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Starting a dental practice can seem a little overwhelming at first, but it will absolutely be worth the time and money invested to be your own boss and to provide your community with a necessary service. But what do you need to start a dental business?
The most important thing you need to start a dental business is the money to do so. It can be a significant investment to start a dental practice. Hundreds of thousands of dollars might go into getting your business up and running.
Not many people have that level of funding just in their back pocket ready to spend. That doesn’t mean you can’t start a dental practice. It just means that you need to rely on different means to secure capital necessary to start your business and be able to keep your business going for at least six months off of that capital alone.
Bear in mind that as your business gets up and running, your day-to-day expenses are going to increase alongside the scale of your business. Unexpected costs from simple things like scaling your business are often a big pitfall for people opening a new dental practice.
Location is equally important. Once you have your budget in mind, then you can start looking at different locations that fit within your budget. Remember, again, this should be a location that you can afford to pay for over the span of several months until such time as your client base is built up enough to offset those costs.
The premises you choose can be rented or owned but what matters most is that they are designed to facilitate a dental practice. A dental business uses a lot of water and power in every room with professional equipment and that means having the right plumbing and electricity as well as having individual appointment spaces and patient rooms.
You have to purchase equipment ahead of time. This can be a lengthy and expensive process, so be sure you have budgeted enough time and money to do so long before you open your practice.
The technology and equipment you need includes top of the line dental equipment, computer software, supplies, and x-ray machines. You also need furniture. For example, your staff needs desks and chairs, and your waiting room needs chairs and possibly televisions or magazines for people to enjoy while they wait.
In addition, you need to make sure you have all of the right supplies lined up from a reputable supplier. Once you have the larger equipment like the dental chairs, you’ll need to stock your office space with all of the smaller supplies. You need supplies from a reputable dental supplier who can give you basic dental tools and the best reagents used today, such as silver diamine fluoride.
A big part of finding the right location is finding a place where you can get the right staff. The number of employees you require will vary based on the type of services you’re offering.
For example, if you already have a dental practice in the city, you might be opening a new practice outside of the city to accommodate new patients. You may not need as large of a staff as you have in your current building. However, you will need at least one technician and one administrative assistant.
If you’re not planning to be in both dental practices full-time or you haven’t worked out a schedule where you work half the week in one area and the other half of the week in the other, you might need a second dentist who can fill in for you.
Finally, you have to make sure you secure the right licensing and handle all of the legal documents. Depending on where you open your new dental business, you’ll need to make sure you choose an appropriate legal structure for that business and register with the city, state, etc. You might consider hiring a healthcare attorney who can help you with this process and make sure you don’t miss anything.
You’ll also need to have proper licensing where you plan to practice and possibly register with different government organizations. Local regulations, depending on the area you plan to open your practice, will also need to be considered.