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.
At the Becker's 5th Annual Future of Dentistry Roundtable, taking place November 12–14 in Chicago, dental leaders and executives will gain insights into emerging technologies, practice growth strategies and the evolving landscape of dental care delivery, with a focus on innovation, patient experience and operational excellence. Apply for complimentary registration now.
