Building a new dental practice from scratch is both an exciting and daunting task. As you embark on this journey, it is also a very strategic point in time to plan for success and growth over the next several years. Here are five key areas you’ll want to pay attention to as you develop your dream practice:
1. Plan for Future Growth
A common mistake for new practice owners is to build for today and not for the future. Maybe resistance to starting life with a large, unwanted monthly payment is what’s leading one to believe that starting with a small, “starter” practice is an intelligent thing to do. Once again, this is short-sighted thinking. Consider where you want to be in five to ten years and build accordingly. You want your practice to be able to grow into it, whether by adding more chairs, specialists, or hygienists. For instance, at least five chairs can provide the capacity needed to support a million-dollar practice. Planning for expansion will save you from the hassles of relocation or expansion later on.
2. Understand Long-Term Rental Costs
The cost of space rental is more than today’s price; it is an investment which will substantially affect the profitability of your business. When viewing a space, be certain to inquire about what the rent will be in 10 years. Will it still be reasonable in relation to your projected revenues? Share your projections with your landlord so you understand potential rent increases, including those charges for common area maintenance. A smart decision today will ensure you can build a practice that remains financially viable and attractive to future potential buyers.
3. Choosing the Right Location: Community vs. Commuter
Is your practice in a true community or a commuter location? In a commuter area, people come into work but do not engage locally. This, most often, presents less opportunity to build relationships. Contrarily, a community location does provide opportunities for rich engagement. It’s where churches, schools, sports leagues, and local events draw people together. Positioning your practice as part of a thriving, engaged community may bring loyalty and facilitate your quest to gain recognition and build trust.
4. Invest in Effective Signage
Signage is more important than one might imagine to gain visibility and create some brand awareness. Yes, a monument sign will show who is in the complex, but a signage piece mounted high on your building is a bolder statement. This reinforces brand awareness among onlookers and lets them know you are here. But don’t forget-in today’s digital world-to complement physical visibility with online presence.
5. Develop a Plan to Get Known
Success within a dental practice involves much more than simply unlocking the doors; you need to have a plan on how to get noticed within your community. Generate curiosity about your practice through social media platforms: Instagram, TikTok, Facebook, and YouTube. Record your story, from build-out to opening, to build anticipation and familiarity with you as a future dentist. Tell your story, show your expertise, and stir excitement about your opening using catchy content, deals, and collaborations with local groups.
Conclusion
Strategic planning and foresight are the backbones of building a dental practice from scratch that assures long-term success, including proper space planning, allowing for future growth of staff and services; being prepared for rental costs in the long run; and choosing a location that creates possibilities of engaging with the community, rather than just being a commuter site. Effective signage increases brand visibility; strong web presence makes your practice noticeable. Share your journey and interact with potential patients via social media to create a sense of anticipation and familiarity, creating a loyal client base even before your doors open.
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