Dental practices in the UK typically run at profit margins of anywhere from 15% to 25%, making them an increasingly attractive proposition. The constant demand for dental appointments, combined with the rapidly growing market for cosmetic procedures, means more and more trained professionals are looking to start their own practices. To make sure that you get off to the perfect start, we’re going to talk you through how to go from concept to clinic faster than any of the local competition.
Start with a big-picture strategy
You need to think about your target market, the demographics you’re pitching your services to, and how much your initial costs are going to be. Think big and then home in on the details so that you can go from big-picture strategy to detailed tactics. It’s about thinking about what you want to achieve and then systematically building a realistic plan that leaves you with both flexibility and headroom. If you do that, you will always have something to refer back to when you feel like you are at risk of getting lost in the details and heading off in a different direction.
Secure funding from lenders
Taking your business plan to the bank is a smart move because it will show them that you have put real thought into your new business. Highlighting the profit margins and scope for a return will show them that they can offer you favourable lending terms because they’re very likely to get all of their money back. The more detailed you can be when it comes to the financial side of things, the easier you’ll find talking to lenders.
Understand CQC regulatory requirements
It’s easy to get caught up in the fun of hiring and branding, but you need to get the basics right first. The CQC are the people you need to run your business past before you can open your practice and start delivering services, so make sure you look at their rules, regulations, and guidelines sooner rather than later. By taking this next step early, you give yourself plenty of time to make changes and put things right, should you need to.
Identify the right location and find premises
You want somewhere prominent, fairly priced, that has room for expansion, and that offers easy access. Parking is essential and will make things so much easier when you’re looking to attract your next batch of new patients. Make things as simple and stress-free for them as possible, and you will find that the results speak for themselves before you know it.
Build a team of like-minded professionals
If you’re all passionate about what you do and fully invested in enriching every aspect of the patient experience, you’re going to achieve so much more. Find positive, energetic professionals who are trained and certified, but who are also committed to life-long learning, and you’ll have a winning team for many years to come.
Reinvest in the latest technology
You need to be able to invest in online marketing and advertising to raise awareness, but continually reinvesting in the latest tech is at least as important. Knowing where to get the latest advances in everything from consumables to dedicated systems may be something you’re unsure of, but teams like Kent Express can certainly help. They will provide you with a central point of contact and can offer reliable delivery nationwide so that you never have to compromise.
Streamline your practice with systems
If you can continually assess and evaluate how you do things, you’ll always be ahead of the chasing pack. New communications systems and patient management tools, for example, can help you to reach out and connect with patients who are hard to reach otherwise. The more patients who come to their regular checkups, the better, because you will be able to give them the consistent level of dental care they need. Not only will they feel the benefits, but you will also because they’ll be so much more likely to recommend their friends, family, and colleagues.
Conclusion
When it comes to building a highly profitable dental practice, you need to spend money to make money. It’s about reinvesting, staying ahead of the trends in cosmetic treatments, and always having the very latest patient care systems and treatment technology at your disposal. Once you do that, you will be able to build and then sustain momentum in a way that ensures the local population always comes straight to your door when they need the best dental care team in the area.
