Starting a dental practice is about having the right knowledge, experience, insights into the field and passion. It is about working for long hours in a high-pressure environment. A dentist needs to be adept at his/her work and reliable. The dental industry has been growing at a remarkable pace for the past few decades. In the year 2020, the net worth of the dental industry in the United States was reported to be around $15.7 Bn. And, the rate at which it has been growing recently, it is estimated to cross the $30.59 Bn mark by 2027! Which is strikingly exponential.
With newer trends in the industry, it has seen quite the influx of new practitioners. Which is why, if you’re looking to start your own dental practice, it might just be the right time to do so. Having said that, there are numerous aspects that need to be considered while setting up your own practice, such as choosing the right equipment, staffing, marketing, licensing and most important of all, budgeting. But if you’re in a quandary about whether to start your practice or not, check out the following 7 major signs indicating you should open a dental practice.
1. You are qualified
The first sign that you’re all set to start your own dental practice is that you’re qualified to do so in the first place. You cannot commence practicing without a license. If you’re in the middle of getting qualified, consider working as a dentist before you think of starting your own practice. This way, you can also gain all the relevant and appropriate knowledge and experience in the field.
And, if you’re a licensed dentist with the opposite skills and experience, you can go ahead and start with the planning.
2. Growing patients
The second most important sign is that you’re noticing a commendable increase in the number of your patients. A striking growth in patients signifies the success rate of your business. As a thumb rule, if you’re seeing 30 new patients every month, apart from the existing ones, you can consider your business as growing. Consistency being an important element, once you start seeing the aforesaid consistent growth, it may be time for you to start your own dental practice.
Monetary aspects are critical when it comes to starting your own practice, or any business for that matter. So, if you feel you have enough money to fund things like equipment, staff, rent, commissions and other miscellaneous expenses, feel free to start your own dental practice.
Further, one must also be prepared for the worst. So, you must have savings that could last for several months, even when you’re not making any profits.
4. You’re a risk taker
There is always a risk factor before starting any new business, and while running it. Starting your own dental practice is undoubtedly a challenge. You being the key person running the practice would involve overseeing the staff, working late nights, tracking your income, expenses and growth, coming up with strategies and being predictive of future events. So, if you like the idea of pushing yourself and succeeding at something while being passionate about it, you’re good to go!
5. You have leadership skills
Starting your own practice means you are the leader. So, it is imperative that you have leadership skills, and if you do, hone them. As a sole dental practitioner, there will be times when you may have to make tough decisions and take significant measures as per the circumstances. A leader makes the tough calls, communicates with people and knows what’s best for the business. So, if you’re good at portraying excellent leadership skills, starting your own practice might be a remarkable option and sign for you.
6. You have a location in mind
This is perhaps the most significant aspect of running a business, especially a dental practice. Running a practice at the right location can do wonders for your business. It doesn’t have to be in a prime or elite neighborhood, nor does it have to be extravagant or expensive. It just has to be perfect. Perfect with regards to your needs, such as your residence, your networking, or the bustling and vibrancy.
7. You have a business plan
Lastly, the business plan. No matter how much you are into serving people, you ultimately have to run a business and make it profitable. For this purpose, you must have a plan at work that describes your business, outlines its achievable goals, defines your customer/patient base and addresses the finances. You can also take help from business attorneys and accounting experts to get the plan working. So, if you’re someone with a license and a business plan, you can go ahead and start your dental practice!
A business thrives on passion with skills, experience and accountability to back it up with. For your dental practice business plan to work, you need in-depth knowledge of your field and the research to help you thrive. And with a great influx of newer practitioners almost every day, you need to show consistency and have a vision, in order to succeed.
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