Dentists looking to open a successful dental office have several considerations. Bank of America provides key strategies to open a dental practice.
1. Conduct research. Going into business blind to the many forces at play could lead to a dental office's demise. Therefore, speak with practice owners about what they have done to succeed and realize the challenges they face so you can plan ahead and adjust accordingly.
2. Have advisors share their expertise. This team could include a certified public account, building contractors, a dental-specific lender as well as a dental equipment specialist.
3. Obtain financing. There are many factors to consider when applying for a loan. Bank of America suggests applying for the longest term available so your payments are on the lower side while you build a patient base to bolster revenue. Have a positive credit score. Make sure you are aware of your credit score as a low or negative score could be detrimental to a loan. To learn more about financing, click here.
https://www.bankofamerica.com/smallbusiness/business-financing/learn/starting-dental-practice/
4. Use resources to construct a viable business plan. At its core, a dental office is a business and you should learn what successful dental offices do business-wise to reap success. The ADA Resource Center has a business plan template available for those seeking tools. Also, become well versed in the business side of care as many dentists entering the field may not have acquired this knowledge during dental school.
5. Assess investments carefully. Employing the latest technology may seem like a smart business idea. However, make sure you evaluate your resources and see if this investment will improve your bottom line and improve care.
For more tips on opening a practice, click here.
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45% of parents miss work due to children's oral health issues: 5 insights
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1. Conduct research. Going into business blind to the many forces at play could lead to a dental office's demise. Therefore, speak with practice owners about what they have done to succeed and realize the challenges they face so you can plan ahead and adjust accordingly.
2. Have advisors share their expertise. This team could include a certified public account, building contractors, a dental-specific lender as well as a dental equipment specialist.
3. Obtain financing. There are many factors to consider when applying for a loan. Bank of America suggests applying for the longest term available so your payments are on the lower side while you build a patient base to bolster revenue. Have a positive credit score. Make sure you are aware of your credit score as a low or negative score could be detrimental to a loan. To learn more about financing, click here.
https://www.bankofamerica.com/smallbusiness/business-financing/learn/starting-dental-practice/
4. Use resources to construct a viable business plan. At its core, a dental office is a business and you should learn what successful dental offices do business-wise to reap success. The ADA Resource Center has a business plan template available for those seeking tools. Also, become well versed in the business side of care as many dentists entering the field may not have acquired this knowledge during dental school.
5. Assess investments carefully. Employing the latest technology may seem like a smart business idea. However, make sure you evaluate your resources and see if this investment will improve your bottom line and improve care.
For more tips on opening a practice, click here.
More articles on dental:
45% of parents miss work due to children's oral health issues: 5 insights
Pacific Dental Services supported offices add OralDNA testing: 5 observations
Global dental implant market to experience 16% CAGR: 3 key points