A dental practice is a medical office where licensed dentists perform dental procedures. Patients go to dental practices to have their teeth cleaned, damaged teeth removed, fillings installed, and other dental procedures. Dental specialists, such as orthodontists, may also work in dental practices.
According to the U.S. Bureau of Labor Statistics (BLS), 74 percent of dentists worked in dental offices as of 2019. Dentists who want to be their own boss and establish their own practice can follow these steps to launch their dental practice.
Do your research and develop a business plan
Your business plan outlines your research, ensuring you have the information you need to launch a successful dental practice. Your research should include population information and data about competitors. You’ll need to choose a location where you won’t face much competition from other dental practices or a strategy to distinguish your business from competitors. Otherwise, it will be challenging to ensure you can attract patients to your practice.
Access information about other dental practices via their websites. Googling “dental practices” with your location will produce a list of dental offices in your target area. Visit dental practice websites to verify what services they offer. This dental practice distinguishes itself by performing sleep apnea studies and investing in the latest technology, such as Chairside Economical Restoration of Esthetic Ceramics (CEREC) machines, ensuring they can produce dental products, such as crowns and bridges, on the same day that patients arrive for treatment.
You could opt to distinguish your practice with new technology that enhances patient care or opt to distinguish your practice by offering mobile services. Perhaps you plan to launch a mobile dental service that travels to Greenland from Newfoundland or Nunavut. You could distinguish your practice by outlining the demand for services in remote areas throughout Newfoundland, Labrador, northern Quebec, northern Ontario, and Greenland. You could also distinguish your practice by introducing a dental nutrition program, educating people about essential nutrients for healthy teeth and foods that damage tooth enamel.
Secure the financing required.
Your business plan should include a budget and outline your operational costs and your projected revenue streams. In recent years it’s become crucial to have a business plan with a sound financial strategy to obtain financing for your business. Lenders and investors are reluctant to participate in ventures if there’s uncertainty about their ability to recoup their money. Still, you can use compelling financial projections to secure financing from lenders or investors, ensuring you have the capital you need to launch your practice.
Secure the resources you need.
Work with a real estate agent to locate a suitable building to rent or buy. You’ll need qualified staff, including dental hygienists and dental assistants, to ensure your practice runs smoothly. You can contract a human resources service to help you navigate the hiring process.
Find reputable vendors who provide critical dental supplies, including chairs, surgical tools, and computers. You’ll distinguish your practice from others if you pay attention to details by providing appealing features, such as bottled spring water from a reputable water company. Water companies, such as Labrador Source, deliver fresh spring water in large 18.9-liter bottles or individual bottles, based on your needs and preferences. Working with a professional water company ensures you’ll have current supplies of safe drinking water. In addition to spring water, you can opt for distilled water or demineralized water. When you order Labrador spring water, you can obtain it in recyclable containers, ensuring you do your part to protect the environment.
Initiate a marketing strategy.
To attract clients, you must promote your new dental practice. Contract a marketing team that can develop and implement a marketing strategy designed to reach your target audience. Check some of these dental marketing ideas to grow your practice. Promote your specific services and features that set your business apart from other dental practices. Your marketing team may use a combination of traditional marketing strategies, such as billboards and advertisements, and contemporary marketing strategies, such as social media, search engine optimization (SEO) marketing, and newsletters. Promote your specific services and features that set your business apart from other dental practices. Your marketing team may use a combination of traditional marketing strategies, such as billboards and advertisements, and contemporary marketing strategies, such as social media, search engine optimization (SEO) marketing, and newsletters.
To successfully launch a new dental practice, you need to do research and create a comprehensive business plan. Use your business plan to secure financing for your practice and obtain the resources you need. Once you’re ready to launch, you should have marketing experts launch a campaign to promote your new dental practice.