The Brief Guide That Makes Starting a New Dental Practice Simple
Whether you’re an experienced dentist or have recently obtained your license, you’ve probably considered starting your own practice. Wouldn’t it be nice to run your own dental clinic, set your own hours, and increase your earning potential?
We think so.
However, starting a business of any kind is no walk in the park. There’s a lot of planning that goes into new business ownership.
But if you made it through dental school, you should have no problem launching a new dental practice. Furthermore, you don’t have to do it alone. We’re here to provide a brief guide on how to get started.
Keep reading for everything you need to know about becoming a small business owner.
Research the Local Dental Industry
First, you need to learn more about the industry you’ll be diving into. For example, how many other dental practices are there in your community? Are you in the right location to open a new clinic?
If you start your new dental practice in your hometown, what clinics will be your biggest competitors? Additionally, what demographics of people will make up your target market? Are there any types of services you can offer that will make your dental clinic unique or in-demand?
Create a Business Plan for Your New Dental Practice
Once you’ve completed your market analysis of the local dental industry, you can use that information to plan for your new dental practice. Start building your business plan to include every aspect of your clinic. This includes:
- A description of your business
- A marketing plan
- The structure of your business
- Your products and dental treatments
- Your costs
- Your financial projections
- Your funding request
- And more
Your business plan will prove vital when it comes time to request startup funding. Banks and investors will gauge your credibility and the potential of your new dental practice based on your business plan.
Apply for Startup Funding
With your business plan in hand, you can approach banks and other lenders to get the financing you need to start your new dental practice. We recommend applying for an SBA loan. These business loans are backed by the government and typically come with lower interest rates.
However, SBA loans aren’t your only option. You can also look to private investors, angel investors, crowdfunding groups, etc. Explore your options thoroughly. When one door closes, move on to the next.
You’ll need financing to secure a commercial building, purchase equipment, hire a contractor for designing a dental office, and more.
Market Your Dental Clinic
Finally, now that you’re a dental practitioner with your own clinic, you need to start marketing your services. The people in your community need to know about your new dental practice.
Start by building a website and increasing your search engine visibility through SEO. Then, branch out to social media, email marketing, and PPC marketing to get your name out there digitally. We also recommend using traditional local advertising methods, like direct mailing, radio ads, etc.
Thinking About Starting a New Dental Practice?
Are you ready to start your new dental practice? We know it sounds like a lot of work, but there’s no reason you can’t make it happen. Follow our guide to get the ball rolling and never stop researching.
For more small business guidance, financial tips, or marketing advice, stick around. Browse through the rest of our articles to find more information that can help you on your journey.
