Getting your first dental practice off the ground can be both challenging and exciting at the same time. With a Bachelor’s degree and an internship or some practical work experience, you’ll have the confidence and know-how needed to start your dental practice.
It takes commitment, business acumen, industry awareness, marketing knowledge, and awareness of various aspects of dental practice acquisition financing or any medical practice.
Starting your own Dental Practice?
Independent dental practice is a big step, and it’s not something that should be taken lightly. You need to think carefully about starting a dental practice before proceeding. It would help if you kept in mind a range of factors, including dental practice acquisition financing and personal considerations that can shape your future:
Is your working capital sufficient?
The working capital needed to start a dental practice can be very high. To qualify for a loan or line of credit, you must have cash on hand or credit and collateral. Renting or purchasing office space, ICU expansion, investing in equipment and supplies, hiring and paying employees, providing health benefits, and advertising require money. Your dental practice acquisition financing plans might need to be held until you have the money or means to finance your new venture or ICU expansion.
Would you like to work independently?
Working independently is a great option if you’re opening your own dental practice. If you work for a practice already established, you probably work fixed hours and have weekends and evenings free. You probably receive a salary.
The more independent you are, the more responsibility you will have. Working longer hours and having less freedom may result from the job change. Depending on your income, it may be difficult to predict it from week to week or month to month. On the other hand, you can also reap the benefits of setting up the practice the way you want, creating a comfortable environment for patients, and, if you succeed, earning more money than you would as an employee.
It doesn’t matter how comfortable you are with calling the shots and putting in the time and effort required to build your new dental office from scratch, so long as you’re willing to invest that time and effort.
Have you written a business plan?
Building an effective roadmap is essential to the success of any new venture. Entrepreneurs can use business plans to help them navigate the challenges of their new startups. Before you begin, you will need to figure out how you plan to address your challenges. Payment policies, a budget, the services you offer, service fees, competitors, marketing strategies, and insurance policies should be outlined.
What local market research have you done?
In a business plan, market research is worthy of its own question due to its importance. Understanding the local market is essential when setting up your office. How many people live there? How many dentists practice there? What services are provided there? This will be something you need to consider before moving forward with your plans. A different strategy will be needed in a location with a single competitor than one in which there are several competitors, including national dental chains.
Do You Have a Current Employment Contract?
There is a good chance that you already have a job contract unless you just graduated from dental school. It would be good to review your contract with a lawyer before leaving, if necessary, to ensure you have not violated a non-compete clause.
You can be prevented from opening a new practice after leaving your current job or within a certain geographic area if you have a non-compete clause. Your new dental office may also make attracting existing patients with you more difficult. Before you finalize any plans, you must understand your legal obligations.
