With the demand for dental practices at an unprecedented high, an increasing number of dentists are contemplating the creation of their own dental practices. Starting a dental practice from scratch, also known as a squat dental practice, offers a viable pathway to practice ownership, although it requires a diffferent approach compared to purchasing an existing practice. To embark on this business venture, careful planning is essential to envision the future of your dental practice and formulate a financial forecast that ensures you are comfortable with the necessary investment.
The prospect of building your own vision from the ground up is undeniably exhilarating. You have the freedom to design every aspect, including the layout, equipment, services offered, and the culture that will shape the patient experience. Unlike acquiring an existing dental practice, where you gain an established patient base and a revenue stream known as goodwill, a squat dental practice requires meticulous planning to ensure your success.
First and foremost, you need to ascertain the viability of your idea and gain confidence in your plan. Sharing your plan with others, such as a bank if you require financial assistance, is crucial. If you are considering setting up a squat dental practice, we are here to assist you explore your funding options and ensure they align with your needs and future business goals.
As a Group, we have access to expert partners who can guide you throughout this journey, providing assistance in the following areas:
- Securing Premises: Designing and refurbishing your new practice to meet your specific requirements, stay within your budget, and ensure the necessary equipment is in place requires careful planning and time. We suggest consulting with the expert team at Hague Dental for their invaluable insights.
- Governance: Establishing legal frameworks, including property leases, HR policies, and recruitment procedures, can be overwhelming. We can connect you with a panel of specialized lawyers well-versed in dentistry to provide the appropriate guidance and support.
- Training: Transitioning into the role of a practice owner and leader is a significant challenge. To assist you on this journey, we recommend valuable video resources that cover essential leadership skills and strategies for engaging your team effectively, resulting in improved patient satisfaction, increased productivity, and a more enjoyable work environment. Our colleagues at Frank Taylor & Associates offer some that are well worth taking a look at – watch now.
- Marketing and PR: Building a strong online presence and attracting new patients is crucial for the success of your practice. Our partners at Digimax Dental are experts in website development and digital marketing. They can create a visually appealing website for your practice and provide guidance on effective online promotion strategies.
Additionally, we can point in the right direction for advice on ownership options, whether you prefer to undertake this project individually or partner with an experienced dental professional specializing in squat practices.
All our partners possess extensive experience in setting up squat dental practices and will support you until your practice is fully operational, complete with refurbished facilities, state-of-the-art equipment, and compliance with industry standards.
For further information and assistance in setting up your squat dental practice, please call us on 0330 088 1157.