Starting your own dental practice provides you with boundless opportunities to grow as a dentist. While starting your own practice can be overwhelming, the benefits and leadership skills you learn are well worth it. However, before starting your own dental practice, it’s important to make sure you avoid costly mistakes that so many new practice owners make.
Here are a few tips to help make your dental practice successful:
1. Do Your Research. With the economy in its current state, it’s rare that a new dental practice opens its doors to a flood of new patients. These days, it’s a lot more competitive and without doing the proper research, a dental practice could fail within the first few months of opening. Do a little homework and talk to dentists who already own their own practice. Ask them what challenges they faced when opening their practice and how they dealt with them. Gather enough information to prepare yourself for the future challenges you will most likely be faced with.
2. Network With The Right People. You will establish various relationships with other people in your industry. Position yourself with advisors who will be able to help you in crucial situations during your start-up venture. Several trusted advisors that will be valuable to your business include:
- Dental-Specific Contractors: To find a reliable contractor, consult other dental practitioners and see if they can refer you to any contractors.
- Dental-Specific CPA: They can lend a perspective on the value of using a specialized CPA.
- Dental Equipment Specialist
These advisors are just a few of the many that are truly focused on helping you becoming efficient while growing your practice.
3. Secure Financing. There are lenders who are familiar with the needs of a new dental practice and are willing to provide you with the required funds. Some loan features to consider are loan terms, prepayment, loan structure, and interest rate.
4. Create A Business Plan. You will want to have a detailed treatment plan to present to current and future patients. Similarly, developing a plan in how you are going to run your business is crucial as well.
5. Develop Leadership Skills. Leadership can be learned, and that starts with understanding the type of leader that you are and acknowledging your strengths and weaknesses. Then, use as many resources as you can to develop better leadership skills. Dentists can attend leadership seminars or even hire a leadership coach. As the leader of your practice, you need to set the vision, mission, culture, and the tone of your whole team.
6. Set Goals. As with owning any business, when you start your own dental practice, it is crucial to have goals you want to work toward. These goals are the foundation of a successful practice. Ask yourself, where would you like to live? What types of patients would you like to have? Make sure your goals are specific, measurable, and attainable.
Don’t miss critical steps that your practice needs to grow and thrive. Take these tips into consideration and your practice will be well on its way to success.
Trisha Banks is a blogger for Lakeway Cosmetic Dentistry in Lakeway, Texas. Trisha wants to learn more about starting a dental practice.