#1. RESEARCH YOUR LOCATION BEFOREHAND

While some practices thrive with higher dentist-to-patient ratios, wisely choose an area with strong growth potential. Avoid areas with low or declining populations; they make building a healthy patient base much harder over time. Another thing to heavily consider is the competition in the area. How active are the other offices in the area? How heavy are they marketing in that area?

Look for a conveniently located space. Staff and patients must be able to drive or commute easily without hurdles. Getting there without too many obstacles is a really important factor. Ideally, the location should have dedicated parking. Ease of access and accessibility is sometimes overlooked.

To see how these factors come together, reach out to NEXT LEVEL CONSULTANTS for more information about our data-driven “Site Selection & Demographics Analysis” and how using one can prevent you from making a costly long-term mistake before you even get started.

#2. FOCUS ON FINANCIAL PROJECTIONS

What do you hope to earn in the first, second, and third years? What growth rate is needed to cover operating expenses or personal expenses? Keep these crucial questions in mind. Run basic financial projections immediately. This prepares you for talking with potential lenders.

Many banks set a loan limit for dental startups. Sometimes newer dentists struggle with financing because they lack established business credibility or a proven clinical track record. Seeking a financial mentor for startups can be invaluable. This helps you weigh all the options needed to get approved for a loan.

Your financial projections should have a clear practicality showing due diligence, and a healthy optimism. Set up time to discuss your finances with a startup consultant at NEXT LEVEL CONSULTANTS. This process helps increase your chances getting a loan approval with favorable terms. NEXT LEVEL CONSULTANTS has a network of banking partners willing to work with new dentists. Find team members who are on your side looking out for your best interest.

#3. TAP INTO YOUR DENTIST NETWORK & HARNESS THE POWER OF COMMUNITY

Surround yourself with dentists who are owners. Their practical insights will prove very useful. Mentors share common pitfalls they overcame early on. They can advise on essential equipment purchases and layout. Find mentors through your local dental society. Use your educational and alumni connections. Seek out professional online discussion groups. Attend relevant seminars and industry events. This strong network offers crucial emotional support too.

It’s also worthwhile to invest in your community and harness its power. Think about who you know in the business community who can offer help; have your friends worked with a business coach? Ask them for referrals; they can be a supportive network giving you the confidence you need to take the next steps starting up or buying a dental practice.

ABOUT NEXT LEVEL CONSULTANTS

Here at NEXT LEVEL CONSULTANTS, we’ve assisted countless dentists all over the country with getting their practices off the ground and running, and we’d love to help you next! Under the leadership of our owners Mike Dinsio and Paula Quinn, who each have several years of experience in the dental field, we are fully committed to helping your practice flourish and exceed all of your expectations.

If you have any questions about the content in our blog articles or you’d like to get in touch to discuss your particular situation, feel free to schedule time to talk, or call us directly ‪(253) 234-5288‬ and leave a message. We can’t wait to hear from you!