The tail-end of a pandemic is certainly an interesting time to be launching a new dental business, but that doesn’t mean it’s a bad time. For one thing, many people who have put off dental care may emerge from quarantine seeking the services of reliable dentists who they can trust to follow health protocols. And people who have made life changes due to the pandemic may be looking for new providers. So don’t discount the possibility of starting a successful practice now, so long as you follow guidelines for long-term entrepreneurship success.
Start with a good location.
Location is key to success for any business, at any time. Post-pandemic, however, company owners need to take new considerations into account, when selecting a business location. One major concern is supply chain diversification, so that you can be sure you have the materials and supplies you need, in case of future disruptions. How location affects your taxes is another concern. And finally, but most importantly: consider whether the selected location will allow for public safety procedures such as social distancing. Is there enough waiting room space for clients to be safe and comfortable? How about parking spaces, for those waiting in their vehicles? Also consider ease of cleaning, and ventilation.
Create a business plan.
Having a plan for starting your business is necessary if you want to take out business loans, but even if you have the capital you need to launch already, you should have a plan in place. This is especially important given the uncertainty of the post-pandemic scene. A business plan consultant can help you work out the details if you are struggling to come up with solutions to complex problems regarding marketing, budgeting, and what goals you should consider reasonable, both for the near future and long-term. A business plan for a dental practice will have many of the same components as any business plan, including a narrative, a financial section, and an executive summary.
Make sure your business is protected.
Having good business insurance is essential, especially if you are uncertain about how the market may shift over time. As a dentist, you need several types of coverage. A business owners policy protects your property and possessions in the case of damage, employment practices liability, and business interruptions. You should also have malpractice insurance, in case of claims made against your dental practice, specifically. You can also protect your business by making sure you have chosen the correct legal entity structure. An LLC is usually a good choice for dental practice owners.
Work with accounting services.
You are planning on operating a dental practice, not an accounting firm, so make sure you have accounting services in place, so you are free to do the hard work of running your company and providing care to your patients. Hiring a professional accountant will help you ensure that your books are in order, and you remain tax compliant. They can also assist you with budgeting and financial projections. You should also consider using a payroll system to stay on top of compensating employees accurately. An online platform with same day direct depositing payroll for employees will allow you to track hours and provide prompt payments without having to use paper checks.
Take advantage of closeout sales.
Unfortunately, many businesses have had to close their doors permanently due to the pandemic. Many of these are having closeout sales or getting rid of inventory to meet costs. When stocking up on inventory, as well as designing and furnishing your office, look for businesses that are trying to move product quickly, and will be willing to sell at a discount. Dental Broker Florida has a listing of offices for sale, if you are hoping to buy an existing dental business.
This has been a period of rapid change and turnover, with many companies going out of business, others changing their focus or model, and new businesses forming to meet new needs. If you’ve been considering opening your own practice, evaluate the market and your own budget, and see whether this is a good time to make this step towards business ownership. Dental professionals can learn more about the opportunities available for them through Dental Broker Florida.