Did you know that there are about 201,117 dentists in the U.S.? Are you considering opening a dentist’s office?
In this article, we’ll uncover everything you need to know about opening a dentist’s office. Read on to discover the answer to this question and have your dream business set up in no time.
1. Have a Business Plan in Place
If you’re looking to become a dentist and have your own business practice, you’ll first need to have a business plan in place. This will have your operating procedures, earnings, costs such as dental supplies online, business strategy, and financial information.
If you need a business loan, you’ll need to have a business plan in place. You can even consider business plan templates to come up with your business plan.
2. Will You Have a Partner?
Consider having a partner for your dental practice in order to reduce the costs you’ll need to pay. This will help you with obtaining a loan as well. Keep in mind that you’ll be splitting the profit and might not see eye to eye on your vision for the business.
3. Who Is Your Target Audience?
Think about who your target audience is whether you’re going to treat everyone, just pediatrics, etc. Will you have specialized services as well such as fixing missing or chipped teeth?
4. Picking Out the Name of Your Dental Business
First, before picking out a name, you’ll want to see if it’s available. Consider a business name instead of your own name if you’re a sole proprietorship.
Take a look at web domain names and see if your idea is available. Also, check out social media profiles, your state’s business records, and any trademark records at the state and federal level.
5. Legal Entities
You can choose from a partnership, sole proprietorship, corporation, or limited liability company (LLC). A corporation or LLC will protect you from being liable if your office is sued. You can use a business formation service for an extra fee to make the process easier, or pay the costs on your own.
6. Have a Business Card
Have your business account separate from your personal account. This means that you should open up an account for your business, and have a business credit card as well. This is also a great way to build your company’s credit history as well.
7. Have Business Insurance
You’ll want business insurance in order to protect your business, and make sure that it’s lawful and safe. If you suffer a loss toward your business, business insurance can help you.
General Liability Insurance is a common type of insurance that businesses choose. If you have workers underneath you then you’ll want Workers’ Compensation Insurance.
8. Use Advisers
When you’re first beginning, you’ll want to reach out to different specialized CPAs in your area. Find a CPA who has the experience, and works with other dentists.
Also, find the right equipment specialist for your needs. Find a lender who works with dental offices. This can include loan brokers, national banks, and SBA lenders.
If you need a building contractor, reach out to one who has worked with dental offices. Your dental equipment specialist might be able to help you find the right contractor for your needs.
9. Decide on Space
Determine how much square footage you’ll need before looking at different offices. You’ll need space for exam rooms, the reception area, bathroom, and waiting room. Will you also need a break room, x-ray room, and storage space?
You might also want to consider a sterilization area, private office, or consultation room. Determine what type of layout will work best for your office. You’ll want to stay on the more conservative side when it comes to picking out your office space so that you’ll have enough for other business needs.
Marketing Your Business
When you’re first beginning, you might have a limited budget for marketing. You can include local ads on community bulletin boards, or in newspapers for a lower rate.
Consider setting up email marketing as well. It’s a good way to have customers come back, and remind them that they’re due for a check-up.
In order to make yourself stand out, consider having a specialty. For example, you can have the specialty of periodontics, orthodontics, pediatric dentistry, or prosthodontics.
Have Your Website
You’ll also want to have an online presence. If you don’t have time to write blog articles, you can hire someone for less online to ghostwrite them. Content is a great way to obtain free (organic) traffic online from search engines.
Make sure that your navigation menu is clear and easy to understand. Also, ensure that your website is fast to load as well since potential customers won’t want to be waiting around for a slow site.
Keep track of all practice activities that have to do with regulatory compliance. If you don’t do so during an audit, it can lead to a risk for your business.
First, you’ll need to determine the different types of waste your business will generate, and how to dispose of it properly. You’ll want to have a written plan in place that denotes how you’ll dispose of medical waste. Keep in mind that some areas might have stricter laws than other areas.
Opening a Dentist’s Office
Now that you’ve read about opening a dentist’s office, you should have a better idea of what to expect. Would you like to read more business content? For all of your business needs, check out our other articles today.