The dentistry business is a profitable niche. Usually, dentistry services are not free medical stuff a person can get. Anyway, people still need them, so they are in demand. Because dentistry pricing is pretty high, it is good to think about it in 2022.
The medical business will always remain popular and profitable. The main thing to remember is quality service. It is the best chance to stand out and get more sales.
Dentistries are popular, okay, we've got it, but why? There are two factors why this business is so profitable.
Visiting a dentist is a common thing to do to keep your health well. It helps to avoid related issues and prevent teeth problems.
A white and shiny smile guarantees a better reputation and image. It may sound odd for many, but the smile influences your image the same as your clothes or perfume. Therefore, it is better to keep it healthy for beauty and hygiene reasons.
Many people in business want to open dentistry. Many do not have special education, and it isn't so tragic. You can start dentistry even without medical education. Just hire professional doctors to do the work for you. You'll be able to manage the business distantly.
It may look weird for many, but the schema we've just mentioned is better than the one where one doctor is responsible for everything, mainly because you'll have more time for business organization and marketing.
We have created detailed instructions on starting dentistry. Keep reading to find out more details.
Start with a detailed plan. Make sure you write down all the aims and pitfalls together with additional expenses and possible revenue. After the business plan, you may look for premises and a team. Usually, intelligent business planning allows finding investors and saving a lot. So, we advise taking some time to create a good plan and save later. Then also, connect with the booking software to manage your dental business and get online appointments.
It depends on the location and business size. The dentistry business is among the expensive ones. You will have to invest in quality equipment and educated dentists. Place and marketing are also essential but not as crucial as the first two notions. Typically, starting dentistry will cost you about $35-45 000. The main expenses are equipment budget, while the rest can be minimized by looking for investors and/or getting a franchise.
Creating a solid business plan is the easiest way to save when starting. What does it mean? It means you'll be able to attract investors once you've coped with writing down a robust plan for your business. According to the statistics, investors appreciate startups with clear goals and detailed calculations. Start with details, then look for people who would like to invest in the project.
How to start a dental practice
Medical businesses are top-rated, so there are several ways of starting dentistry. All of them will work well, and you have to find out what will work best in your particular situation.
Three ways to start dentistry
Launch a startup by yourself. It means you'll have to plan every trifle to avoid many pitfalls, but in the end, the company will be yours.
Get a dentistry franchise. Another option is looking for a franchiser to help you with the startup. Selecting a franchiser is also complicated as you'll have to look for all the details on the company you are thinking about. We advise comparing a few dentistries to choose the one you like the most. First, look at their partners, read reviews and ask for advice. Asking for advice is especially useful when you have a network. The chance your colleagues know a good brand is very high, so do not lose such a handy chance.
Look for ready-made dentistry to buy. The 3rd option is purchasing a business that has existed for some time. Well, why not? Then, you have to pay attention to the company's audit, reputation and social image. The more you research and observe, the better.
After you've chosen the business type, think about its actual opening. Then, let's see how to start dentistry from scratch. This option must be the most complicated but best to learn from. As we've mentioned, you have to make a business plan. Then, write down all the project data and its goals. These steps will help understand the business better, reduce its realization and fasten the business ROI.
Dental business plan
Okay, good. The most crucial business document is a business plan. And here you can see how to write it down well.
Analyze the current market and competitors.
Look at your clients and their needs.
Calculate initial, regular and additional expenses.
See your possible revenue and ROI speed.
Find out the company structure and its legal requirements.
Pay attention to the location and premises. They are essential to consider growing later.
Analyze the current market and competitors
Google the most popular services your competitors offer. Then see their average pricing, discounts and special offers. Finally, think about the ways to stand out among your competitors.
Think about clients and their needs
You work with and for clients. That's why the first thing you have to cope with is client analytics. See the most popular services in your area and who usually gets them. It will allow you to see how to develop later.
The next step is comparing the services to the stuff you can offer. Finally, pay attention to their pricing and dental practice class. There is no point in opening luxury dentistry in a small village. Same as vice versa: a tiny dental practice may look odd in a big city.
Plan these details very well before proceeding to the next steps.
Calculate initial, regular and additional expenses
It must be one of the most critical steps to take. Once you've decided to start dentistry, think about its official form of organization. Dental practices are often opened under LCC, the best option for businesses with several employees.
A sole proprietorship is another option. It gives more freedom and fewer taxes, but this option is suitable only for companies run by a single owner and have no extra staff: if it is your case, why not, then you will be able to scale.
If you are going to open a dental practice under sole proprietorship, you have to get a medical license, so medical education is required. Likewise, if you decide to start a medical business under LCC, your team must obtain medical licenses.
Location & premises for a dental practice
Location is essential for any business. Let's see what the notions of paying attention to are:
transport hubs nearby;
parking spaces in the area.
Since dentistry is a medical business, the premises must be bright, clean and very well managed. If you plan to start a business in a residential complex, ask neighbours for permission and construct a separate entrance.
The best option is business centre selection. Then, you'll automatically get a lot of passing-by clients and many chances to attract customers. Each cabinet except the X-ray must have a window to obtain a medical license.
Please pay attention to the premises you are renting as they will be your face initially. Customers choose dental services not only for their quality but also for their look and reputation. Therefore, medical centres and dentistries have to stay clean and bright. Remember it when planning to rent any premises.
How to make a dental practice profitable
Think about its first clients once you've managed to start a dental practice. This point is essential as the number of customers determines your revenue and the reputation you'll get.
There are some common steps to boost up a dental practice. First and foremost, you have to increase the conversion, then convert potential customers into your actual clients. As a result, you'll double the check, making the place more popular among locals.
How to promote a dental practice?
Use targeted and context ads.
Teach and motivate staff.
Invest in quality website.
Ads help to widen the business, making it more widespread. Suitable ads consist of:
Particular offer: discount, present, etc.
Deadlines: tell the clients what is the deadline to get the service.
Call to action: contacts or application form.
The more options you use, the better. Word of mouth and client reviews online are among the best options to boost a dental practice. Motivate your patients to talk about the service, so you'll get more popular, and they'll get a discount, for example.
Tips to increase dental practice sales
Email marketing. Mail your clients directly, offering the best offers in a click. EasyWeek software helps to optimize the mailing via intelligent automation.
Collaborate with other medical businesses – the best way to engage more clients is by covering more different audiences.
Establish some communication rules inside the establishment, teach your team to follow them well.
Create a website to present your dental practice online. That's a must for a medical business as customers expect the best quality service out of it.
Fill the website with attractive offers, for example, free stuff for orders over $40 or a discount for all the new users.
Connect EasyWeek dental practice software to remind your clients about their visits and increase the average check.
How much does it cost to start a dental practice from scratch
Let's see the whole list of the items you have to get to set up a private dental practice.
Stuff to start a dental practice:
hall and cabinet furniture;
coffee, tea and water cooler;
additional stuff for clients and employees.
The initial expenses will be about $35-40 000. Then you'll have to pay some monthly costs. However, their monthly budget will barely go above $10 000. The minimum employee for the beginning should include a dentist, nurse, accountant and a cleaning staff.
The dental practice ROI is relatively fast. However, it usually takes up to a year to return the investment and benefit the business. There are many ways of ROI fastening.
Best dental practice CRM
The dental practice software is a valuable tool to manage dentistry effortlessly. It deals with client management and business organization, allowing you to work better on your company's main tasks.
EasyWeek dental practice software benefits:
Client base management: the system stores and collects client data.
Client cards with all the data on its owner (your client).
Calls & messages history and recording.
24/7 online appointments via the service.
Report creation. Create the papers you need and store them in 1 place.
Business automation. Automate the routines to work effectively.
Notifications and reminders for staff and clients.
Extra-security in case of any issues.
Social media and other services integrations.
Now, you can optimize the performance in a few clicks, making it easier to reach your aims and communicate with your clients.
Starting a dental practice is a good thing to do. It requires careful planning and some budget, but it is worth it. You have three options:
getting a ready dental practice;
setting up everything from scratch.
Please choose the one you enjoy best and start working on it! EasyWeek dental software is here to help you. It offers free and paid solutions for medical businesses that want to grow. Connect EasyWeek for free or contact us to get more details.