4 Essential Steps to Setting Up Your Own Dental Practice
Author: Russell SmithNovember 14, 2016
Our expert accountants for dentists have worked with countless practices over the years.
We’ve seen them grow and flourish from the day they first opened, and all this experience has taught us a few things.
We know the pitfalls dentists have faced when opening a practice and the challenges they’ve had to overcome on the way to success.
To put this knowledge to good use, we’ve decided to write this blog, looking at four simple, yet essential, steps dentists should take when starting their own practice.
1. Make Sure You Have Enough Capital Investment
Setting up a dental practice is one of the most expensive small business investments a person can make.
Unlike starting many small businesses, where you grow and evolve as you move forward, a dental practice must be fully equipped and ready to perform standard dental examinations from day one.
This includes advanced machinery like x-ray machines, bespoke chairs, monitors, specialised lighting and more. All of these come at great cost.
Opening up your dental practice without everything you need to succeed is a surefire way to fail. If you cannot offer the treatment your clients need, they will be forced to look elsewhere, destroying your business prospects.
Don’t rush into setting up your dental practice. Ensure you have all the capital required before you begin.
2. Select Your Location Wisely
The great thing about a dental practice is that they are always necessary. Everybody needs to see a dentist at some point in their lives and. with much of the population visiting a dentist at least once a year, the client base is never going to slip.
However, to acquire these clients, you need to be setting up your practice in the right location.
You may wish to start your practice in your hometown, a five-minute walk from your house, but consider other local options. Are there more dentists in your neighbourhood? How many?
To increase your chances of success, start your own dental practice in an area with the lowest dentist practice to population ratio possible. Look at local population statistics and find a location where your services will be in high demand.
The less competition you have and the fewer choices locals have, the more likely you’ll see high client numbers.
3. Market Your Dental Practice Effectively
When starting a business, strong marketing is incredibly important. People need to know you’re out there.
There are a number of strategies you can use to build a reputation and many businesses will follow just one. We suggest following all of them. A multi-layered marketing campaign can do wonders for any business.
- Advertising – Place adverts in local papers, shop windows, and other areas where potential customers will see them. Don’t forget to use web advertising, too. Facebook ads, Google ads, and website promotions can be targeted to appear for locals only, making them very effective.
- Social Media – Utilise the power of social media and set up a business account for your practice. Engage with locals and other relevant businesses to build up a following.
- Flyers – Sometimes, traditional practices still work. Send out flyers and leaflets to local houses, informing them of your practice. Building up local awareness is absolutely vital.
- Discounts and Offers – Tempt people through the door by offering discounts and offers on treatments. This is a great way to inspire brand loyalty and build a reliable, regular custom.
- Sponsor Local Events – Build your local brand image further by getting involved in local events like fates, markets and charity occasions. Create a reputation with your community. People like to support local business.
- Digital Marketing – Most people looking for something use Google to find it. Invest in digital marketing practices like professional website design and search engine optimisation to rank higher in Google and attract more customers.
4. Manage Your Finances Well With Specialised Accountants for Dentists
The key to keeping any keeping any business afloat is excellent financial management. Having specialist accountants for dentists to support your practice means you can be prepared for whatever difficulties are thrown at you.
Our experts at Russell Smith Chartered Accountants know exactly how to not only manage the finances of a dental practice, but also how to look out for pitfalls based on financial trends. We can advise on how you can improve the stability of your business and even grow it.