October 05, 2021
Nobody said that starting a dental practice was going to be easy, but being prepared for the challenges ahead will make the journey a lot smoother for you and everyone else involved. If this is your first time opening a business, it’s normal to feel nervous, but a bit of careful planning can help you to navigate the ups and downs that are yet to come. This blog will run through some of the most common hurdles that new dental practices have to deal with when first starting out.
All businesses have some financial difficulties when getting set up and dental practices are no different. If you’ve decided to start your practice from scratch, you’ll be faced with a lot of costs that you need to prioritise and manage. Once you have your initial deposit saved up, you’ll still have to figure out whether you can afford all the equipment you need and whether hiring staff on a permanent basis will be possible. Even if the beginning of your journey is on the rocky side, stick with it and watch your finances even out in time.
Not only can equipment costs quickly add up and make a dent in your finances, but it’s essential to find the right, high-quality pieces of kit that allow your practice to stand out. Sourcing this equipment can be challenging, which is what pushes many aspiring practice owners to buy an already functioning practice. But if you really want to make the place your own, you’ll have to accept that sourcing all your equipment is the price you have to pay for personalisation. Remember that once you have all your kit, you’ll have to keep it in top shape so make sure you’re scheduling regular maintenance.
It’s not always as easy as you think to get new patients to join your practice. Many people keep the same dentist for many years and stay loyal to their practice if it’s given them a good standard of care. Luckily, this means that once you have enough patients, you shouldn’t have too much to worry about, but you may have some convincing to do in the early stages. While it’s probably not something on the forefront of your mind, don’t skimp on marketing and consider hiring a professional to help you remain competitive.
Unless you’re starting a practice as a joint venture, you’re going to need to hire a significant number of employees to help run things. You probably won’t have too much trouble getting applications, but it’s selecting the best from this pile that can be tricky. It’s important to leave plenty of time for the hiring process, otherwise, you might end up hiring dentists who don’t deliver the level of care you’re looking for. The qualifications of your staff are a really big selling point when it comes to getting new patients on board, so avoid saying yes to the first CV that comes through.