Leveraging your 401k is something you should do with prudence and a measured hand. If you’re like most you’ve been contributing to your 401k for many years; you may even have amassed quite a pretty large balance. By that rationale it would be foolish to borrow against your 401k for something that could be considered suspect. For those considering leveraging their 401k to get into a medical billing franchise though, there are three primary reasons why doing so makes a lot of sense.
Proven Business Model – One of the things you worry about when getting into any kind of business is the profitability. “Will this business be profitable?” “Am I wasting my time and money?” Both are good questions for sure and both are abundantly valid. Quality medical billing franchises fill a definite need. Entry points to these franchise opportunities keep their franchises up to date on all the ever-changing rhetoric coming from the medical industry and from government regulations. When you have decided to go into the medical billing business with a partner who has a proven track record of leadership and success, then you can be confident that the investment that you’re making; even the investment from your 401k, makes a lot of sense.
Opportunity/Need – Another thing you want to be sure of before you open up any business, is will there be a customer base for my product or services? Will there be a need? Fortunately for you the medical billing franchise opportunities are springing up faster than there can be found businesses to plug the holes. The opportunities for you to open up a medical billing franchise in a variety of markets across the country are very real and immediate. If you’re considering borrowing against your future savings in order to make even more money in the present tense, why wouldn’t you take an opportunity like that?
Longevity: If you’re considering getting into this business for the long term, you are in luck. The medical billing industry is not going anywhere. To wit, medical billing is a booming industry and as the population ages, so it grows. However even if you’ve worked a job for 15, 20, or 30 years and you just want to make some money for the short term, a medical billing franchise may make sense too.
You shouldn’t ever look a gift-horse in the mouth; just because you may have missed out on some other ‘booms’ in your lifetime doesn’t mean you shouldn’t seriously consider the proven and continued need for businesses in the medical billing field. Of course every individual’s situation is different and you should take your own situation and needs into account. But if you have the savings or a 401k that you’d like to keep working for you just a little bit longer and just a little bit harder, finding out more about a medical billing franchise may make a lot of sense.