Congratulations! But before you set up your dental practice, there are essential things you need to think about if you want to succeed. Being a business owner is usually the best feeling and professionally enriching, but you can face a lot of challenges if you don’t prepare well.
Most dentists think that they only need their skills to start their dental practice, but that’s not it. Besides having the dentistry skills, you should be ready to control and manage your new business like a pro.
Below are the five essential things you need to think about when opening your dental practice:
1. Do Your Homework
It’s not very common for dental practices to fall soon after taking off, but if that happens, it is usually the worst experience ever, both personally and professionally. In the past, starting your dental clinic was easy. You’d even book patients before everything is set and still be successful. That’s not the case these days. Feel free to read more about how you can create a healthy relationship with your patients.
The moment you take action to become your boss and open a dental clinic, you should begin by knowing the unknowns. Consult with colleagues who started earlier and know what challenges they faced when starting, what measures they took and how they overcame the challenges.
2. Build a Team of Advisors
When you decided to become a business owner, and specifically to start a dental clinic, you probably came across different people. Filter them and gather a team that’s going to help you set up your business the right way. Below is an example of trusted advisors you should have:
● Dental-specific building contractors: Having dental-specific contractors is critical. Don’t make a mistake of hiring generalists who are not experienced in building dental clinics.
● A specialized CPA: Treat your dental clinic like a big business. In short, don’t go for a general dentist who can only do root canals. Instead, look for an endodontist who can handle complex tasks.
3. Secure Financing
It’s true that many financial institutions are more than willing to lend startups some cash to set up their businesses. The only challenge is that most banks or even your local bank may not know about the cost of setting up your dental practice.
But some lenders are familiar with the needs and can lend you the required amount to set up your dental practice. Also, you should consider the interest rate. Look for lenders who aren’t going to push you to the wall in terms of interest rates.
4. Establish Professional Goals
Professional goals can either be short-term or long-term and should be goals that realistic and measurable. Once you have set your professional goals, the measurable component should help you run your business successfully and help you stay focused towards your goals. For example, you could be targeting to land more patients per month. Strive to meet your goal and if you don’t, go back to the drawing board and check what could be limiting you.
Another thing: you should be disciplined. This is because you are always in charge of your business. Maybe you can consider having a tool that will help you track your specific goals.
5. Be at the Associate Position and Manage Your Business
It’s only you that’s familiar with the loans you owe lenders. Starting from your student loan to your dental practice loan, you can be overwhelmed. You need to, therefore, make sure that your dental practice business is generating a steady income. Once the business is running, consider being an associate for two to three days a week to know precisely your business cash flow.
Over to You
It’s not as hard as you think. You should make sure you have taken the right steps when setting up your dental practice. Because other people have done it, you can too. Use the above hacks, and you’ll succeed with your dental practice business.