How to Build the Dental Practice of Your Dreams
Friday, December 14, 2018 9:51 AM
Close your eyes and envision what your perfect dental practice would look like. Is it big or little? Is it in a bustling metropolis or a country town? Do you own multiple offices or focus your energy on one? Whatever you envision can be your reality if you know what you're doing. So let's talk about how to make the dental practice of your dreams a reality.
Create a vision of what you want your dental practice to be.
You need to know the end goal from the beginning. If you don't have a vision of what you want to achieve, you could make mistakes early on that will make it nearly impossible to achieve your long-term goals. For example, if you're picturing a big office teeming with employees and clients, you'll need to start out in a space that would allow for that kind of growth. Choosing the smallest, cheapest building for your beginning practice may not be the smartest choice for you if it doesn't allow for growth. Maybe you need to invest in a bigger building that takes longer to bring in real profit but allows you to grow as big as you imagine. Knowing your long-term goals will give you the direction you need to make the best choices for your practice.
Find a location that can make your dream a reality.
Choosing the right location is one the most important decisions you will make when beginning your practice. You'll want to find a spot that gets a lot of foot traffic, is the right size for what you're imagining, and isn't too close to all your competition. Don't be afraid to take your time finding the best location for your goals. Once you set up shop, changing locations is costly and time consuming. That's why it can be cost effective sometimes to wait for the right location to be available.
Look for employees that will help you achieve your goals.
Start your search for employees as early as you can. These employees need to have longevity and a sincere desire to help the practice grow. They should be prompt to every interview or meeting you set. If they're late to your first interviews, you can assume they'll be late to work as well. Give yourself enough time to really find the people you feel confident about. There's a lot to do when starting your practice but if you wait to start looking for employees, you'll be scrambling and in a rush to train them right as you open. Great employees can make all the difference when it comes to creating your dream practice.
Resolve all your insurance and tax needs.
Choose a malpractice insurance plan that works for you. Also remember that as your own boss, you'll need an insurance plan for you and your family. You may even consider health benefits for your employees. Learn about your new business taxes and how to structure your company to receive the best tax benefits. Consider hiring a CPA or CFO to take care of the financials for you. Dentists are busy all day looking at patients' teeth and performing surgery. It can be a great idea to hand off some of the financial aspects.
Purchase the equipment you'll need.
Whether you're getting specialized equipment or just the basic machinery, work hard to find the best prices you can. Do your research and learn which providers will be the easiest for you to work with. While you're focusing on your dental equipment, don't forget about your regular office supplies. Nice phones and computers are expensive but worth the investment. If your phones stop working or your computer freezes, you've already lost potential patients. And don't forget to furnish your waiting room. Nice, comfortable waiting rooms are essential in today's fast-paced world where people can get upset over waiting even a matter of minutes.
Choose a marketing system.
You'll want to do some research and decide what marketing campaign will be best for your practice. A small town will take a different marketing strategy than a big city. You'll want a website up and a working phone number so that people can start creating appointments with you as quickly as possible. You may want to hire a marketing firm that will help determine for you what method of outreach will be best for your specific practice. If you do your marketing correctly, you can have patients lined up as soon as you open your doors.
There's a lot of work and money that goes into starting a dental practice, and even more to keep it running. If you're feeling overwhelmed with the financial stress of it all, hire CFO for Dentists. All of your financial activities will be overseen by someone who knows what they're doing and how to help you make the dental practice of your dreams.
How Much Does Malpractice Insurance Cost?
Friday, December 14, 2018
Insurance policies vary from place to place but here's an estimate to help you understand how to get started in choosing an insurance policy.
What is a Dental CFO and Why Do I Need One?
Thursday, January 3, 2019
Learn the differences between CFO and CPA and why a specialized dental CFO is what your company needs.
CFO For Dentists Logo
CFO For Dentists | Copyright ©2019 | All Rights Reserved