How to Set Up Your Own Dental Practice

While many dentists are happy to work for someone else and enjoy the safety net of a regular salary, there are some who dream of owning their own practice. If you fall into the latter category, then you have come to the right place. Although there is no denying the fact that running your own practice is hard work, there are so many benefits to being a small business owner.

If you are ready to take on this challenge and start reaping the rewards, read on. This guide will detail everything you need to do to set up your own dental practice.

Create a Business Plan

The first step to launching any new business is creating a solid business plan. Within your business plan, you need to include your goals, your vision, and, of course, what services you intend to provide.

If you have never written a business plan before and you don’t know where to even begin, you may want to download an online business plan template.

Choose a Location

The location of your dental practice is crucial and can mean the difference between your business surviving its first year or having to close its doors forever. Ideally, you want to choose a central location that enjoys a lot of footfall, as this will help you to attract new patients. Parking is also important, as is the availability of nearby public transport.

Make sure that you take the time to research and visit several suitable premises, and always keep in mind what your patients need from a dental practice location.

Seek Out Funding

How are you going to fund your new business venture? Do you plan to take out a bank loan, or are you going to look for an investor? You need to work out exactly how much money you need to get your business off the ground and also to keep it going for the first 6 months while you sign up new patients.

Sometimes, it can be a good idea to approach more than one bank for support, as this will give you the best chance of securing the funds you need.

Educate Yourself on Dental Compliance

You need to make sure that your dental practice is compliant with the latest rules and regulations set by the industry. Therefore, before you even think about opening your doors, you need to sit down and educate yourself on health and safety.

When navigating dental compliance, it can be useful to enlist the services of a third-party advisor who will be able to talk you through everything you need to know. They will also be able to advise you on educating your employees so that your entire practice is up to date on the latest regulations.

Market Your business

Have you thought about how you are going to promote your new business and attract patients?

Even if you don’t have a lot of leftover money for marketing, there are still lots of cost-effective techniques that you can use to get people through the door. Make sure that you are active on social media, that you have an appealing and easy-to-use website, and that you take the time to develop a strong branding strategy.