Jeremy Kaplan
As a dental professional, starting your own practice can seem overwhelming. A whole new set of skills as an entrepreneur are now needed in order to set up your business for success.
Although it requires plenty of work, many dental/medical professionals have found great success in starting their own practices. Below are some tips for dentists and oral surgeons who are looking to open a private practice for the first time.
Do your Research
Opening your own practice is a huge commitment. It is important that you do your research before opening your clinic doors. Research the market and other businesses in your local area. Perhaps think about taking some business related courses to help you on your way.
Canadian oral and maxillofacial surgeon Dr. Louis Bourget is not new to establishing his own practices. With several facilities across Newfoundland and Nova Scotia, Dr. Bourget has learned on the job, as it were, when it comes to setting up a successful medical/dental practice.
“Unfortunately, during our dental/medical training, the business portion of owning or running a practice is not touched on,” says Dr. Bourget. “So it took many nights of reading up on subjects like human resources, financial planning, and bank requirements.”
Making your Business Plan
Every new business starts with a business plan. This will be your guiding document through each stage of opening and managing your practice. Things to think about when creating a business plan include your mission and goals, financial plan, organization and structure, and marketing strategy specific to your area and province. You certainly don’t need all the answers on day one. Allow your business plan to grow with your business, making edits and changes as necessary to allow for the most growth and opportunity.
Know you are Not Alone
You do not have to climb the hill of opening your practice all by yourself. Help with your business can come in many different forms. One very common way to get your business off the ground without having all the weight on your shoulders is to have a business partner. A second person who has an extra set of skills and strengths can be a wonderful asset, especially when you are first starting out. Another form of help will come from the employees that you hire. Think about the positions you will need to run the clinic. If you do not want to do all the business administration and management yourself, finding an experienced clinic manager is essential.
Adapt to Change
To keep your business thriving, it’s important to stay up to date on the latest technology and methods. To do so, you and your team may participate in continued education courses, go to annual conferences and networking events, and partner with other local businesses to help meet the needs of your community.
Be Ready to Put a LOT of Time In
A business doesn’t grow overnight. It takes time, patience and big time commitment. Dr. Bourget says that outside of the 50 hours of clinical work he does every week, he spends about the same amount of time working on strategic planning, marketing, legal issues and operational details.
While there are many elements to juggle when starting your own practice, remember that every successful clinic and company is built one step at a time. Not rushing the process will allow you to make the best choices for you, your business, your employees and your patients. Each practice is unique and it will take time and experience to find the approach that’s right for you. Take care of your patients and your employees and they will take care of your business.
