooks looked to the future and provided Banks with an ASBTDC portfolio of human resource shortcuts on interviewing, employees vs. contractors, job descriptions, new hire checklists and onboarding.

Dr. Noah Banks Chiropractic and Wellness opened in May 2024, offering results-driven, individualized chiropractic care as a remedy for pain and restoration of health. With a focus on first-class service and efficiency, the clinic accepts health insurance and work with those who are not insured. Using gentle and specific cutting-edge chiropractic techniques enables treatment of patients across the life span from newborn babies to osteoporotic geriatric patients.

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