Are you interested in creating a dental practice? Launching your own dental group is exciting and challenging, especially for beginners. Even small mistakes can add up and cost you in the end. However, if you’re willing to put in the research and time necessary to make your group a success, you, the staff, and the patients will all have a positive experience. The following are a few pieces of advice as you begin your journey.
Do Your Research
Before you begin you endeavor, you need to be prepared for hours of research. Create a list of all potential outcomes. Set up times to meet with other practice owners about how they got started and any problems they faced. Experience is the best teacher, so see if you can learn from someone else. Create a custom plan of attack for any challenges you may face. Once you’ve done so, you’re ready to move on.
Throughout your time planning, creating, and working in your dental practice, you’ll meet a wide variety of people. Some of them may become your trusted advisors. Their advice could mean the difference between failure and success. Here are a few people you want on your team:
Contractors who specialize in dental buildings are very important. Most general contractors aren’t the right fit for your future practice. They aren’t familiar with all the ins and outs of the structure necessary for your patients to feel comfortable and your staff to work efficiently. Ask around for a recommendation, or check with your dental equipment specialist.
The ideal dental equipment specialist won’t just be in it to make money off of you, but will have your best interests in mind as they make recommendations. A good relationship can last for decades, and the best specialists will want to set you up for success during the years to come.
Don’t forget about hiring a CPA. A CPA, or Certified Public Accountant, for your dental practice. Ideally, you want to use a CPA who has worked with dental groups in the past. Although many CPAs may offer to help you, ask them for references from other dental practices. Look for a CPA who has a proven track record.
Your next step should be to find a dental-specific lender. Although there are a variety of financial groups available to you, those inexperienced in financing dental practices aren’t aware of all the soft costs that come with creating a dental group. Dental-specific lenders, however, understand all the costs of a startup practice. You’ll need to find a lender with a great understanding of how all the costs break down.
This article was originally published at ViperEquityPartners.org.