Whether you are recently qualified as a dentist or whether
you have been working as an employee for a number of years, the time will
arrive when you want to set up your own practice.
The first question to ask yourself is whether you want to purchase an already established dental
practice or if you prefer to start a business from scratch? Both choices offer
pros and cons, with the former bringing with it the big advantage of existing
patients and the latter allowing you to build a practice exactly to your own
liking and specifications.
If you opt to create a start-up here are six key areas you
will need to take into consideration before moving ahead.
1. Business Plan
It is important for any new enterprise to create a business
plan before it gets started. This will establish whether the idea is viable and
it will form a framework for the venture in the first couple of years. If you
are seeking any external funding from banks or other investors, such a plan will
be a prerequisite.
A sound business plan should include the following areas: an
examination of the state of the local market and competition for your services;
costings for premises, equipment and staff; a sales and marketing plan; and
finally financial information such as cash flow and profit and loss forecasts.
If you don’t feel confident in each of these areas then reach out to find
expert advice, even if it’s from business support helplines
or your local chamber of commerce.
2. Business Structure
and Legalities
The business structure and legal entity of your new enterprise
will also need to be decided. Whether you set up as a sole
trader or as a limited company will have a bearing on your tax liabilities
and on how much personal financial risk you are comfortable exposing yourself
to.
You also need to bear in mind the many regulations you will
be required to meet in any small business, including: health and safety; fire
regulations; building rules; and insurance cover for you both from a
professional standpoint and for public and employee liability.
3. Location
As with any business the location of your premises will have
an impact on your future success. Naturally you need a building which will work
for you in terms of consulting rooms and being able to incorporate all the
necessary dental equipment. It will also help if your practice has visibility
in the local area. The less passing trade you have, the more you will initially
need to advertise.
4. Employees
If you are going to be an employer, and you probably will
need at least reception staff and dental nurses, you need to consider payroll
and issues of employment legislation. It is always wise to seek expert advice
when it comes to creating contracts and where any disciplinary or grievance
issues are concerned.
The staff you employ will greatly impact how at ease your
patients will be, so you need to make sure background checks are carried out to
ensure the people you hire are experienced, qualified and will be valuable
additions to your new practice.
5. Equipment and
Supplies
Naturally, the dental equipment you need for your practice
will eat into a large chunk of your budget. However, this doesn’t mean you
can’t make savings in other areas. Shop around to get everyday supplies at the
best prices and if you need to employ any contractors for maintenance work, get
at least three quotes before you make a decision.
Consumers are also much more liable to choose businesses
which demonstrate green credentials. This is good for the environment but also
for your business as it can help save you money by lowering your bills.
6. Marketing
Finally, once you have set up your practice you need to
start winning clients. Initially marketing will be important to spread the word
about where you are and what you offer. A website will be essential for getting
found locally and any additional strategies you can employ such as social media
and local newspaper advertising will be a boost.
As you get established word of mouth will be your biggest
asset, so always ensure your patients have a positive experience with you, from
the time they are greeted at the door, right through their treatment and aftercare.
Customer satisfaction, and therefore personal recommendation, should be the
foundation on which your business rests.