As soon as young graduates leave dental school, they start thinking about launching their own practice and becoming renowned dentists. While the dream is completely natural, some individuals go well beyond it and look for ways to transition from a dentist to a dental entrepreneur.
But what does it even mean? What is the difference between dentists and dental entrepreneurs? How do you become a dental entrepreneur? We have a lot of questions to answer in this post, so let’s dive straight into it!
What Is a Dental Entrepreneur?
Before we begin discussing the easiest ways to make the actual transition, we must explain the concept of dental entrepreneurship.
By definition, entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit. As you can see, the whole point of entrepreneurship is to grow and scale the business in order to maximize revenue in the long run.
Jake Gardner, a blogger at the essay writer service, says that dentists with their own practices are definitely business persons: “However, they cannot be considered entrepreneurs because they are not trying to expand the business and build a franchise.”
A typical entrepreneur has a number of personal characteristics:
- Professional passion and enthusiasm
- Independence and self-awareness
- Risk tolerance
- Vision and flexibility
All this takes a lot of experience and wisdom, which is exactly why 60% of people who start small businesses are between the ages of 40 and 60. But you don’t need to bother with age differences as entrepreneurship is for everyone.
How to Become a Dental Entrepreneur?
The basics of dental entrepreneurship are clear, but how can you reach this level of professional orientation? We have five practical tips for you:
1. Analyze the existing dental practice
If you are thinking about becoming a dental entrepreneur, we guess you are already running a successful dental practice. You should stop for a moment and analyze what makes it so profitable.
Is it the sheer quality of services and word of mouth marketing? Perhaps it’s your customer service and standout people relationships? Or can it be your superior marketing strategy?
In each case, you should determine the factors that make your dental practice so successful and then try to do the same thing with the new offices. After all, if your current business functions perfectly, why would you experiment with it?
2. Set the budget
You can’t just decide to be a dental entrepreneur and get the job done in no time. On the contrary, it’s a serious investment that demands strategic planning and a substantial budget. Do you have what it takes to make it work?
The simplest solution is to use your own funds if you have any. This is a much better solution than landing money, particularly if you know that the average small business loan is worth $633 thousand.
We recommend you to calculate the costs well in advance because you don’t want to end up with no money and lots of additional expenditures.
3. Find new offices
Where is your first dental practice located? Is it in a quiet suburb or in a crowded urban area? This question is critical because you do want to follow the same path while expanding the business. Apart from that, office rent represents the major component of the budget and you need to be very careful about it.
4. Create a great marketing strategy
Now that you’re new offices are all set up, it is time to promote the business and prove that you are a worthy dental entrepreneur. It’s a complex topic, but the general principles of modern marketing include:
- A professional website with all the latest information about your dental practices
- A blog with lots of high-quality posts about your field of work will prove that you are a serious professional
- Social media accounts where you can publish posts daily and build relationships with the audience
- Email marketing is essential if you want to increase customer loyalty and keep reminding subscribers of your dental practice
- Don’t forget events and community contributions as it helps you to establish closer relationships with the neighborhood and become recognized as a genuine member of the local community
5. Hire the right people
Finally, you need to remember that people make your business alive and sustainable long-term. It’s impossible to do all the work single-handedly, so you better make sure to hire the right staff and individuals who are knowledgeable and upbeat about their jobs.
The Bottom Line
Dental entrepreneurs combine their knowledge and business skills to build a profitable company. It’s not an easy thing to do and not everyone is eager to become a dental entrepreneur, but we explained how the whole process works if you dream of launching more than just a dental practice. Do you like the idea of converting into a dental entrepreneur?
Ashley Simmons is a blogger from San Francisco, California. She is writing about all sorts of topics, including entrepreneurship, business, finance, and startups. Besides that, Ashley is a passionate traveler and explorer of new countries and cultures.