If you have recently qualified in dentistry, you may have the ambition to start your very own squat dental practice.A squat dental practice is an exciting proposition for many newly qualified dentists today who wish to start their own surgery from scratch without having to take on the costs of an existing practice.This gives you a chance to create your ideal surgery based on your ambitions and the requirements of your target audience.
While being your own boss can be arduous work, it can be a great way to increase your yearly income and grow your practice into a profitable venture.
Here is a step-by-step guide on starting up your very own squat dental practice:
1. Create a business plan
The very first thing on the to-do list is to get your plans on paper by creating a business plan. This will enable you to clarify your business idea, identify potential problems and assess your progress.
A thorough business plan should include the following:
- An executive summary
- Available services
- Market research
- Operational costs
- Financial forecasts
- Exit strategy
2. Choose the correct location
One of the primary steps that need to be taken is to choose the correct location for your practice. This is likely to take extensive research and consideration based on your needs. Some of the factors to take into account may include the number of competitive businesses in the same region, the area’s population, and the cost of rental properties.
Additionally, you may need to consider whether you wish to be located within the inner city or on the outskirts and whether you will need to relocate.
3. Purchase supplies and equipment
As you will be setting up a business single-handedly, you will need to invest in the appropriate equipment to get up and running. It would be extremely valuable to run your business expenses by your accountant to ensure that your initial expenditures are factored into your tax savings. It may even be worthwhile to consider finance options to spread out the cost of the investment to keep your business afloat. You can purchase a wide variety of dental equipment, including instruments, oral hygiene, and first aid kits from a dentist supplies company.
4. Set up a business website
In the current day and age, all businesses are expected to have a website to be considered reliable and trustworthy corporations by consumers. This acts as a base for customers to find out more about the services you offer, the team behind the business, and the opportunity to seek customer reviews and feedback. In turn, you are likely to attract new patients, develop brand recognition and set yourself apart from competitors in the industry.
If you are considering setting up a dental practice in the very near future, this guide has hopefully provided you with the guidance you need to start out. While running a business may be a significant initial investment in both time and money, the results should start to pay off over several years.