For many dentists, the dream is to own a practice and be your own boss. In some cases, this means starting from scratch, building a business according to your specific desires and ambitions. There can be no doubt that this is a highly rewarding yet challenging process – one that requires extensive commitment, investment and support. If you are beginning your journey to building a squat practice, there are various factors to consider.
Finances
Before anything else can be done, it’s important to get a handle on your financial situation. Engage a professional financial advisor to assess your current circumstances and estimate the size of loan you may be eligible for. This is an important preparation step as it will heavily influence what you can afford to buy/rent and how much work you can do to the building. Typically, a 10 to 20 per cent cash deposit is needed, with lower amounts possible if you have sufficient equity. Though the dental market remains attractive to most lenders, be prepared for them to offer lower amounts or higher interest rates for a squat practice compared to colleagues who may have secured funds to purchase an existing business due to the higher risk you present.
When you’re ready to proceed, your advisor can liaise with the bank/lender on your behalf to obtain the very best deal for you.
Business plan
It’s crucial that you draft a business plan as part of your application for funds, but also to give you clarity on what you hope to realistically achieve. It can take a few years to start turning a profit from a squat practice, so you need to know how you will support yourself and/or your family while growing the business. For some dentists, this means working in the squat for one to two days a week and in another practice as an associate for three to four days. You will need to know exactly how much turnover must be generated in the first and second year (broken down monthly) from the squat to cover loan repayments and overheads to ensure you at least break-even.
As part of the business plan, you will also need to determine the services you wish to provide and the general ethos of the practice. For example, if you want to focus on cosmetic dentistry, then you may position the practice as providing a spa-like experience to patients over 30. If you wish to offer paediatric services, your mission and values will be centred around delivering high-quality family care. Of course, the location of your practice and the local demographic will be relevant here.
Marketing
For a squat dental practice, it is essential to attract the right kind of patients at a pace that facilitates manageable business growth – whatever that is for you. Consequently, marketing activities must be appropriately curated and implemented. Most new practice principals will start with the most affordable avenues – a simple but comprehensive website, free social media platforms and partnerships with other local businesses for some free mutual promotion. Much of this can begin before the practice is even open to generate interest and inform the community of the services that will become available.
It is also crucial to develop a portfolio of online patient reviews when people do start attending, building a positive online presence and encouraging more people to visit. As the business gains momentum, you may decide to invest more in marketing and advertise in local magazines or newspapers, or on local radio stations.
Design and technology
Among the many other aspects to note when building a squat practice, you’ll need to think about the premises itself. The design of the practice will have a profound impact on the quality of dentistry that can be provided and the patient experience. Everything from accessibility and ergonomics to decoration and lighting must be optimised. In particular, the dental chair and other capital equipment should be meticulously selected as it requires a considerable investment and will be central to the business’ success for years to come.
This is something that the experts at RPA Dental understand very well, which is why they are dedicated to helping you design, install and maintain a practice that combines style and sophistication with practicality and innovation. The team offers a comprehensive service that will support you from start to finish, helping you optimise your practice layout and select the right equipment for you.
Back yourself
It is important when building a squat practice to have belief in yourself and work with people you can trust. Get these right and you will be well on your way to owning your own successful business.
For more information visit www.dental-equipment.co.uk