Launching a new dental practice can be incredibly daunting. The rewards can be significant if you get your new business venture up and running effectively, but it will require some serious work and a high level of commitment. New businesses are more prone to failure, and competition is fierce in almost every business sector. However, for those hoping to make a success of their new dental offices, some basic entrepreneurial know-how can go a long way in making a positive impact on your future. If you’re considering building a new dental practice from scratch, then here are some of the most important things to remember.
Respect your Budget
You will likely have a budget in mind, but you need to clarify just how much cash you have to play with. All businesses need a business plan in place, and a dental practice is no different. The more attention that you pay to your budget and costs, the less likely that you will run into financial challenges further down the line. Respect your budget, and you’ll have a clearer idea of what you can afford when it comes to the big decisions.
Location is Crucial
Research is going to be a vital element of your business plan, and location is one of the key areas to focus it on. You need to learn as much as possible about the local market and the geography of your location. Consider:
- Competitor proximity
- Patient accessibility
- The geographical constraints in terms of possible patient numbers
- The running costs
Never commit to a location without looking these things in alternatives places too.
Equipment and Supplies
You’re going to need some specialist equipment that you’re not going to be able to pick up from just anywhere. At this stage, it’s a good idea to look more closely at your options. Always start to build relationships with those that supply your equipment, as this can create a collaborative relationship that can pay off long-term. You can buy dental supplies from equipment suppliers like Kent Express, who can ensure that you have the equipment and supplies that you need when you need them. Much of your business management is going to be reliant on your access to supplies, so make sure that you choose only reliable suppliers from the get-go.
Hiring a Team
Hiring the right people is going to be a vital element of your new business. Don’t rush your hiring process, and don’t resort to friends and family for even the most basic roles. Create an accurate and brand-reflective advert for each available position, and screen all of your candidates. How much you offer as a salary will be reflected in the calibre of your potential hires, so don’t forget to have a review of your budget before building a team.
Once everything is in place, you will need to start booking in patients. Without patients, your practice isn’t going to get very far. Your research should have highlighted the best avenues for local audiences, but remember to include digital marketing into your growth strategies too. There are many guides available for dentists that need to perfect their marketing, so do some research, and adopt the best, currently trending methods.
Setting up a new business is always going to come with stress. Make the right decisions throughout the early stages of the development of your dental practice, and you will be far more likely to meet your goals and make a success of your venture.
Maggie Hammond is a retired nurse and freelance writer, exploring and writing in retirement. An advocate for public health and nursing qualifications, she feels passionate about raising awareness of the current strain on public health organisations.