At TGNA, we have had the pleasure of working with Dentists in all stages of their career. Most of our clients come to us to grow, change, and enhance their current operation. Some come to “get their house in order” before retiring. And others are just looking to build the practice they have always dreamed of.
Where do you start? How do you know if taking the risk of starting your own practice is financially feasible? The answer always comes back to the same place: set your stage. Begin by thinking the process through. Assemble your players. Seek expert advice. These steps will ensure future success:
Begin with a clear financial plan. Create a personal budget and try your best to stick to it. Consider your outstanding debt, your assets, and your liabilities. Prior to acquiring financing, any bank or lending institution will need this information. You’ll need to put together a financial and business plan outlining all of your goals that will ensure lender that you are a good risk for investment.
Acquire Non-Clinical Skills. Work on organization, leadership, and communication skills. At times, treating patients can become very one sided. In order to build a successful practice, it is essential to hone your inter-personal communication skills. These will become invaluable in practice and in life. Consider joining community groups, public speaking groups, or volunteering. Activities such as these will give you confidence in speaking with others about what you do, who you are, and assist you in developing your leadership skills.
Acquire Technological Skills. So much of dentistry in the future is become technology driven. Outside of the clinical arena, more of your potential patient base is using the Internet, email, etc. to research Dentistry. As you are building your practice, think about the type of technology you would like to have in your office. It is never too early to begin your education of digital dentistry. In addition, research the types of practice management software, and what it can do for you to manage practice efficiency.
Next week, we discuss more new practice tips including choosing the right focus, demographics and buying a practice vs.starting a new one.
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: