Dentistry is regarded as one of the most lucrative professions in the world.
Like most other jobs in the medical field, dentists get amazing compensation. This is especially true when they open own practice.
Unfortunately, there are lots of things that can go array somewhere along the way affecting the profitability. Regardless of your skill, you have to keep in mind that this is a business like any other and the same rules apply as for all other types of companies.
Every beginning is tough so you will have to keep your eyes open for certain things. Here are the top 10 tips that will get your business off to the races.
Although there is a general premise that a good dentist cannot do wrong, this isn’t entirely true. Market affects the demand for dental services and it does matter where you will open your office. Location can have a big impact on new companies. If you’re in a saturated neighborhood, you are less likely to get as many clients as you would otherwise. You also have to consider demographic factors. Who are your potential clients? Do they have the money for regular checkups and treatments? What is the popular per square mile in the surrounding area? Even if there are a lot of dental practices, you can make a good profit if the demographic factors are going your way. Keep in mind that people prefer having a dental practice nearby but they’re also willing to travel a bit to reach a good dentist.
Every business has hidden pitfalls. The same goes for dentistry. Although you might have prior experience with new dental offices, things may change over time. You might want to open a dental practice in a new city. Perhaps the overall state of the economy has changed or perhaps there is something you haven’t counted on. In order to reduce these potential risks, it is best if you consult a local expert. If you’re fresh out of a college, you might even consult with your professors as some of them most certainly have their own practices or have friends who have dental companies.
There is a good reason why financial experts always recommend creating a business plan prior to opening a business. By now, you are probably aware of all the factors that might impact your business. However, you still cannot say for sure whether or not the business will be profitable. This is why you need to create a business plan that will help you estimate financial expenses as well as potential gains. This is especially important in the dental industry as new offices have to invest quite a big in equipment. You will also need an inventory that will allow you to perform procedures. If you take a loan beforehand and you cannot pay it up, it will throw you in a bad financial position. Creation of a business plan is also a good opportunity to put everything on paper. You might even consider hiring a financial expert for this step.
Every business is a sum of its parts. This is especially true when it comes to human resources. Creating a good quality team is crucial for dental practice. First, start by hiring a good dental contractor. This person has to have specific knowledge of the industry so he or she can provide an optimal service. Have in mind that the dental contractors are not always necessary; perhaps you already have a business space or you decided to rent a place. Having a specialized CPA is also important. Oftentimes issues arise if you have an account that isn’t familiar with the dental profession. And let’s be honest, you don’t want to be on phone with your accountant 24/7 trying to figure out some basic things. Lastly, you will have to have good help when it comes to dental equipment. This is especially true for new practices as dental equipment can be quite a price. In that sense, you might even want to find a person who will get you good, used equipment to start the business. This way, you can save some money initially.
Depending on what you want to do, you will need a larger or a smaller investment at the beginning. The last thing you want to do is start making plans without having enough resources. Now, you can either use your own money or get a loan. No matter what you choose, you need to make sure that the business is feasible (which can be done by making a proper business plan). If you decide to go with a loan, here are some things you need to consider beforehand: the length of the loan, interest rate as well as have certain lender services. However, when taking the loan, you need to be moderately conservative. You don’t want to take more money than you actually need or can cover. The fact that you’re getting a loan doesn’t mean you should go overboard with it as it can endanger the future of the business.
With the previous tip in mind, you need to make sure you stay on the budget. When starting a new company, regardless of business, it’s easy to get ahead of yourself. You will probably want to do as much as possible and these costs can quickly pile up if you’re not careful. Getting another credit or borrowing money from friends and family is not the solution. Instead, you need to make a proper budget and stick with it. While getting a bigger load doesn’t necessarily have to impact your business and you will likely be able to pay it back if you’re successful, it is unnecessary stress. Just in case, get a bit more money than initially predicted (let’s say 10% more) so you can cover for unpredicted costs but once you create a budget, make sure to stick with it.
You might think that you’re just a dentist but you’re not. You are a company. And for a company to be successful, it has to have a brand identity even if it’s carrying your name. People have to associate your brand name with quality and reliability. This is why you need to create a message that is easy to understand and share. You need to be recognized among locals as a dentist that is providing a good service. When you mention the company’s name, people have to have certain associations. This way you will distinguish yourself from competitors.
Today, it’s all about the internet. Even though dentistry is a profession where word of mouth is the best promotional tool, you still need to have a good website. In a way, the site will be your digital business card. Potential clients can check out your pricing, photos of the office and find your contact information. Having a bad or unoptimized site is a bad sign. This will tell people that you’re sloppy and undisciplined. A properly optimized website will also help browsing. That being said, you need to pay extra attention to its speed and whether or not it is mobile friendly.
Given that dental clients usually come through recommendations, dentists think that marketing is just a waste of money. Wrong. There are lots of advantages to marketing. First and foremost, you can start making money much quicker than by waiting for things to happen on their own. Marketing also increases the popularity of your brand which will eventually allow you to increase the prices of services. It also helps you establish yourself as an industry leader even though you might be a novice. Marketing increases the overall number of people streaming to your office which will give you much more leeway when doing business and ultimately, will help you to branch out or increase your team if you decide to do so.
Every businessman has to establish professional goals before starting a company. Goals are a valuable tool that shows you how your company is progressing and can be a strong motivator to push forward even if things are not going so well. You might want to focus on reaching certain profitability or you might want to gain a certain number of regular clients. There are lots of ways to measure the successfulness of your business. Goals are also a good way to deal with the daily grind and make sure that you’re reaching your dreams.
With these 10 tips, you’re ready to open your first dental practice.
No matter what, don’t be too hasty. The planning process may take a while but it is very important as it will help you avoid some costly mistakes later on. Planning brings stability to your business and will work in your favor as the time goes on. It also helps you establish whether the business model is profitable in the first place.
If you have any questions, make sure to contact us at any time of the day. We can assist you with the marketing side of the business ensuring that everyone knows about your dental practice!
We’re a marketing company that serves dental clinics across the USA and helps them grow their business. We have over a decade of experience in SEO, Facebook advertising, email marketing, and content writing.
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