If you have spent years in extensive training and education to become a dental professional; you most definitely must’ve given a thought to starting your own dental practice. Your own dental practice offers numerous benefits like being in charge of your own practice and schedule, virtually limitless earning potential, greater job satisfaction, tax benefits and so much more. All of these are too good to let go of.
As of 2020; there are 189,040 dentists practising in the US. If you are an enthusiast who wants to start your own practice, there are quite a lot of things you’ll have to tackle. Even if you are exceptional at providing dental treatments, you need to up your business game to actually thrive as a practice. When you strike the perfect balance between business and dental knowledge; you can actually set up your practice.
But how exactly do you go about starting a dental practice seamlessly? Read on to know!
1. Create a business plan
Entering blindly into a highly competitive business is never a good idea. Plans are the primary and most crucial part of any business. When starting from scratch, you need to formulate a plan that incorporates everything about your business including the overview of goals and objectives, strategies to be adopted, standard operating procedures, expected cash flow and so on. Include all the pertinent information about your business in the plan.
A business plan comes in very handy when you are applying for loans to get your business started. It paves way for further processing and helps you make important modifications right at the initial stages, saving you from future difficulties.
2. Obtain necessary licenses
Since you will be operating on people, it is imperative that you possess all the required licenses and permits to practice dentistry in the locality you choose. Licenses or permits reflect your authenticity, reliability, and skill, thereby fostering trust in the potential patients.
Laws vary across different geographical locations so ensure you get well-acquainted with the details for your particular location before you dive in and start your practice.
3. Choose a location
After you have a well-framed business plan and have obtained all the necessary licences and permissions, move instantly to choosing a location for your practice. Conduct extensive research before you settle on a location. Remember, location pretty much dictates the patient inflow and overall success of your business. For instance, if your practice is in prime localities, has the ideal demographic and isn’t oversaturated with other dental practices, it will certainly run smoothly. Also, monitor what your competitors are doing from time to time so you can stay updated, modify your strategies and stand tall in the competition.
4. Obtain finances
The most important step in starting your practice is obtaining funds. If you have sufficient finances, to begin with then nothing like it. If not; you should approach lenders or banks to avail of loans. This is where your business plan will play a great role as it will represent your business idea and help the lenders decide if your business is worthy. In case you can’t obtain the required capital, do not let this hamper your plan. You can partner up with other professionals and begin your venture.
5. Determine your space/layout needs
Usually, after having finances and space, it is recommended that you start planning the layout and design of the premises. Since dental treatments are anxiety-inducing for the patients, furnish your space in a way that fosters relaxation. You can add natural elements, have a decluttered space, install comfortable seats, add good lighting and so on. Ensure the aesthetics are supplemented with serviceability. A good décor will not only retain your patients but will also provide your staff with the perfect space to work, thereby improving their productivity.
6. Figure out what equipment will be required
Equipment is the prime requirement of dental services. They greatly impact the efficiency of your practice and are an inevitable expense that you’ll have to incur.
The dental practice setup cost will include advanced machinery, instruments, computer systems, dental practice management software, and so on.
So, find the right provider for these requirements and seal a good deal.
7. Estimate the personnel required
You can’t run a business all by yourself no matter how proficient you are or how hard you try. Staff is what keeps your business running. So, consider hiring staff as soon as you can. In the initial stages, you might be able to handle the workload but as patient inflow increases, you just can’t sustain it. Receptionists, dental assistants, and billing specialists can work in cohesion to help you achieve your business goals.
8. Frame stellar marketing strategies
If you don’t put your business out there; no one will. With innumerable dental practitioners, patients will never fall short of choice. So, frame stellar marketing strategies that will drive the patients to your service and help you stand above your competitors.
Starting a dental practice can feel very daunting, however, when well-equipped with knowledge, research and the right skill set; you’ll easily attain great heights in no time!