So, you have finished your five-year dental education and are about to start out with your career in the dental industry. Perhaps you are thinking about going straight into the venture of creating your own dental practice from the ground up, taking advantage of the fact that dentists are needed more than ever in a world with an aging population when life expectancy is at one of the highest points in modern civilisation. Conversely, you may be a well-experienced dentist who wishes to leave your employers and set up your own team. Whatever the reason, good dental practices will always be in high demand. Here are just a few key points to help you realise your ambitions.
Make Sure You Have A Great Dental Supply Network
One of the most important facets of any good dental practice is the on-site technology and equipment. From 3D imaging equipment to dental chairs and drills, you need to make sure that you have access to a specialist dental supplier. Modern specialist dental technology is of vital importance to any dental practice, and the best technology minimises discomfort to the patient while ensuring that the dental work is carried out to the highest possible standards. Ensuring you have a specialist dental supplier should be a high priority for all dental practices.
Build Your Ideal Dental Team
Building a high-performing dental team is crucial to your success. Your circumstances and years of experience in dentistry will form a large part of your decisions on whom to employ. Suppose you are a well experienced dentist with many years of practice and wanting to set up a business to cater for a larger number of patients. In that case, you may consider having a proportion of your other dentists being relatively inexperienced. Such dentists are likely to require lower salaries and you will be privileged to pass on your time served knowledge to the next generation of dentists. Conversely, if you are inexperienced but full of current dental knowledge, it may prove to be a wise decision to employ a more experienced dental team to support you as you convert your knowledge into practice.
Understand The Finances Of Your Practice
In America, it can cost upwards of $250,000 to start up a new dental practice. Clearly, this is not the kind of money that most people have access to. Finance will inevitably be required, and you should spend a great deal of time thoroughly costing your business in terms of the site, staff costs, insurance, and running costs, balancing these against expected monthly revenues. Your business proposition must make clear financial sense in order to secure bank assistance.
Think About The Location
Location is key for a successful dental practice. Locations in a central urban area are likely to have higher rental prices but may attract a larger footfall of potential clients. Conversely, an out-of-town location is likely to be cheaper for these fixed costs but needs to be in a location that most of your target clients are willing to visit. Another consideration regarding location is whether to buy an existing practice and take it over or completely new build the venture with the increased construction and fitting costs.
