More women are working in the dental industry than ever before. This shift in the demographics of the dental workforce has given rise to serious questions about working patterns, incomes, and gender representation in new leadership positions. If you’re considering launching your own dental practice and have little to no experience with business management, then the process can be very daunting. It can take a lot of hard work to get up and running, and success is not guaranteed. However, for the women that launch their dental practice in the right way, the potential for work satisfaction and consistent profit generation compared to that of employment is more than temptation enough. Here are some key things to remember.
1. Your Business Plan
This is your first task. A business plan needs to be a living document that gets regular updates as your dental practice grows. Make sure that your business plan is as detailed as possible, right down to possible exit plans should they be needed. You can find a multitude of business plan templates online.
2. Go Solo or Find a Partner
If you are planning to open a new practice with a fellow dentist, then costs can be split and responsibilities can be more easily designated. Of course, this could cut into your control levels and personal profits. It’s a big decision to partner with someone when opening a new business, but the benefits could be worth it.
One of the most important factors to get right is your location, as it will be a core component of your success. The key here is to do lots of research. Make sure that you choose a location that has:
- Little to no competition
- Residents within travelling distance
- Easy access and parking
- Potential for walk-ins
4. Equipment Purchasing
This is going to be one of your biggest expenses, but you can’t run a dental practice without the right resources. There’s a good chance that you have experience in dealing with dental supply companies, but don’t use the same company that you’re used to just out of habit. Look at alternative, more efficient, respectable suppliers. Established suppliers of dental products like Kent Express can save you a lot of money and a lot of stress, so do your research on the best suppliers.
5: Finances and the Legal Stage
Once you have everything in place, make sure that you use a lawyer to ensure that everything is right. Launching a new business of any kind involves a lot of paperwork and legalese, and you don’t want to find out too late that there are legal clauses that might affect you long-term. You will also need to ensure that you have the finances that you need to run your business with the least amount of stress. Online lenders, angel investors, and even loan options like a merchant cash advance can be incredibly useful and ensure that you have a safety net available as you grow your business.
Once you have the keys to your new dental practice and are starting to take appointments, there is still hard work to be done. You’re going to need to market your practice, hire the right people, and stay updated on industry changes. However, for women that want to take more control over their career, setting up a dental practice is not just becoming more common but also a potentially rewarding next step forward that could transform your future.