You’ve just got your degree in dentistry. But, rather than going to work at an already established practice, you are planning to set up your own. There are lots of reasons why you might choose to do this. Firstly, the job market is scarce and as a dentist, you’re probably going to be bounced from one practice to the next. You won’t be able to set up a permanent residence, and that’s a problem if you’re looking to start a family. That’s issue one. Issue two is the money. We’re not trying to be cynical but we suspect you’ve chosen to be a dentist to make some money. If that’s the case, you need to understand the money is in private practices. So what does it take to set one up?
A Helping Hand
Ideally, you should look for a business partner. You’ll be in a better position if you can find someone else looking to set up a practice. That way, you can share the risk and the costs, as well as the profits to be had. If you have got two professionals, you’ll find you’re a far more attractive prospect for investors. If you can find someone who has been in the business for longer than you, this might be beneficial. But it’s not essential.
The Money
It is going to take some money to set up your practice. We imagine you’re not going to have the amount you need in your account either. You will need to get a loan. You could go directly to the government for this money. It’s possible that if you are in an area where dentists are in short supply they will fund your practice. You can also think about getting a private loan. These small business loans are beneficial, but they can be risky. You will have to check the terms and conditions that you are signing up for carefully. Ideally, you should have the representation of a lawyer when taking out a big business loan. You will need a large fund. You need to buy the building, the equipment and hire the staff among other expenses.
Setting Up
Once you’ve got the money, you can start setting up. You will need to buy some real estate because you can’t run the practice out of your own home. When looking for a location ensure that is in an easy to reach place that is accessible to your customers. Ideally, this would be in the centre of town with a large population that you can rely on for customers.
Consulting
If you’re trying to decide how to get your practice off the ground right away, you might think about hiring a consultant. A dental coaching service can help ensure your practice is making a profit as soon as possible. They will show you how to make one hundred grand a year in your new business venture.
Marketing
But do that, you will need marketing. That’s the final step. Once your business is ready to go or while you are still setting up, start pushing marketing into high gear. You should be using internet marketing like SEO as well as printed media such as handing out fliers. Do this and we are sure you’ll have new customers flocking to your practice door. Goodluck!
