Many dentists dream of owning a dental practice. Perhaps you are among them. However, like any other business, you must examine various factors beforehand. The first big question is, should you buy an existing practice or start a new one?
To buy a practice or create your own involves careful thought. Unfortunately, many proficient dentists are not always savvy businesspeople. Thus, a lack of research and counsel can hinder your future success. Aside from that, there is no right or wrong answer, simply considerations that can assist you in choosing. Considering the pros and cons, from cash flow to a location to dental equipment, is critical.
Pros of Purchasing an Existing Dental Practice
Starting a practice from scratch allows you to establish it the way you want, but you may not have the money or time to do so. Thus, purchasing a dental practice is ideal because you also get its existing patient base, cash flow and infrastructure. In addition, you needn’t worry about choosing a location, startup costs, size, hiring staff or establishing a marketing strategy. All you have to do is tweak things to your liking.
Pros of a Startup Dental Practice
Starting a dental practice from scratch gives you complete control – the patient base and network, staff, location, size, dental equipment, interior décor and layout, software and dental technology are all yours and your choosing. If you establish your practice, you are not influenced by the previous owners’ choices and reputation.
So, is it Better to Buy or Create a New Dental Practice?
Both circumstances have benefits and drawbacks. Before choosing, evaluate the financial implications of each. While it may appear cheaper to start a new clinic, purchasing a dental practice is more cost-effective because it already has its foundations. In addition, its established patient base can jumpstart things in several ways.
You can put your creative twist on your practice by building something from scratch or buy an existing business and start making money immediately while fine-tuning it into what you want. The choice is yours!
If you decide to buy a practice, let the expert team at Buy the Right Practice help you with the process. We will eagerly guide you from the beginning to end and beyond – from picking out the perfect existing practice to getting you ready for practice ownership to coaching you through systems implementation so you can grow your profits within a year.
Contact Buy the Right Practice when you are ready to become a successful dental business owner in only 18 months.
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