Many dentists consider setting up their own dental practice a valuable achievement to aim for in their professional life. And many do just that.
Setting up a dental practice
Those dentists who set up a dental practice immediately after finishing studying are the most ambitious of all as running a business isn’t always straightforward and learning the ropes from a more established practice owner, certainly helps.
Maybe you are an established practice owner looking to expand and start a new practice based on your existing merits.
Whatever stage the decision is made to set up a new dental practice will be the start of a great journey in what can provide a financially secure future for you and your family.
Assisting with the set up, purchase and expansion of healthcare businesses is what we do. Contact Kevin, for an initial conversation to explore your options.
Market research.
Location is vital to the success of a new dental practice. Finding the right town, area, street, with a large enough marketplace and the right level of competition can be the difference between success and failure.
Cost analysis.
Being a new practice, with no income stream, funds will be required to get the practice off the ground. Prepare a cost analysis to accurately forecast the investment required. Do you have savings to invest or do you need a dental loan?
Research start up business loans.
There are lots of finance options available to dentists looking to start their own practice. The key to success is working with a finance broker who is reliable, well connected and who will help you every step of the way.
- Saroma are independent and gather quotes from many lenders to compare offers.
Forecast your profitability.
A financial forecast is essential for you to assess how your business is likely to perform in the next one to five years. Make this an integrated part of your up-front planning before you set up a dental clinic. This information is also highly likely to be required by any lender as part of the finance application.
Apply for business finance.
Once all the research and forecasting has been carried out, the application for funds can progress.
The rest of the set up.
After finance is secured there is obviously everything else! Equipment to purchase, documents to sign, a practice to decorate, staff to hire, a brand to develop, marketing to commence, systems to put in place… the list continues!
Dental clinic set up cost
The cost of setting up a dental clinic varies significantly. It really is a case of “how long is a piece of string”. This is why a cost analysis and financial forecast are so vital – it ensures the business stands a good chance of being profitable and therefore worthwhile of your professional efforts before taking the plunge.