One of the key aspects you’ve got going for you by starting a dental practice is that your service is one that’s absolutely needed. People have problems with their teeth. Or they want to make their teeth look better. It’s like needing a haircut. It’s not a new product or service you need to prove and sell. The problem is in building up a clientele and marketing your new business. There are certain things you need to do to make sure your new practice is a success. Some, you might have already thought of, but these can help you start thinking in the right way and hopefully help your practice shoot to success.
Nail The Move, But Keep A Backstop In Place
You’re likely moving from working in a practice or a dental hospital to your own practice. You need to ensure there’s a smooth move from one to the other. This means having enough money to support yourself and the right strategy going forward. There are Professional Transition Strategies you can look at but remember, no one is going to make this a success but yourself. Don’t burn your bridges. Leave amicably. You never know what the future may bring and having the ability to return to your old practice may help hugely if anything bad should happen to your business. It also keeps your network healthy. Knowing people in the industry you’re on good terms with can help if you ever need specific advice down the road. Leave in good order.
Location Is Key
If you set up your new practice right next to an existing one, you’re not going to do so well. Instead, work out what area could do with a new practice and go for it. Here is where research really counts and is the difference between a full practice and one struggling. Remember, most new businesses fail and a new practice counts. Try not to overlap with other areas. It may mean moving across your city or even to a new one but if you notice a gap in a town or city where a dentist would suit then exploit it. Pulling some clients from your own practice can only take you so far. You need new ones and fast, otherwise the money will dry up and you’ll be loss making.
Get The Finances Right
Number crunching is an important aspect to setting up a new practice. Primarily because certain equipment will cost a lot of money. Things like Xray machines and dental tools can set you back a lot before you even start out. Make sure you account for these before starting or your reserves could be depleted before you know it. If your funding your business via debt this is where you need to be careful. Paying back loans in the long term is fine but if the interest is high and it takes you awhile to be profitable then it could be a huge pitfall. Instead, save up enough money beforehand so you can lend less money. The same applies with taking on extra staff.