Last year, the dental industry’s total revenue reached $139 billion. As if that wasn’t impressive enough, the industry’s growth is expected to continue in the years to come.
If you’re looking to make a name for yourself in the dentistry world, starting a dental practice now is a great idea!
Here are six steps you’ll have to take to start your own practice.
1. Consider a Specialization
While dentistry in and of itself can be quite profitable, you’ll find that it’s much easier to turn a profit if you’re able to offer something that your competition can’t. For instance, if you’re an experienced cosmetic dentist, opening a practice that specializes in cosmetic dentistry can help you stand out.
Leverage your skills and look at the needs of your community. What types of dentistry does your area not have access to?
2. Finance Your Practice
Bank of America claims that the average start-up cost sits at $475,000, so there’s a good chance you’ll need to look into acquiring funding from a financial institution.
Before meeting with a lender, run some numbers to figure out how much you’ll need. Then, come in with your business plan and show that you mean business.
Explore all options available to you and don’t forget to account for interest rates.
3. Find the Right Location
A business can live or die by its location. When choosing a location for your practice, account for the following:
- Foot traffic
- Area growth
- Area population
- Accessibility to major roadways
- Distance from other dental practices
Finding a location is a bit of a catch-22, however. While renting a space in a densely populated area often means more exposure, and thus more business, these spaces typically cost more than in less populated areas.
4. Find a Great Deal on Supplies
When it comes time to buy supplies for your practice, start with a quick search online. You’d be surprised what deals you can find!
For instance, you can shop here to save a ton on the items you’ll use every day like wipes, mixing tips, and liners.
With the money you’ll save, you can invest in staff, advertising, or bigger building space.
5. Pick a Friendly Team
Let’s face it, most people view going to the dentist as a chore. But having the right team can make all the difference by transforming how your clients see the world of dentistry.
Look for friendly, talented individuals who take a client-centric approach.
6. Emphasize Word of Mouth Advertising
Pardon the pun, but word of mouth advertising is more effective than you might think. Nielsen points out that 92% of people trust recommendations from friends and family more than they trust advertisements.
While you’ll still want to invest money in a thorough ad campaign, don’t forget that the best marketing comes from doing a good job.
Tips for Starting a Dental Practice the Right Way
There you have it, the six essential steps of starting a dental practice. Keep these tips in mind as you start searching for that perfect location!
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