How to Start a Dental Practice: A Step-by-Step Guide for New Dentists

Ever wondered what goes into starting a new dental practice from scratch? Want to see if it’s a career move that’s right for you? The good news is that you’ve landed in exactly the right spot! Keep reading, and we’ll guide you through everything you need to know, starting with how to get to know your potential market. 

Start with market research

One of the most common mistakes new business owners make is confusing the purpose of their business with its viability. In the case of a dental practice, the purpose is clearly to make money from providing the local community with the dental care and cosmetic treatments everyone wants. The problem is that, while no one will argue with you that dental practices are a good thing, it doesn’t mean that the area you are considering serving actually needs you. 

Market research will tell you everything you need to know about population size, spending habits, disposable income, and market saturation. The last one is particularly important because, even with the best business plan in the world, you are taking on an uphill battle if you try and muscle in on an area where there are already more options than patients know what to do with. 

Create a quantified business plan 

Deciding that you want to launch your new dental practice is one thing, but it’s running the numbers that will start turning your dream into reality. The key point to note here is that because too many people think of the numbers as an afterthought, you can put yourself ahead from day one. Yes, you want to run your business because it’s your passion and you care about your patients, but it also needs to make a consistent profit if it’s to become self-sustaining. 

Your business plan is where you create your budget and start to cost up the opening costs, the maintenance costs, and the ongoing running costs. Putting everything down on paper and quantifying every step that you need to take is vitally important because it will show you how and when you need to take action. It will also get you thinking about what makes sense and what you can avoid or cut back on. 

Secure robust funding 

Bank loans, local grants, and personal injections of finance are all options you may have at your disposal, and you’re by no means limited to just one source of funding. The most important thing is to make sure that you have contingencies in place because something will inevitably overrun, need to be reworked, or turn out to be unnecessary with the benefit of hindsight. The more room you have in your budget, the more flexible you can be when you need to adapt to the real world. 

Location, location, location 

Okay, so you will need to have thought about the location as part of your market research, but this is now the time when you sign the contract and get the keys to your new premises. Renting is often preferred to buying, especially in the early stages, as it frees up a lot of working capital for other areas of your business. Focus on somewhere that has the right balance of affordability and accessibility, and you’ll be onto a winner from day one. 

Hire the best and buy the best 

If you want your practice to succeed, you need to have skilled dental professionals, hygienists, and receptionists to take care of everything. Opening your recruitment process at least eight weeks before your opening date will give you the chance to get candidates in for interviews and allow them to serve out any notice periods with their current employers. 

In addition to the staff, you need to make sure you have all of the equipment and consumables needed. The list may seem never-ending, which is why connecting with a specialist national supplier of dental equipment is always the best approach to take. Whether it’s dental uniforms, handpieces, or cleaning consumables, getting everything from a single point of contact will make things so much easier. 

Continually check regulations

Dentistry is a key area of healthcare, and as such, the rules and regulations are continually being reviewed and updated by regulators. Some dental practices find it helpful to retain the services of a trained solicitor who will be able to guide them through everything they need to know to stay compliant. 

The final word 

Once you’re open for business and you’ve started running your first advertising campaign to sell flexible appointments and family plans, it’s all about patient retention. Offering a combination of exceptional service, great results, and flexible packages with proactive follow-ups is the best way to go here.