About 84% of dentists own a private practice. The rest work in clinics and partnerships with other dental practitioners.
It is a very risky proposition for recent dental graduates who are saddled with hundreds of thousands of dollars of student debt.
You could work at a clinic or a corporate job to pay your student debt. A successful dental practice allows you to build equity and reach your financial goals.
There are ways to ensure your new dental practice thrives from the very start. Read on to discover how to start a new dental practice.
- Write a Business Plan
The most profitable businesses always start with a business plan. A business plan outlines your ideas for your dental practice.
You’ll know who your ideal patients are and the dental treatments you provide. The business plan covers the other dentists in the area, and how much revenue you need to be profitable.
- Obtain Financing
It’s expensive to start a dental practice. You can either buy an existing practice or start one from scratch.
If the latter, then you’ll have to purchase dental equipment and supplies.
It’s possible to find financing through private investment or get a bank loan. Both will require a formal business plan before you get funded.
Your existing loans won’t get in the way as long as you pay them on time. Any late payments or signs of financial difficulties will make it hard to find financing.
- Find a Location
The location you choose for your dental practice is one of the most important decisions you’ll make. It has to be accessible with free parking for patients.
Work with a commercial real estate agent to find the perfect space with favorable lease terms.
- Hire Staff
You’re not going to be able to handle every aspect of the dental practice yourself. Hire office staff that will help you bill insurance, schedule appointments, and assist with procedures.
Each position should have a set of roles and responsibilities. It will make it easier to hire the right people for the job.
- Invest in Marketing
Digital marketing is going to be the primary way to promote your practice because new patients turn to search engines to find a dentist.
Do you need to back to school and get a degree in marketing? No, you don’t. There are service providers that work with dentists.
Read more now to find out how these service providers can get your practice found in search engines.
Community involvement is another way to get the word out about your business. Get involved with local charities that fit your target market. They’ll be more likely to consider your dental practice than other practitioners in the area.
Start a Successful Dental Practice
What does it take to start a new dental practice? You need to have a business plan that maps your vision for the practice, a great location, and marketing help.
It takes a lot of hard work to make it happen, but when you do, you’ll be the sole owner of a dental practice.
Now that you know how to start a dental practice, you’ll need tips to manage it. Check out the Business section of this site for business management tips.