When setting up a dental practice, there are essential factors that you must take into account if you want to succeed. While becoming a business owner is usually very professionally enriching, you will face many challenges if you don’t prepare adequately. Dentistry skills are not enough when setting up, managing, and controlling a business requires a different skill-set. Here are a few insights that will enlighten you on how best to go about the new dental practice to avoid mistakes that most startups make.
Do your homework
Cases of failed dental practices are not common, but it takes a toll on one’s personal and professional career when it happens. As soon as you resolve to start a dental clinic, you should begin exploring the unknowns. Talk with fellow successful practice owners about the challenges they faced and how they handled them. Once you understand the challenges you are likely to encounter, it will be easy to move forward.
Create a team of trustworthy advisors
The moment you decide to start a dental practice, you will meet different kinds of people. Only allow into your life people who will buy into your vision and help you set up the business. A trusted team of advisors should include:
Dental-specific building contractors: Purpose to have dental-specific contractors instead of generalists who may not have the requisite knowledge to handle a dental clinic. A specialized CPA: Instead of hiring a general dentist to do root canals, go for an endodontist who performs complex procedures.
Secure financing
Enough banks are willing to lend money to dentists to help in setting up their business. Unfortunately, most banks are not familiar with the cost requirements of setting up a dental clinic. Some lenders understand the needs and can lend enough money to set up a shop. However, only settle for lenders with favorable interest rates.
Assume an associate role as the business grows
Only you, the business owner, know about your debt load. From the car loan to your practice debt, bad debt can overwhelm you. You need to ensure that the dental clinic is generating a steady and guaranteed income. Once the business takes root, you may reduce your associating days to two or three days. This will help you to understand your business cash flow better as you bring more patients on board.