Dentistry is an industry worth $160 billion and it’s steadily growing. This is a fulfilling career because you get to put healthy smiles on people’s faces.
You can maximize both your earning potential and your ability to help people when you open up your own practice. It’s important that you understand the cost of opening a practice, along with other important tips.
Read on so you can build an office that’ll bring in revenue and provide for your patients.
Handle Preliminary Business Affairs
Draw up a business plan so that you can handle and forecast your most important preliminary business matters. This document should span several pages and make your vision plain.
Your dental practice business plan should include a mission statement, executive summary, budget, quarterly and annual projections, job descriptions, dental office features, and more.
Getting these plans professionally prepared will cost you between $1,500 and $50,000 or so.
Consult with a business lawyer and accountant as well. These professionals will help you designate and file the correct type of business. Most dental practices will start as a limited liability company (LLC).
A business lawyer will also help you make sure you’re following all state dentistry laws. A certified public accountant (CPA) will make sure that you’re handling your taxes and keeping your books up-to-date and accurate.
Buying the services of an accountant might cost you between about $150 and $500 and up.
Acquire a Dental Office Building
Your choice of office is one of the most substantial business decisions.
Take the time to find a new dental office that will serve you perfectly. Some people choose to rent dental office space while others prefer to purchase an existing building.
You might also look into the construction of a new build dental office that you can customize exactly to your liking. Building your office will cost you about $3-$5 per square foot, and building costs will comprise 75% of your budget.
Study some dental office design principles that make people comfortable and allow for a seamless flow of traffic. You’ll need a waiting and reception area, a comfortable front desk arrangement, multiple operatories, and a dental lab.
Look into these dental office floor plans so that you can choose a layout that serves you.
Hire a Staff for Your Practice
It’s important that you have a core staff of professionals that help you build a thriving business. At a minimum, you’ll need a receptionist and a dental assistant.
The receptionist greets people, books and manages appointment calendars, answers phones and e-mails, and might handle insurance billing and coding. A dental assistant will help with procedures, cleanings and appointments, and can do some of the preliminary services that dentists offer.
Dental assistants earn in the $30,000 salary range, so make sure you’re always able to afford these services.
Build an Office That Thrives
When you work to build an office that thrives, you’ll put smiles on so many patients’ faces. Let the tips above get you started so that you’re on the right track toward building the best dental practice possible.
Browse our other posts when you need more help starting a business that will thrive.