Are you interested in opening a dental practice but aren’t sure how to get started?
Owning a dental practice can be very lucrative. According to the American Dental Association, the average dental practice brings in between $742,490 and $1,059,890. But opening a dental practice isn’t an automatic recipe for success.
To be successful, there are some things you need to know before you hit the ground running. Check out this guide to learn how to start a dental practice.
Create a Business Plan
Creating a business plan is the first step you need to take when opening a dental practice. A business plan is a detailed document that outlines your business structure, goals, marketing tactics, and more.
If you’ve never written a business plan before, don’t sweat it. There are many free templates you can download online to help you structure your plan.
The key thing to keep in mind is to be as detailed as possible. If you plan to take out a loan to open your business, lenders will want to see that you have a plan and that your business is viable.
Figure Out Your Finances
Once you’ve put your business plan together, you need to figure out how you’re going to fund your business. While dental practices can be very successful, a lot of them don’t turn a profit for the first couple of years.
You need to figure out how you’re going to stay afloat until you start making money. Are you going to take out a business loan? Are you going to pull from your savings? Or, maybe you’re going to pitch your plan to investors?
Whatever your strategy is, make sure you lay it out before you get started.
Decide On a Location
After figuring out your finances, take some time to tour office locations in your area. Location is especially key for dentists. While some people might go out of their way for their favorite cheeseburger, very few people will go out of their way for the dentist.
Look for a location that’s central, has ample parking, and is visible.
Get the Right People On Board
Your dental practice will only be as strong as your weakest employee. Once you’ve chosen a location, it’s time to start thinking about who you’re going to hire.
You’ll need to hire dental hygienists, dental assistants, receptionists, and cleaning staff. You’ll also need to hire vendors for your equipment. For example, you can hire rockymountainwaterdistillers.com for your water vending needs.
You’ll also need to hire an accountant or bookkeeper as well as a marketing team. Some dental practices choose to do marketing in-house, while others choose to outsource.
How to Start a Dental Practice: Are You Ready to Begin?
Now that you know how to start a dental practice, it’s time for you to begin your journey. Before you know it, you’ll have a thriving dental practice up and running.
Be sure to check back in with our blogs for more tips on opening a business.