What Do You Need to Know Before Starting a Dental Practice?

If you’re a qualified dentist and work for someone else, it may well be your dream to have your own practice one day. It’s a common dream among medical professionals. After all, who wouldn’t want to be their own boss? Also, there’s the potential to earn big profits compared to making a fixed salary. But what do you need to know before you take the plunge?

The right equipment is a key investment

While some dentists buy a practice, with everything included many of them build it from scratch. Even if you pick the former option, there’s likely to be the need for upgrades to ensure things are up to the latest standards.

It’s not just medical equipment you’ll need. Investing in IT is important too, as it keeps the practice organized and running smoothly and ensures patient confidentiality. You may also want to look for a dental IT support package, so if things go down or you have any questions, there’s always someone to call. Many dental practices struggle with IT, so this can be a great investment when you’re starting out.

How you’ll get new clients

Clients can be difficult to bring on-board. They may love their current dentist, or simply not want the hassle of changing over. It’s important that health-focused businesses know how to get more clients, and they have a strategy in place to increase numbers over time. The good news is, while you may start out small, most businesses will organically find more clients over time, and you shouldn’t underestimate the power of word-of-mouth advertising. It is essential to offer other important services such as professional dental cleaning and teeth whitening to broaden your customer reach.

Your financial situation

Some people assume that they’ll start a practice. And the money will come rolling in, but there are many things you need to know about your finances before you begin.

• How you’ll fund the initial startup
• How long it’ll take before money starts coming in
• How you’ll pay staff costs and overheads until money comes in
• What you’ll do if you have setbacks such as equipment failure or other expenses

Drawing up a plan will help you get on the right track and ensure that you are covered for all eventualities.

What you legally need to do

Starting a dental practice isn’t like opening a store, it’s quite complex as you need to look at everything from zoning laws to local regulations. There are also differences from state to state about registering your practice, and which professional bodies you need to register with. Luckily, you can find checklists for starting a dental practice online, which can help with some of this. Also, consider networking and speaking to others who’ve been in a similar situation to see how they got started.

It doesn’t matter if you’re newly qualified or have been a dentist for a few years now, starting your own practice can be an amazing way to take the next step in your career. However, in order to make it a success, the right planning is key, so that once you open those doors, you’re prepared for whatever the world throws at you.