Are you interested in going into private practice in dentistry? If so, you may be thinking about buying a dental practice or , you might be thinking about building a practice from scratch. If you want total autonomy and independence of a practice owner and want the practice to look and feel exactly the way you want it to be, you may want to build your own dental practice, but there are a lot of moving parts involved. How can you place yourself in the best position possible to be successful? Take a look at our checklist for buying a dental practice, and learn more about what you need to do if you are interested in building a dental practice from the ground up.
Develop a Business Plan
First, you need to develop a business plan if you are interested in building your own dental start up. This is an essential part of your checklist, and you need to think about the location of your new dental office, the team members you want to hire, and what you think your overhead expenses will be. You also need to project the number of patients you will treat, the hours you want to work, and how you will market to new patients and the local community. You might even want to reach out to a mentor in the local area who can help you develop a firm business plan.
Consider Where the Financing Will Come From
If you recently graduated from dental school, you probably don't have a lot of capital available. Therefore, you will need to find financing for your dental start up. It may be a good idea to get pre-approved with a dental lender so that you know what kind of practice you can buy or if you should build a new office. There are many good dental lenders that we can refer you to when you are ready to move forward.
Think About the Location
Of course, you need to think about where you will open your dental practice as well. You need to place your dental office building in an area that is easy for people to find, but you probably don't want to open a practice too close to other practices. Remember that your business is an investment, and you might be able to maximize the value of your practice if you purchase a property. At the same time, this will require additional capital, so you need to factor it into your calculations.
Put Together a Marketing Plan
How are you going to convince patients to give you an opportunity? You need to put together a comprehensive marketing plan. The vast majority of people use the internet when they are looking for services they require, including dentistry. You need to identify a unique selling point that you can offer individuals and families in the local area. Why do you think people should choose you if they are looking for a dentist? Make sure you capitalize on it and get your name out there as much as possible.
Work With the Team From Dental & Medical Counsel
Ultimately, there are a lot of factors you need to consider if you are considering building your own dental practice. We have put together a comprehensive dental start up checklist, and it would be our pleasure to help you build a dental practice from the ground up. At Dental & Medical Counsel, we have dental lawyers with a tremendous amount of experience working with people of all backgrounds, and we would love to put our experience to work for you. If you would like to learn more about how to build a dental practice from the ground up, contact us today to speak to a professional from our staff! We look forward to working with you.
Frequently Asked Questions
Q: What are the steps to start a dental practice?
A: The steps to start a dental practice may include creating a business plan, obtaining necessary permits and licenses, choosing a location, securing financing, setting up the legal structure of the practice, purchasing equipment and supplies, hiring staff, implementing dental software and technology, and marketing the practice to attract patients.
Q: How much does it cost to start a dental practice?
A: The cost to start a dental practice can vary widely depending on factors such as location, size of the practice, equipment, and supplies needed, and renovations or construction required. Costs may include real estate or lease expenses, equipment purchases, staff salaries, marketing expenses, insurance premiums, permits and licenses, and initial working capital. It's important to create a detailed budget and financial plan to estimate the costs involved.
Q: What financing options are available for starting a dental practice?
A: Financing options for starting a dental practice may include traditional bank loans, Small Business Administration (SBA) loans, private financing, partnerships with other dentists, or personal savings. It's important to explore different financing options and choose the one that best suits your financial situation and needs.
Q: What are some common challenges in starting a dental practice?
A: Some common challenges in starting a dental practice may include securing financing, finding a suitable location, building a patient base, hiring and retaining qualified staff, managing cash flow, marketing effectively, complying with legal and regulatory requirements, and dealing with competition. Being prepared for these challenges and having a solid business plan in place can help mitigate potential obstacles.
At Dental & Medical Counsel, PC, we understand dentists have trouble navigating the legal process. We believe every dentist deserves the best advice and service so doctors can do what they do best, treat their patients. We make dentists' lives easier by providing expert guidance, so they can focus on their personal and professional aspirations.
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About Ali Oromchian, Esq.
Additionally, he is a frequent speaker on topics such as employment law, negotiation strategies, and contract and estate planning throughout North America. He is frequently quoted and has written articles for the California Dental Society, Progressive Dentist, Progressive Orthodontists, Dentistry Today, Dentaltown, and The New Dentist magazines.
Mr. Oromchian is a member of the California and District of Columbia Bar.
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