Success Story for:
Michelle Moragne of Taylor Medical Clinic
Dr. Michelle Moragne came to the Jackson State Tennessee Small Business Development Center in March 2016, seeking help in opening a medical clinic. She had been an experienced practitioner for many years; as Michelle began researching how to set out on her own, she found that there was an area where she could buy and renovate a building, making it not only a good opportunity, but a good long-term investment.
During weekly meetings with the TSBDC, she developed a viable business plan to present to any lender. Ultimately, a local bank agreed to lend her $220,000 for the purchase and the renovation. Closing on the financing and ramping up the business was a year-long process.
Michelle opened Taylor Medical Clinic as a sole proprietorship in late February, investing $180,000 of her savings in addition to the bank loan. She seems to be well on her way to breaking even or showing a small profit in the first year; she reports having seen 1,339 patients and averaging $15,000 per month in the first nine months.
Taylor Medical Clinic maintains a 40 percent repeat client base; patients range from seniors who need weekly care to children who come once a year for their checkups. Its financial statements indicate an excellent opportunity for growth, and it brings in additional income by leasing office space on the second floor. Four new jobs were created since the clinic opened.
Next year, Michelle plans to add pulmonary services and bring in yet another technician who will administer the testing. She estimates this will add $50,000 in income.