Make a business plan
Even though you may be entering an industry that you already know so well, you still need a business plan in the form of an executive summary, keys to success, budgeting, and similar other factors. For those who haven’t got a clue where to start, you can just download a template online and adjust it to your own scenario. Keep in mind that even if you have everything worked out in your mind, it’s worth your while to write it down on paper.
Find the right location
The next thing you need to do is find the location for your dental practice. First, the rent needs to be something that you know you can make and remain profitable. Second, you need to check the competition in the area. If there are too many dentists in the area, chances are that you would do better someplace else. Also, keep in mind that there are certain standards that your patients will expect of the place, which is why you might want to do some redecorating once you finally move in.
Make a list of equipment you need
Another thing you need to consider is the basic equipment you need to start this clinic, and the list is quite lengthy. You need some dental patient chairs, operatory cabinetry, and dental operatory lights, as well as sterilization equipment in order to perform even the most basic of procedures. Other than this, you also need an X-ray imaging equipment which is a lot more expensive. Keep in mind that you need an exact list before going into business. This is one of the reasons why previous experience in the field is so valuable. Still, even for a first-timer, this is the information that’s quite easy to get by. Fortunately, nowadays you can order your dental equipment and supplies online.
Get your funds
The next thing worth keeping in mind is the fact that you need to start fundraising as soon as possible. Still, the source of your funds matters quite a bit. Most commonly, you’ll have to rely on personal funds, regardless if you have to sell an asset to get the money you need or if you have to raise a loan. If the latter is the case, try to keep your credit score at a fairly decent level, in a case where you need a rapid capital injection. Therefore, make sure to be vigilant with your payments.
Pricing your services
Properly pricing your services is quite a tricky thing, especially due to the fact that you want to be competitive and reputable at the same time. Sure, money is always a factor for a lot of people, however, if you become substantially cheaper than all your competitors, it’s quite possible that your reputation might take a hit. After all, when people have some trouble with their dental health, the last thing that they’re looking for in a dentist is that they’re cheap. What they want are skill, credentials, and a word of mouth (WOM) recommendation from someone they know. This leads us to the next point…
Emphasis on customer satisfaction
In this industry, you can always look up for return customers and recommendations but the only way to get both of these things is to put an emphasis on customer satisfaction. This doesn’t just mean doing a great job (even though it’s a huge part of it all), it also means being assertive, welcoming, and making your patients feel pleasant. This is something that you won’t acquire through your formal education as a dentist. It’s an essential business world skill of networking that you need to figure out on your own.
Keep in mind that dental care is one of the most essential needs of a human being in the 21st century. This means that the demand is there. Sure, in some areas the competitiveness may create a surplus of supply but, even here, there’s a window of opportunity that you can exploit with quality of service and a patient-friendly approach.
Working in the field of dental practice is one of the professions that require you to be a trained specialist. This means that you have to wrap up your formal education, preferably even work a bit in the industry in order to get the basics. Still, a dental practice is a business and the fact that you’re a great dentist doesn’t mean that you’ll run a successful dental practice. For this, you need to be both specialist and businessman at the same time. Here’s a brief how-to guide in order to help you with some of these basics.