Did you know that as of 2021, there are 201,927 active dentists in the United States? If you are joining the ranks of becoming a dentist and are curious about how to start a dental practice, so that you can be your own boss, we are here to help. We have put together this step-by-step guide on starting a dental practice.
Read on to learn more and get the best dental practice up and running in the near future.
1. Business Plan
The first step to starting a dental practice is to create an actionable business plan. You want to include your goals and your objectives for both the long term and the short term. Define who your patient base is going to be.
Do not rush or skip this step because it will help you spot any red flags early on to make informed decisions. A well-executed business plan will also help you with securing business loans when you are presenting your plan to banks.
2. Finances
You can expect to pay around $500,000 for your new practice between design, construction, supplies, and equipment. A new dental practice is an investment, and therefore you will have to secure loans and invest some of your own money.
Take the time to meet with different banks and financial advisors to get the best loan rates and payment terms.
3. Location
Finding the perfect location is another important step because you want to be in a prime location that is not out of your budget. Make sure that the location you choose is not over-saturated with other dental offices.
Also, choose a location that is visible from the road or by foot. Try to find a location that is near your target patients. For example, if your specialty is implant services, you want to have a location that is closer to an older patient base.
4. Spreading the Word
If you don’t have patients, you will not be in business long, so you will need to put a marketing strategy in place. For those with little experience in the realm of marketing, you might want to consider enlisting a reputable dental marketing agency to help you.
An agency will help you with a specific strategy for your goals, and they can also help with things such as website design, SEO copywriting, Google Maps optimization, local search, paid advertising campaigns, and online reviews.
The key is to focus on the marketing ideas that will provide the biggest impact on your practice. You want to stand out from your competition in the area, which is why enlisting the help of professional marketers is important.
Starting a Dental Practice Like a Pro
Hopefully, now that you learned the ins and outs of starting a dental practice, you are feeling more confident about getting your practice up and running.
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