For many dentists, starting their practice is a dream. Dental practices usually start as a single surgery till they build enough traction for patients for a second surgery.
Starting and growing the dental practice with a single surgery practice is also incredibly hard and can take a lot of time and attention.
There are many challenges that dentists have to face when starting and growing their dental practice. The hardest one is putting in the hard work for two to three years until they start making a profit. As a dentist, the struggle to manage everything is more challenging. There has to be a single-minded devotion to taking care of patients, working the books, keeping track of the health records, insurance, compliance, and more.
Many dentists in the UK rely on good quality dental instruments from kentexpress.co.uk while setting up and growing the practice.
Despite the challenges, there are ways that dentists can succeed and grow. Let us look at a simple guide to set you up for success with your dental practice startup.
Like all businesses, a dental practice also needs a well-thought-out business plan. Challenging goals, decisive steps, accountability, and smart and measurable goals are the first step in future planning. Setting realistic goals can also be motivational and aspirational.
If you are starting a dental practice for the first time, and are currently working as an associate, then you should continue with your job until the practice doesn’t settle down. Doing this will also ensure you have the funds to put into the dental practice in case of an emergency setback. Ensure you have clear, unique goals and value propositions when asking for loans from banks and other lending institutes. Your business plan should also include all the expenses, operational costs, utilities, licenses, dental supplies rollovers, and more.
It is ideal to partner with an accountant who has several other dental clients. Purchasing dental equipment, tools, equipment, and other supplies requires budgeting. When planning your finances, always select easy finance schemes with low-interest rates and a well-spaced payback scheme.
When requesting a loan, you should consider the following – rent, cost of dental supplies, operational expenses, staff salaries like managers, dental nurses, receptionists, renovation expenses, licenses, registrations, and more. When planning the finances, you should also prepare the taxes for the first two years. Be extremely sure about the scope of the capital expenses and revenue expenses.
Choose the best location
The best locations are ones that are closest to the target audience. If you are a dentist specialising in implants for senior citizens, it would be best to have a clinic near a care home. It is necessary to do a little research before finalising a space in the best location.
When considering location, you should also ensure that the rent is within budget. A large space usually means high rent. You should walk around different locations and search for the most likely location for your dental practice. The demographics in the chosen location matter significantly for a startup dental practice.
If you plan to make any alterations to the existing area and space of the practice, you would need to gain permission. In the UK, extensions may require D1 planning permission. An experienced contractor or project consultant can help you out with the correct application paperwork.
It is best to work with consultants and building contractors who have experience working on dental projects. Generic contractors might be unable to include all the dental-specific equipment that all practices need.
All businesses need digital and social media marketing plans. The initial marketing will include designing a logo and branding, website, and social media pages. Marketing strategies and online brand recognition will help boost the business.
Many dentists prefer setting up and conducting their marketing. While this may seem like a great way to save money initially, it might affect the business later.
Professional digital marketing agencies can help target audience research, strategies, implementation, maintaining the brand voice, brand recognition, and eventually help drive patients to your practice. Agencies can also help create instant brand recognition so that your brand becomes synonymous with excellent quality oral health. They can also run online media campaigns, set up patient-referral schemes, and ensure that your business gets plenty of natural online search traffic through reviews.