When attempting to advance your professional career, opening your own dental practice will be among the biggest and most rewarding steps you’ll ever take. But like most other businesses, starting a dental practice can also come with a number of difficulties and setbacks along the way, especially if it’s your first time with such a venture. To simplify this process and set your business up for success from the start, here are some essential aspects you should consider when opening your first dental practice:
Defining a vision
Although this may not be an easy process for everyone, defining your vision is the first step to ensuring you are truly ready to start your own dental practice. Before making any major decisions, try to determine who you are, what you’re passionate about, and which areas you would like to focus on. Consider your likes and dislikes, and use this processto evaluate your priorities. This will help to drive decision-making and enable you to make better, more purposeful decisions to secure success from the very beginning and avoid wasting too much money and time on an unsuitable venture.
Setting realistic goals
When starting your practice, you shouldn’t limit your business, teams, or even yourself by setting unnecessarily low standards. While it’s understandable to want to avoid high expectations, you have to set clear, specific, and realistic goals if you want your dental practice to succeed. Develop a detailed business plan and include actionable steps throughout the process. Then, think about any additional aspects you’d like to include, whether that means creating a healthy office environment, providing excellent service to patients, or following the latest technology trends.
Securing funding
From the office space to specialized equipment, opening a dental practice can be a particularly costly endeavor. You will likely need to find a good financing solution that suits your needs, such as acquiring a small business loan from a local bank. Regardless of the funding option you select, always be mindful of the add-on (junk) insurance that’s frequently sold with loans. These products are often worthless and promoted using unethical sales practices, and may be of no real use to your practice. Fortunately, you can claim a junk insurance refund in case you have already purchased such products.
Solving a need
Although you are a dentist by profession, starting your own practice will mean you are also a business owner aiming to solve an existing problem in an effort to secure success. In the dental field, that will entail the services you are providing for your patients, such as cleanings, extractions, and fillings. And while broader services like these might be effective in most cases, some areas can come with tough competition and may require uniqueness to ensure profitability. If that is the case with you as well, consider whether your location has a need for services that don’t currently exist, like teeth whitening and Invisalign specialists.
Investing in marketing
Just like any other business, you will have to invest in marketing as well, especially if you’re located in an ambitious area. Build a good website and focus on search engine optimization, expand on relevant social media pages and post engaging content, and develop an effective email marketing campaign. As your business grows, you will likely change, adjust, and optimize these tactics. In the meantime, the right marketing strategies will allow you to build brand recognition and trust, stand out from your competitors, and most importantly attract and retain patients.
Finding some help
Most countries around the world have local dental associations that you may already be a member of, along with any relevant international organizations. They can be brilliant resources when opening your own dental practice. Some offer career guidance, others provide advice regarding the business side of dentistry, and many will also have specific dental practice management courses and programs you can apply to. Contact these organizations to see whether they could be of any help in maximizing the efficiency and overall success of your practice.
Opening your first dental practice can be a stressful and challenging venture. Keep these important aspects in mind to streamline the process and ensure your new business is well on its way toward success.
