Starting a Dental Practice
For many dental professionals, starting up and running a practice of their very own is a dream come true and is often seen as a massive career goal.
If you are ready to move your career in a new and exciting direction and are wondering how to start a dental practice, there are some things to first consider. Today, we’re breaking down everything you need to know about starting a dental practice.
Like most businesses, the location of your dental practice will play a large role in its future success.
When choosing a location for your office, consider the following:
- Are there any other practices in the immediate area that you will be competing with? (it’s best to establish yourself away from competitors)
- What is the crime rate in the prospective area? (ensure that both staff and patients will feel completely safe)
- Keep your target demographics in mind; if you are a pediatric dentist, you’ll want to open your doors in an area that is home to many young families, etc
- What is the average household income in the area?
- Are there gaps in the local market? (is the area overrun with general dentists but in need of an oral surgeon or cosmetic dentist?)
- Does the prospective location offer a sufficient amount of parking?
Ultimately, the goal is to choose a location that will help support a thriving dental business that has exponential potential for growth.
A solid business plan will act as a strong foundation for your new dental practice that you can continuously refer to – a gameplan, of sorts.
Your business plan should provide a detailed and well-planned approach to the following:
- Operating procedures and costs
- Projected earnings
- Growth strategy
- Payment and pricing strategies
- Target demographics
- Products and services that your practice will offer
- Marketing strategies
- The current state of the economy
- Seasonal financial projections
- Prospective five-year projections for cash flow and financial forecasts
Getting your new practice up and running will require a considerable amount of working capital. Between the office space itself, hiring employees, and stocking the practice with equipment and supplies, costs will add up quickly.
To Partner or Not to Partner?
You will need to determine if you plan to partner up with another dental professional or if you want to run the practice on your own.
Of course, partnering up will help offset costs – especially in the startup period. But it is important to keep in mind that teaming up with another individual to run the business means that all decisions (financial and otherwise) must be agreed upon between both partners.
If you do not think that you will be able to find someone that shares your vision or you would simply prefer to run things on your own, you may want to consider embarking on your practice ownership journey on your own.
Choosing your new staff will be one of the most important decisions you make when starting your new dental practice.
Your staff members will be the face of your business; it’s important to choose individuals who will represent your business professionally and care for your patients with the same level of care that you would.
It is worth mentioning that high-quality staff members will likely come at a higher cost, but you’ll find that your investment will pay off in the end by avoiding turnover and helping you establish a team of hard-working and dedicated professionals.
Consider the following:
- How many staff members will you need?
- What tasks will be assigned to your staff?
- What is your budget for salaries?
- Will employees be full-time or part-time?
- What type of training will new employees undergo?
Supplies and Equipment
Your dental supplies and equipment will be the cornerstone of your practice, enabling you to provide your patients with the treatment they need and want.
From x-ray units to desktop computers to clinical gloves and masks, you’ll want to make sure that your new practice is fully stocked and ready to go.
Depending on your practice’s specialty and the services you offer, you’ll want to ensure that you have any combination of the following:
- Finishing and Polishing Supplies
- X-Ray Equipment
- Dental Burs
- Dental Handpieces
- Hygiene Products
- Pediatric Dental Supplies
- Orthodontic Supplies
- Laboratory Supplies
Ready to Start Your Own Dental Practice?
With the information learned here, you should have a solid idea of how to start your very own dental practice. Have questions or additional tips? Be sure to leave a comment below!
It’s absolutely imperative to ensure that you have the working capital necessary to launch your new practice. Check out Capital for Business’s extensive funding solutions to find a business funding option that works best for you.
Need a Business loan to grow? Check out Capital for Business funding solutions for startups or apply for a business loan today.
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