Deciding to start your own practice can be both exhilarating and overwhelming. Your own practice provides you the opportunity to focus on your decided patient care philosophy and specialty. It also requires that you focus on all the business details that you didn’t learn in dental school.
Decades of experience in dental practice management has brought out many stories from our clients; of both success and regret. Investing your time to research is critical.
Learn about your future business. Write a business plan that outlines your qualitative and quantitative goals. Create a marketing plan. Choose an accountant that has experience working with Dentists and one that can advise you on proper financial planning. Learn about tax incentives, business types, overhead, expenses, and tax strategies. In addition, it is important to learn from excellent leaders. If you have a mentor to work with that has life experience and is an excellent example, take them to lunch and learn from them.
Gather your experts. Hire as many people as you can to assist you in your planning. Consult the advice of those who have been through business startups with other Dentists. The following relationships are key:
- Advisor: Financial plans for you
- Accountant: To assist you in setting up your business type to maximize tax strategies and budget.
- Lender: To pre-qualify for a loan, assist you in budgeting, and give you a real idea of cost vs. investment.
- Dental Practice Consultant: To assist you in the inner workings of your practice: hiring, marketing, business planning, budgeting, system set up for efficiency.
- Dental Supplier: To assist you in the selection of products, equipment, design, and service.
- Attorney: To assist you in lease or purchase negotiation, and legal agreements.
Demographics: Decide on areas where you would like to practice. Many studies are available to assist you in properly planning the placement of your practice. These reports will give you an idea of potential patient base, competition, and growth areas.
Buying Old vs Starting New: This question is posed by many new dentists. How difficult is it to start a practice versus purchase an older one? The answer lies in your goals, and your available cash flow. An important factor to consider when purchasing a practice is to ask for a FMV (fair market valuation) that has been completed on the practice. At Transitions, we represent the buyer as an advocate to look at the potential purchase. We review the advantages and disadvantages of any particular practice and the work it would take to make the practice successful.
Starting your practice.
Once you have your goal in mind, have gathered your experts, and are on the path to opening your office, it is important to review your objectives, and tackle them one at a time. Reviewing the above steps will begin your path to success. Maintaining a clear perspective on costs, investments, peppered with the right amount of patience will help you achieve your goals.
Need expert assistance to start your new practice on the right path? TGNA new dentist modules will set you up for a successful future. For more information: