There are seven important steps for dentists for starting a new dental practice, according to the American Dental Association.
Before deciding to build a brand new practice from the ground up, it is crucial to evaluate if there is a better option that is already built and established. A dental practice startup requires a large amount of time and capital, so it is important to make sure that it is the top option as opposed to buying or joining an existing practice.
If building a new practice turns out to be the best option, here are seven steps to follow to help lead to success:
1. Complete a demographic analysis: Make sure your practice will have a strong enough patient base. Dental practices usually need a ratio of one dentist to 3,000 patients.
2. Scout out a strong location: Pick a location for the practice that is convenient for staff and potential patients. A high-traffic location is generally better for attracting new patients.
3. Have financial goals and projections: Determine the growth rate you need to hit in order to cover expenses and generate a profit.
4. Plan out the funding: Most banks have a limit for lending money for dentistry startups, so consider all financial options.
5. Continue working while you build your practice: Continuing to work as an associate while launching your new practice can help alleviate financial stress and issues while building out your patient base.
6. Join a network of dentists: Connecting with other dentists who have built or bought their practice can be helpful to guide you through the process.
7. Use the power of the community: Add people from the community who have skills that can help your practice in a nonclinical way, such as marketing, branding, interior design or financial planning.