3 Must-Know Tips When Launching Your New Dental Practice

Starting a dental practice from the ground up is an exciting and challenging endeavor, to say the least. With the right preparation and strategic approach, however, you can easily establish a thriving practice that serves your community effectively, helps you achieve all your financial and career goals, and leaves you smiling just as big and brightly as the patients you treat! With that in mind, here are some of the best and most useful tips for launching a successful dental start-up practice.

#1. Research Your Location Beforehand

Even though many new practices thrive in areas with unfavorable dentist-to-patient population ratios, it’s more ideal to situate yourself in an area with stronger potential for growth. Launching in a highly competitive area, or one with a low or declining population, could make it much harder to build a consistent and healthy patient base.

You should also look for an office space that is conveniently located for patients and dental team members alike, and ideally, one with dedicated parking! If needed, hire a real estate professional to help you find a viable space that’s both accessible and affordable.

#2. Work on Financial Projections

What do you hope to earn in the first, second, and third years of your practice? What rate of growth is needed to achieve healthy earnings and make your operating expenses, including loan payments? These are the questions you should have in mind, and running some basic projections will serve as a healthy reality check and prepare you for talking with potential lenders.

With that in mind, many banks also set a loan limit when considering lending money for dental startups, and you’ll likely need to provide a capital investment. Sometimes newer dentists struggle with financing because they lack established business credit or a clinical track record. Check to see if you’re eligible for a traditional loan from the U.S. Small Business Administration (SBA) and consider seeking out a financial mentor who works with startups to help you weigh all options.

#3. Tap Into Your Dentist Network & Harness the Power of Community

Aim to surround yourself with other dentists who’ve bought or built practices in the past; their insights will prove useful. You can find them through your local dental society, by using your educational connections, seeking out online groups, or attending seminars and networking events.

It’s also worthwhile to invest in your community and harness its power – they’re the ones that will boost your practice to success, after all! Think about who you know in the business community who can help you; are you friends with a business coach, or do you know someone with specialized skills in digital marketing, branding, or interior design? Ask them for their help; they can be wonderful confidants and guides as your dream of a new dental practice takes shape.

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 blog or you’d like to get in touch with our team, feel free to visit us online or call us today. We can’t wait to hear from you! Telephone: (720) 309-9551.