Hello all! My name is Josh and I am a small business owner in Atlantic Canada. I own and operate a Sports Massage Clinic (working out of a chiropractic office, but work under my own corporation name) and work with high performance athletes (in clinic, at practices, or travelling with them to events) and weekend warriors, rehab cases, etc.
I am one of three therapists with my designation working towards a sports certification in my province (one has it already, and another therapist is working towards it along with myself). We are all separated and either work together or there is no competition/overlap - so it's a nice spot. I have been working in the field since 2012.
Prior to 2015 I was earning less than $30,000.00/year (usually way less).
In 2015 I went on my own as sole proprietor, and brought in a total (before deductions) of: $44,811.05. I want to also note I was not performing my best that year, due to a severe concussion December 2014.
In November 2015 I got an accountant as I had brought in way more than I though I ever could in a single month ($9,015.00 before deductions). He convinced me to incorporate, which I did.
In 2016 I brought in a total (before deductions) of: $69,047.41. A 64.8% increase (unless I mathed wrong - which is why I got an accountant for most of this!).
In 2016 I also spent approximatley $4,000.00 on continuing education fees, which included highly advanced courses dealing with movment/mobility and neurology and it's impact on physical therapy, etc.
Additionally, I got certified in Animal Massage (dogs, cats, etc.) and the only individual on the southern part of the province with a certification and registered massage experience.
My corporation posted a profit in 2016 of approximatley 29,000.00 (I can get the actual number once I get into the office).
Before continuing it's important to note that my personal credit is absolutely abysmal, and I am working on it but need some help. January 2015 I took a chance to go out on my own, and took two credit cards out to cover bills/expenses. I am glad I did, as I wouldn't be anywhere near where I am if I had not. Stressful, but well worth it.
I had a credit card from university, $2,500.00 visa which went into collections. January 2016 I paid it off for $1,100.00 and closed it out along with two other cards ( the ones I had gotten earlier that year for things). I only have two other ones left, a Best Buy (which I used a year ago to upgrade my work latptop) and a Mastercard w/ a max of $3,000.00, which I haven't touched much and feel like I should be focusing on it more.
My current credit score is: 616 (according to creditkarma.ca) as of March 31st, 2017 - raising from 552 (January 2017).
Now onto my question:
I am having trouble finding the proper way to approach banks/lenders/government/people to find a way to get line of credit for my business/help in paying for advanced courses I want to take, and bring highly advanced therapy to my province - I've started doing this, but I would love to do more, at a faster pace. What's the best way/avenue? Another issue I'm having is with insurance payments, as sometimes they take weeks (if not months, currently I'm behind around 1.2K waiting for several motor vehicle insurances to change payment systems over...), and leaves me unable to spend/pay myself properly - so having something to use while I wait would be helpful.
Adding to this, I'm wondering about the fact that I am starting a second business, Animal Massage - this is just under my personal name, and not incorporated - what's the best route to prusue for seeing about financial support on this end? In February I won a GoDaddy Contest for $5,000 + some website credit. So far I've used that money for website, logo design, and am saving 3.5K for a car, as I am between one and need one badly - but I can't get financing due to my poor credit, and they won't let me use my business to buy it as it's only a year old.
Any help would be amazing - my goal is to continue to advance my education and understanding of movement/nervous system/rehabilitation and provide the highest quality care I can possibly do.
I am also mulling the idea of going back into university to pursue a M.D. or to become a Registered Physiotherapist (adding to Reg. Massage and Sports massage) - but these ideas are more for 4-5 years from now.
Thanks,
Joshua
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