10 Things You Need To Know Before Starting A Dental Practice
As of 2018, there are nearly 200,000 working dentists in the United States.
If you’re one of them, you might wonder how you can go about starting your own dental practice. Well, it isn’t easy, but by reading this article, you’re already ahead of the competition.
Here are 10 things you should know about starting a dental practice.
1. Read up on the Risks
We have some good news and we have some bad news.
The good news is that 80% of businesses survive their first year of operation. The bad news is that,10 years later, only one in three businesses will still be around.
Getting into the dentistry business is still like getting into any other type of small business. There are still risks involved that you’ll need to prepare for.
2. You’ll Need a Business Plan
While that last section may not have inspired much confidence, there are some things you can do to aid your business’ survival.
Before you even find a location, create a business plan. It should outline:
- Your sources of financing.
- Your budget.
- Your target audience.
- Your plan for growth (marked by milestones).
- A market analysis.
If you’ve never written a business plan before, use an online guide or template.
3. Your Budget Is Your Bible
In essence, your business plan is your roadmap. It’s up to you to follow up, especially when it comes to finances.
It’s far too easy to overspend on a new business. Stick to your budget at all costs.
4. Branding is Key
The dentistry business isn’t exactly small. You’ll need to stand out to attract clients.
Your brand is what sets you apart from the competition. Be unique and create your own voice.
5. Keep it Local
Marketing can be tricky. But your best bet is to keep things local.
Sponsor local events, put up fliers in the area, and invest in local keywords.
Don’t forget to sign up for Google My Business, too. It’s free and can be an invaluable resource.
6. Your First Few Years Might Be a Struggle
Even if you follow your business plan, your first few years of operation won’t be a guaranteed success. That’s okay.
As long as you learn from your data and stick to your business plan, you should be fine.
7. Location Makes All the Difference
Location, location, location!
What building you rent makes a tremendous difference. Aim to invest in an area with high levels of foot traffic.
The easier your practice is to get to, the more likely people are to visit.
8. Word of Mouth Matters
We’ve already mentioned some of the best marketing strategies. But don’t forget about the oldest tactic, word of mouth.
People still rely on reviews to make purchasing decisions. Positive reviews can do wonders for your business, so be sure to list your business on all digital directories.
9. There’s No Shame In Outsourcing
If you’re thinking of opening a dental practice, you’ll have a lot on your plate. Don’t be afraid to let others take the reigns for a bit.
There are some great ways in which outsourcing can benefit your business. As Better Practice Solutions points out, outsourcing is unobtrusive, saves you money, and is just more convenient.
10. It’s All About Persistence
There will be days where you’ll wonder why you got into the dental business in the first place. You might even feel like giving up.
But stick with it. You have the business plan, you just need to remain persistent.
Final Thoughts on Starting a Dental Practice
Starting a dental practice is no easy feat. It’s going to take plenty of time, blood, sweat, and tears.
But it’s going to be more than worth it once you open your practice and see the smiling faces of your new patients!
Don’t forget to check out our blog for easy and practical business tips. And check out our tools section for all sorts of great resources to help you reach your goals.