Many individuals go into the profession of dentistry with dreams of owning their own practice. Once school and training are completed, most young dentists begin their careers in a clinic environment working for someone else. Within a few years, the more adventurous of them explore the possibility of going out on their own. This big step requires thoughtful consideration.
Where to Begin
It would be nice if wishing for a brand-new, lucrative practice would make it happen, but obviously that is not how it works. Successfully going out on your own takes serious strategic planning. Getting the right kind of help will make this mountainous task less daunting.
One of the first tasks will be for you to determine your budget. Things you will need to consider are your current debt load and how much you can afford to put into a new practice. A new dental practice is expensive. Sometimes it can cost as much as $250,000 to start up a brand-new practice. If you are loaded with student loans and other expenses, you may need to put your dream on hold for a while longer.
After you determine whether or not you are financially in a position to start your own practice, the next big step is finding the right location. Location is everything. You need to know the competition in the area you are scouting out and the feasibility of attracting new patients. The wrong location can break your dream before it has a chance to get off the ground.
If you are thinking of moving to a completely new area, you may want to talk to people in that location to get a feel for the place. Remember, you are probably going to be in this location for many years, so you want to make sure it is a place where you can establish a friendly, comfortable practice.
Buying From or Building Up
One of the exciting aspects of going out on your own is that you have many options. You can buy a practice from a dentist who is ready to sell, or you can go in with a practitioner who is considering retirement, or you can build up your own practice from the ground floor. No matter which direction you choose, you will have pros and cons to consider.
The good news is that you do not have to do this alone. Buy the Right Practice has the expertise and experience to walk you through any strategy you choose for your new practice. We make acquiring your own dental practice a smooth, worry-free experience. Contact us today for a consultation appointment and discover how you can soon be boss of your own business.
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