#Best place to open dental practice professional
If the dental professional selling has had a successful business, when you buy that practice you will also be buying its goodwill which can help with patient retention.Staff retention can be enormously valuable, particularly if they have been with the practice for many years and have built up a good rapport with patients and their families. Existing patients will already be familiar with your staff.Having an established cash flow can help accelerate your income and the growth of the practice compared to starting up a practice.There will be less need to immediately spend money on marketing a brand-new practice. You will inherit an existing patient base which will bring in a predictable income as identified during the due diligence process. By purchasing something that is a known quantity, you will be able to budget more effectively. This will allow you to support the practice outgoings, salaries and your personal expenses. One of the major benefits of buying a dental practice is that an established practice will be able to generate revenue as soon as you acquire it. It really is about more than just price when considering buying a dental practice. We have outlined just some of the things you should consider when looking at a dental clinic for sale, well before you sign any contracts.Ĭlick here to discover everything you need to know about buying a dental practice
There are several factors that can make buying a well-established dental practice an attractive proposition. Why Think About Buying an Existing Practice? A brand-new practice will not have any existing goodwill, so it is necessary to market it to potential patients. You will need to estimate the number of new patients, so you can forecast your cash flow. Starting a practice from scratch is likely to mean your revenue will be considerably less during the first few years as opposed to buying an established business. You will need to identify a suitable property in the correct area and obtain planning permission, while refurbishment of the interior can be very costly.
Setting up a practice involves a substantial investment in overheads and it can take a lot of time. This could leave you open to making expensive mistakes while trying to build up the practice and the revenue, a potentially heavy price to pay. Most dentists, even associates with several years’ experience will lack vital knowledge about the business side of a practice. What are the Potential Pitfalls of Starting up a Practice?
All of these are things that you will need to consider as part of your business plan. In terms of financing, the startup costs may also be less than buying goodwill of an existing practice and you will, if successful, create a valuable asset in terms of the goodwill that you create. As a dental practitioner, starting your own practice will give you the freedom to put business systems in place that suit you, rather than inheriting someone else’s systems that you may not understand or like. Some dentists have a very clear vision of the kind of practice they wish to own and will find it easier to start from scratch than to try to shape someone else’s idea to match their own. Why Think About Starting a Dental Practice?