Starting A Dental Practice
Beginner’s Guide to Starting a Dental Practice
The long years at college are finished, your diploma is in hand and you are ready to face your dream of starting a dental practice. While beginning a new career can be an exciting endeavor, it can also be a devastating flop if all steps are not followed properly.
Advantages for owning your own business
Many entrepreneurs have had the dream of starting their own business. There are many reasons why they pursue this dream instead of working with or under someone else. They include being able to make your own rules, follow your own procedures and be in control of all aspects of the business.
Certain professions carry the tendency to survive more than others. The dental profession is one that will always have patients, as everyone has teeth. New clients are being born every day. This fact reinforces the need for qualified dental professionals.
Disadvantages for owning your own business
Reality requires that you not only examine the advantages for being a business owner, but also to recognize and overcome the disadvantages. New business startups can be costly, and it may be difficult to obtain funding. When a financier is located, it will be necessary to draw up an extensive and detailed business plan before the money is forthcoming. Various permits and licenses required will fully be the responsibility of the business owner. Once the business has begun, marketing the business and obtaining clients will fall upon the shoulders of the business owner. Perhaps the most overwhelming part of the business is that the owner will have the 24-7 responsibility of running the new business.
After weighing both the advantages and disadvantages of starting a dental practice, you will be equipped with most of the information you need to begin.
Steps for building a practice
There are certain considerations that will need to be addressed when deciding to open your own practice. Will you be opening a brand new practice, or buying a practice from which the current dentist will be retiring? Of course, an existing practice comes with the advantage of also coming with necessary equipment, an existing client base and immediate income. Starting your own business is not quite as easy, and will require more effort.
- First, consider the location of the practice. Are there other dental offices in the immediate vicinity? What is the average income of the location?
- Learn what the regulations are for the city and state in which you plan to practice.
- Determine which licenses, permits and tax requirements will be needed.
- Learn about insurances that will be needed for your business.
- Research suppliers, and team up with reliable sources to obtain the supplies you need.
- Decide whether you will manage your business’s finances or if you will hire an outside accountant.
- Consider your options for marketing your business and match the best method for you with the finances you have available for advertisement.
Above all, be prepared to give 150% of your time for your new business. A new business will be taxing on your time. A profit will likely not be evident for at least one year, and maybe more.
Starting a dental practice is the dream of every graduate from dental school. Not all people are as committed and prepared for the challenges of starting a new business as others. There are those who are best suited to partner with other dentists. For those who are determined to start their own business, success on their endeavor will depend on their knowledge of the proper procedures and following the appropriate steps for building their business.