Opening a new dental practice is no easy feat. There are several things to consider as you prepare to open your own practice—licenses, local laws, supplies, software, and so on.
When you build a new practice, you’re really starting a new business. It can be one of the biggest steps you will take in your career, but it doesn’t have to be overwhelming. With a little perseverance and by following the six tips we’ve outlined below, you can begin with a bang.
Success doesn’t come to practices by chance. It comes from practice owners being prepared for what’s expected as well as for the unknowns of the business. Once you decide to open a practice, start doing your homework. Read blogs and articles (like this one) for tips and best practices. Easy Dental has a number of helpful articles on a variety of topics:
Ask colleagues and other current practice owners what obstacles they faced and what they wish they had known before opening their practices. As you research, gather all the information you can about opening a new practice so you can begin to feel comfortable and prepared to open yours.
As with any big life decision, you’ll find you have numerous people giving you advice. You’ll begin establishing various new relationships as you prepare to open your dental practice. Be smart when deciding who to let into your network of trusted industry advisors. Some dental-specific advisors you may want to have in your circle are:
There are several important reasons and purposes of a business plan. One of the first needs is to secure financing. At the root, a proper business plan will detail the specifics of your practice. A well-thought-out plan will clarify your direction, your future vision and the organizational structure of your practice. It will outline where you are today; where you want to be in one, three, five and more years; and your specific plan for getting there.
There’s no exact formula to crafting the perfect plan, but yours should include three sections: business concept, marketplace and finances. Your plan can be anywhere from one page to 100 pages. Regardless of the size, you need a strategic business plan to get lenders on board to provide a loan for your practice.
Goal-setting is often an overlooked step in starting a new dental practice—they’re usually missing in practices that fails. Goals should be your practice’s foundation because, without them, you will lack a clear direction. You should set your goals, by day, week, month, year, and the years you’ve outlined in your business plan. By setting attainable goals, you can increase your productivity and motivate your staff by holding them accountable to those goals. Write down your goals so you can regularly measure the right data to ensure you’re on track to meet those goals.
You have all heard the adage, there is no “I” in team. You may be the owner, but no matter how hard you work, if you don’t employ a skilled, high-performing team, your practice won’t be successful. As you recruit and interview potential employees, ensure they have the necessary skills for their position.
Employees must possess good communication skills with coworkers and patients. Quality experience and a passion for the dental industry are important assets because they will lead to your employees engaging with your vision and the goals for your practice.
Using the right dental practice management software is crucial in helping your practice run like a well-oiled machine. Easy Dental is the most affordable dental practice software, and it has all the tools you need to perform daily tasks and run a productive dental practice:
Although setting up a new practice can be challenging, it doesn’t have to end in a fizzle. With this information and Easy Dental as your partner, you can ultimately be successful in meeting your goals and in becoming profitable.
For more information about how Easy Dental can help, contact us today at 800-768-6464.