One of the many great things about being a dentist is the fact that you can work independently. Sure, the work can be challenging at time. But you get to be your own boss and build your very own business around what you do.
Starting a dental practice, however, can be challenging, especially if you are newly qualified. New dental practices can fail, even in today’s market. So here’s how to make the process of setting up your own shop easier and more likely to succeed.
Grab A Ready-Made Practice
Many entrepreneurial dentists imagine that the best way to startup is to found a brand new clinic. But according to the American Dental Association, that’s not the best practice. They say that it can take up to five years for new practices to realize their market potential. A much better idea is to grab an existing practice. But where to find one? The good news is that there is a constant stream of retiring dentists, all looking to pass on their clinics to the next generation. You can snap up one of theirs and get their patient base to boot. It’s a win-win and doesn’t require you to suffer through the financial trauma of a new startup clinic.
Automate Your Admin
Every hour of the day you spend doing things besides looking after your patients is potentially lost income. You want to maximize the time you have with patients, not spend hours sorting out the books or updating social media. The good news is that you can automate many of these time-consuming processes. Dentist bookkeeping has come on leaps and bounds in recent years. It’s now possible to outsource your payroll management, as well as billings and collections. And social media, if you use it, can all be managed using dashboard tools, like Hootsuite.
Specialize In Unusual Treatments
Differentiation matters in all markets, including the dental market. That’s why all dental clinics should specialize in at least one treatment. You could go into cosmetic dentistry or orthodontics – whichever is most lucrative in your area. The last thing that you want is to lose customers all because you didn’t offer a particular treatment regimen.
Marketing Is Essential
Just because you work in the hyper-regulated healthcare industry doesn’t mean that there isn’t a role for marketing in your business. There is. If possible, get a professional marketing agency to put together a marketing package for you. Ensure that your website is easy to use and looks good. And get marketing materials made up to send out to people in the local community. Emails and flyers targeted to people living in your catchment area are an excellent way to build new sales.
If there’s been a change of ownership at an established clinic, this is a very good time to redouble your marketing efforts. Many local customers will be very much attached to their old dentist and suspicious f you. Send out material that helps ease their worries, and sweeten the deal with special offers or money off.
This article was provided by ellie jo