Based on the latest data, there are roughly 201,117 dentists working in the US.
If you’re currently working as a dentist, you might be ready to start your own dental practice. Yet, if you don’t have much business experience, you may not know how to tackle this challenge.
This post will provide you with some tips on how you can start a new dental practice. If you’re ready to set up your own practice, this post will help you figure out how you can make this happen.
Formulate a Plan
If you’re going to start a dental practice, you’re essentially going to become a small business owner. You will need to create a business plan before you do anything else.
When writing out your business plan, you need to put a lot of emphasis on the financial side of things.
So, you need to describe how much you will pay for your premises, as well as your equipment. You will also need to describe what your staff costs are going to be.
Once you’ve listed these figures, you should write down some income predictions.
These income predictions should mention predicted revenue, as well as predicted profit. You might also want to note how this figure will change over the coming years.
If you want to be really detailed, you may want to list different dental treatments and the revenue/profit that each treatment will yield.
If you’re finding it difficult to develop these figures, reach out to a dental practitioner who already owns a dental practice. They will have real-world experience, and so they can help you come up with some reliable numbers.
Think About Marketing
Once you’ve formulated your business plan, you should put some thought into how you’re going to market your practice.
This is an important step because you could get everything else right but still fail if you don’t know how to attract clients.
If you don’t know how to approach marketing, you can study what other dental practices are doing. Alternatively, you could just consult with a dental marketing firm that has some experience with the dental industry.
How Will You Approach Hiring?
The next thing you need to think about is how you’re going to approach hiring.
If you’re going to offer certain dental procedures, you should look for staff that has some experience with these treatments.
If you’re just looking to hire general admin staff, you should still try to find people that have previously worked in a dental practice.
Time to Establish a New Dental Practice?
Now that you’ve read this post, it should be somewhat easier for you to set up a new dental practice.
If you’re worried about things going wrong, you might want to consider partnering with another dentist.
In doing so, you might be able to share some of the risks that come with starting a new practice. This will then limit your downside should something go wrong.
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