Find a location for your dental practice.Here are some of the most important tasks you must complete to start a successful dental practice. 10 Steps to Starting a New Dental Practiceīefore making any final decisions regarding your dental practice, take the time to review your options and obligations thoroughly. It's important to understand your legal obligations before you finalize your plans. They may also impede your ability to bring existing patients with you to your new dental office. Non-compete clauses can prevent you from opening a new practice within a specified time frame after you leave your existing job or within a certain geographical area. Before you go out on your own, you should review your contract, with a lawyer if necessary, to make sure you are not in violation of any non-compete clause. Unless you just graduated from dental school, you probably have an existing employment contract. You will need a different strategy in an area with only one competitor than in a location where multiple competitors include national dental care chains. What is the population of the area? How many other dentists are practicing there? What services do they offer? You will need to take these things into account before you move forward with your plans. It's essential to know about the local market where you plan to set up your office. Market research is necessary for a business plan, but it deserves a separate question because of its importance. Your plan will make it easier for you to achieve your goals and can also help you attract financing if you need it. You'll need to understand how you plan to meet the challenges you'll face before you get started. Business plans serve as templates to help entrepreneurs navigate the challenges of their new ventures. The only way to be successful with a new venture is to create a roadmap. It's important to be realistic about the investment you will be making and be sure that you are at a place in your life where you can meet the challenges associated with striking out on your own. In addition to the money, you'll also need to make a big investment of your time, energy, and creativity to attract new patients and be successful. One of the biggest surprises about starting a new dental office is how much work it is. If you don't have the money you need or the means to finance your new venture, then you may need to put your plans on hold until you do. You need money to rent or buy office space, invest in equipment and supplies, hire and pay employees and provide benefits for them, and advertise to attract new patients. You will need to either have cash on hand or the credit and collateral to qualify for a loan or line of credit. Starting a dental practice requires working capital, often as much as $500,000. That said, you will also reap the rewards of setting up the practice the way you want, creating a welcoming environment for patients, and ultimately, if you're successful, earning more money than you would if you were working for someone else.Īs long as you are comfortable with the idea of being the one who calls the shots and you're willing to put in the time and effort required to build your new dentist office from scratch, then you're on the right track. It may be difficult to predict your income on a weekly or monthly basis. You will work longer hours and may not have the same freedom that you did before. Going out on your own means that you'll have more responsibility. As an employee of an existing practice, you probably work fixed hours and have nights and weekends to yourself. If you're going to open and run your own dental business, you must be comfortable with working independently. The following are the questions you should ask yourself. There are many factors to keep in mind, including personal and financial considerations that can affect you for years to come. Before you move forward, you should take the time to consider whether starting a dental practice makes sense for you. Starting a dental practice is a big step and it's not something to be undertaken lightly. When Should You Start Your Own Dental Practice? In this post, we cover all those things and more, helping you get set up for success.īy completing a simple “starting a new dental practice” checklist, as outlined in this post, you can ensure you have everything in order before opening your dental practice. There is a lot of work that goes into establishing your business: from deciding if a partner is right for you, to how many employees you are going to hire, to how you are going to market your business. Setting up a new dental practice means starting a new business from scratch - and that can be downright overwhelming.
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