Make no mistake: starting your own dental practice is far from easy. With the numerous different elements to consider, it can be overwhelming when planning a strategy and making the leap of faith into being your own boss.
Despite the work and effort required, the rewards at the end of the road are certainly worth it. Before you can start dreaming of those rewards, however, you have to lay the groundwork. To help lessen the stress of this, here’s a quick guide to follow when starting a dental practice.
Understand the cost of starting up
If you haven’t previously looked at the cost of starting a dental practice, you might be shocked at the number. On average dental practice startups can cost between $350,000 and $550,000 in total.
Very few people have this type of cash just sitting around. As a result, you will likely have to resort to financing to get your business off the ground. Fortunately, specialist dental practice loans are a viable funding option.
When planning to apply for a loan, ensure you have an accurate picture of your initial costs. This includes your office space, dentist equipment, insurance policy, and so on. Ultimately, you don’t want to get a loan that is too big or small.
Decide on a location
Picking the location of your dental practice is an important step in the process. You want to select a place that is not only accessible with various transport links but one that is home to a healthy collection of potential patients. You also want to avoid any areas that already possess an abundance of practitioners who offer the same services as your business.
Therefore, before settling on a location, conduct thorough research, so you know it is the right choice for your practice.
Plan for expenses
As your budget will reveal, there are various expenses when it comes to setting up a dental practice. Now’s the time to start planning for those expenses and making your purchases. Be sure to carry out research to find a medical supplier that provides the best combination of value and service.
Furthermore, you also have to consider hiring employees. Make sure you set aside enough time to properly screen candidates and find the best personnel for the job.
Handle all legal aspects
It’s the boring aspect, admittedly, but it still needs to be done. There are, of course, various legal aspects when it comes to opening a dental practice. Securing the right credentials can take months, so ensure you plan far in advance for this aspect.
You will also need to receive proper state licensing, register with the DEA, register for local and state taxes, and possess a national provider identifier number.
Get the word out
Without patients, your dental practice has no chance of succeeding. This means you have to place a particular emphasis on attracting customers to your business.
There are various routes you can take in that regard. Setting up a professional website is a solid starting point. You can also get the word out via traditional marketing methods such as radio and print adverts.
