Essentials for a Successful Dental Practice

by Emma L. Business consultant

In the grand scheme of medical services, the dental practice was always considered very prestigious. The perks are obvious – most of the interventions are performed with relative ease, the levels of risk are comparatively low, earnings are above average and there is always an option to set up your office within your home.

However, not everything in the world of dental care is milk and honey and running a successful practice requires far more than these few favourable terms. Let's take a look at some of the essentials you will need to address to put your business on a solid foundation.

Business plan

Just like any other business out there, dental practice is rooted in the harsh reality of the market economy where good intentions don’t always translate to success. That is why you should approach your business just like any other startup and write a detailed plan that will cover the following issues:

Business overview – Legal structure and the services you are going to provide. Also, this section should include the pricing model and the break-even point you will need to accomplish each month at least one year in the future.
Financing – The necessary startup capital and other sources of revenue. Backup financing plans for slower periods.
Location – Your future office space. Take into consideration things like foot traffic, local demographics, etc.
Market analysis – An overview of the local market and your direct competitors.
Marketing analysis and plan – How are you going to approach your intended customer pool?
Milestones – The short-term goals you need to achieve in the set period.

This powerful tool is later used for tracking, monitoring and evaluating your success. Having it puts you far ahead of similar practices working without any tangible goals.

A great office space

No matter whether you are going to use some of your rooms or rent a premise, your office needs to be oriented towards the needs of the patients, following essential healthcare design trends that will reshape the medical industry. This requirement is all-encompassing and covers all the things ranging from the alleyway that should be suitable for the persons with disabilities to the ergonomics of the office elements that should provide optimal comfort to the patients. Also, the floor plan should provide space for back-office support, as well as allow you to perform your duties without obstacles.

Reliable medical equipment

The quality of your work heavily depends on the tools you will use for the interventions. If your clients at any point feel they are underserviced, the bad word of mouth will quickly cut your customer pool. That is why you should make sure to use only the best dental supplies you can afford. This decision won’t only improve your work. Investing more money into equipment will also help you to justify your pricing model and position your business as a premium medical service.

Branding

In the world of medical services, the vast majority of professionals rely on their personal reputation and word of mouth to help them reach customers. While there is nothing wrong with this approach, there should be no denying that developing a full-fledged brand with all its elements (missions statement, logo, slogan, etc.) simply makes much more powerful marketing tool. The personal reputation largely depends on the others' perspective. A business brand can be readjusted according to current needs.

Marketing strategy

Although we have already briefly mentioned this issue when we talked about your business plan, it is very important and worth elaborating in greater depth. Now that you have a developed brand, you have to consider how you are going to market that brand, taking into consideration your audience. Aside from tireless action on the social media platforms, we recommend you try using all the benefits of SEO and content marketing that may introduce you to an audience out of your intended customer pool. Don`t forget that social responsibility is one of the most important tools today for building your brand image, so check out the options for environmentally responsible pharmaceutical waste management or join a local event, and let your potential customers evaluate your business ethics.

Emergency funds

No matter how well-designed your dental practice may be, you need to be aware that the first couple of months until you establish a firm customer base may be very rough. Even then, if you rely exclusively on uninterrupted cash-flow to keep the office running, any slight slowdown can bring your office to a halt. That is why you should always keep an emergency fund that will allow your practice to keep going at least two months without a profit.

We hope these few mentions gave you some idea of the essential requirements you will need to meet to start a successful dental practice. As favorable as this particular field of work might be, you have to be aware that success doesn't come at night. Staying viable requires hard work and careful planning. We are here to help you with the latter mention. The first one is entirely up to you.