Starting a dental practice can be a rewarding and lucrative venture that will give you the opportunity to help patients achieve a better, healthier smile. Working in your own dental practice will allow you to help people achieve more self-confidence through a better-looking smile, which is something that draws many people to this exciting and rewarding industry. The following are a few tips to take into consideration when starting your own dental practice.
I can’t stress enough the importance of choosing a well-populated area to start your new dental practice. Common sense should tell you that clients translate into sales and ultimately profits. Leasing buildings and areas in populated city areas certainly costs more than a rural location, but it’s a small price to pay for a constant stream of patients. There are several free tools around, such as Wikipedia, that allow you to gauge the population density of regions.
Spend some time researching the different financing options before purchasing a dental practice. You might be surprised to learn just how much capital is required to start a dental practice from scratch. The good news, however, is that financing options are readily available. A dental practice consultant like 1st Med Financial can help you understand all the different financing options available to you.
Going back to the importance of choosing the right location to start your dental practice, you shouldn’t try to force your way into an already competitive area. Once you’ve found a possible location for your practice, check the local phone book or do an on-line search to see how many other dentists are around. Most clients continue to go back to the same dentist for each procedure; therefore, you won’t receive many clients if you try to muscle your way into an area with several other practices around.
In today’s high-tech world, more people are using the internet to locate businesses rather than the phone book. Pharmacies with active websites will attract more customers and ultimately more sales. You should strongly consider having a professional website up and running when the practice opens its doors.
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Complete our Practice Loan Quick App and one of our loan advisors will contact you to discuss your financing goals.
Upon receipt & review of our initial checklist, a Loan Proposal with Rate & Term options will be issued.
Choose which options work best for you and move forward to closing! Our entire process typically takes 30 - 45 days.
“First, let me take a minute to say Thank You! The time and effort you and your team took to get me the financing I needed for my buy-out, acquisition and consolidation was, to say the least, beyond awesome. I was treated by everyone as if we were long lost best friends.
Through the entire process, it felt as though getting this done was a personal task....not a job. Embarrassingly enough, I had come to you once, but decided to go to my bank "because they knew me". They were terrible, to put it nicely.
Bottom line, I'm where I am today with my practice because of you.”