It Takes a Village:  

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opening your dental practice Credabl

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The support you need when starting your dental practice

Opening your own dental practice is an exhilarating journey, filled with numerous challenges and decisions to make. Whether choosing the right location, selecting equipment or assembling your team, the path to a successful practice demands more than just dental expertise – it requires a strategic approach to business management, financial planning and operational efficiency. As the saying goes, “It takes a village.”

Building Your Village

In this article, we’ll explore key considerations for building your “village” and establishing a thriving practice. Often, trusted professional partners can provide the guidance needed to steer you in the right direction – these business specialists, with experience in launching multiple dental practices for many clients over the years, can help you navigate potential pitfalls and identify opportunities for success.

To Acquire or Start from Scratch?

Deciding whether to buy an existing practice or start from scratch is pivotal and will guide your long-term plans. Acquiring an existing practice offers immediate operational capabilities, with an established patient base and workflows. On the other hand, starting anew allows for complete customisation, aligning the practice ethos, design and patient experience with your vision. While this approach requires a significant initial investment in both time and money, it provides the best opportunity to realise your ideal practice environment.

opening your dental practice Credabl
Teresa Nguyen, Commercial Specialist, Credabl

“Building a unique brand is crucial when starting a dental practice – acquiring an existing practice is convenient, but can inhibit the freedom to build your own brand due to fears of eroding existing goodwill.” – Teresa Nguyen, Commercial Specialist, Credabl

If you choose to build your new practice from the ground up, consider the fit out carefully. The environment you create and the tools you choose are extensions of your practice’s philosophy and commitment to patient care. Investing in state-of-the-art equipment and thoughtful interior design not only appeals aesthetically, but also enhances your patients’ experience, aiding in retention and growth.

Financing Your Dream

opening your dental practice Credabl

When opening a practice, understanding your financial capacity and how best to allocate funds is critical, as the exercise can require significant financial investment.  Accessing the necessary funding doesn’t have to deplete your savings though; tailored financial solutions are available to fund multiple components of practice start-up.  When organising finance, engaging with a specialist medical lender, such as Credabl, means you benefit from their market knowledge and understanding of the unique  financial structures of dental practices. These financiers can offer advice and options you might not have considered, ensuring you make informed decisions from the start.

opening your dental practice Credabl

Transitioning from Dentist to Practice Owner

The transition from dentist to practice owner encompasses challenges beyond patient care. Practice ownership introduces managerial responsibilities, like staff attraction and retention, cash flow management, business growth, patient experience and marketing – areas often outside a dentist’s formal education. To manage these challenges, accessing industry-specific training, coaching and consulting services can position you for success. The team of coaches at Prime Practice, for example, draw on over 30 years of experience with practice owners to develop their content and ensure it’s highly relevant for dental professionals. 

“Being a good clinician, you learn at university – being a good business owner is a different degree entirely. The challenge is learning a new skillset, whilst being the main service provider and maintaining positive cashflow. This is where tailored coaching is invaluable.” –  Jen Cox, Coach, Prime Practice

opening your dental practice Credabl
Jen Cox, Coach, Prime Practice

Consolidating Your Village

Starting a practice is complex, but with the right partners to provide guidance, it can become far more manageable. Finding a mentor and joining a professional network can provide the support needed at each stage, as you are backed by their experience, specialist knowledge and network. 

“A professional network that connects industry professionals with peers and specialist services, acts as a trusted advisor in selecting the right partners.” – Grow Community

For example, the Grow Community offers dental professionals access to a curated network of experts like Credabl and Prime Practice. These partners offer specialised services designed to streamline practice ownership, simplify the
startup phase and fortify
the practice’s foundation for future challenges and opportunities. 

To learn more about the Grow Community or connect with their partners, visit growcommunity.com.au. Membership is free for a limited time, making now the perfect opportunity to connect, accelerate and thrive in practice ownership. 

opening your dental practice Credabl

Disclaimer

This article is a guide only and does not constitute any recommendation on behalf of Grow Management Pty Ltd (ABN: 55617707212) or its related entities and partners. Before acting on this information, consider its suitability for your circumstances. Grow Community does not offer financial, tax, or legal advice. Seek independent financial, tax, and legal advice as appropriate.

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