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Everything Guide to Start a Profitable Private Dental Practice: Reviews, Steps And Mindsets

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Establishing anything is a worthwhile challenge. Starting your own dental practice makes no difference. With this post, you will learn the reviews you should take before initiating the process, the sequential steps you should go through, and the mindsets you should keep in mind.

With this article, you’ll learn:

  1. Necessary questions to ask yourself before kicking off
  2. Major steps to starting your profitable dental practice
  3. Mindsets you’d have
  4. A vital factor to make your clinic great

4 Necessary Questions to Answer to Become an Entrepreneurial Dentist

With these three questions being answered, you’ll be able to tell yourself if you are prepared for the journey or not. They might look simple to answer, but there are deeper meanings behind all of them.

Do you enjoy working independently?

When you run your own dental practice, it means you are the only person responsible for the practice and everyone working there. It varies from working for fixed hours as an employee at an existing clinic for a salary.

Once you step out of your comfort zone, you must realise that you’ll need to work longer hours and lose some of your freedom. Things could be difficult to predict at the start, such as monthly income.

Do you enjoy working independently, for yourself?

Are you ready to do the work?

Life is full of surprises. So is establishing your own clinic.

As a partitioner, you’ll need to make a big investment of time, energy and creativity. Please be realistic about the investment that is about to be made and be sure you’re ready for all the goods and the strikes that might be happening.

Do you have a business plan?

A roadmap indicates the direction you’d stick with next in your journey. When it comes to starting a business, it’s a business plan. It serves as a template to assist entrepreneurial dentists in exploring and forecasting all possible challenges in their ventures:

  • Budget for the project
  • Services will be provided at the practice
  • Fees for each service
  • Payment policies
  • Insurance plans you’ll accept
  • Profiling of your competitors
  • Marketing plans and strategies

You will find it useful when you can have all the predictions. At least, you’ll be ready for things psychologically.

Have you researched the local market?

There’s a big chance you’ve probably learned that the global dental implant market is estimated worth $9.62 billion by 2030, but still, market research is still a must-include within a business plan from scratch if you want to be really successful in your business. To a new-born dental clinic, it’d include:

  • The population in the area
  • The number of dentists practising in the targeted region
  • The services other competitors provide

Competitors shouldn’t be your concern but no strategies are held for the practice’s growth.

To dive deeper, refer to our previous post ‘Massive Need For Dental Implant is Thriving & Get Ready With These Reminds From Your Peers’ for further discussion.

5 Major Steps to Start Your Private Dental Practice

Five steps may sound a bit heavy but they definitely worth going through one by one because establishing a practice is never an easy task. You might have already known some of the steps listed below but try to follow them to make sure all things go well.

There is another post having the steps well explained in detail which is worth your time reading. Visit ‘Guide to Establish or Become a Profit-making Dental Implant Practice‘ for detailed information.

Step 1. Reposition yourself and your practice in the local market smartly

As a dentist, we integrate knowledge, skills and products to provide professional treatments to patients. This is the common sense of the path of profit-making. However, how do you vary from other dentists that run their own practices in your local market? You need to do the repositioning and a differentiation strategy to stand out in the market.

To find a niche field you’ll be glad to keep searching and learning to be an expert within the field, to evolve the patient’s experience at your own practice, or to be a specific role on the patients’ daily could all vary your brand from the others.

This step requires time but it’s worth it.

Step 2. Identify your target market and profile of prospects

With the refining of repositioning of your brand, you will be able to tell where your target market is and what the prospects are profiled, including their:

A dentist should understand target patient's profile well
  • wants
  • needs
  • fears
  • desires
  • problems
  • aspirations

Once you’ve narrowed down your target market, it’s time to do additional segmentation. For example, if you’re using dental implant-supported treatments as the major method to do restorative dentistry, you may need to verify reasonable pricing ranges for the target prospects into different levels.

Step 3. Address your MVP

Same as NBA, you’ll also need an MVP (most valuable player) with your dental business. It could be specific product sales or treatments in prosthodontics or orthodontics. Address the most valuable treatment and push it to the next level on the specialized skills and implement it as a part of your marketing strategy.

For example, you may market your own brand as a role within the ‘Straumann eco chain’ that uses T-PLUS (a Straumann certified partner, more information here) dental implant systems and the systems by Straumann.

With the correct strategy, you’ll find how efficient and effective it is to build up your own reputation and the brand voice of your own practice.

Step 4. Create a Business Plan

As mentioned in ‘Massive Need For Dental Implant is Happening & Estimated Worth $9.62 Billion Through 2030’, Dr Bill Dorfman suggests dentists who desire to be successful need to think as entrepreneurs and look for opportunities instead of wasting time waiting for them.

As an entrepreneurial dentist who runs a dental practice, you need to have a business plan before establishing one. There are several elements that should be included if you take it seriously:

  • Executive summary
  • Description of the business
  • Description of the market(s)
  • SWOT analysis
  • Management team and personnel
  • Treatments and products offered
  • Marketing strategy and tactics
  • Financial plan

We’ll extract these elements into future posts to reveal more important concepts and tactics. Please stay tuned with us by becoming our registrant to unlock this useful information.

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Step 5. Market your brand

Once you’ve come up with your brand, now you need to spread it to the world and share it with the right prospects to build up a voice that varies from the others. As a modern dentist, you may use several tools as daily channels to build up your online reputation to make a presence, such as a website and social media.

T-PLUS has some articles that explain this phase in detail. Feel free to explore your preference:

  1. Three strategies that powerfully amplify a dentist’s online reputation
  2. How to increase social media engagement being a dentist or implantologist?
  3. Make of a great engaging dental website: 8 key factors & 6 qualities to keep in mind
  4. Dental SEO Starter Instruction That Gets You More Patients

The list is in its growth process. Come back to visit our ‘dental marketing‘ category and take away what you need.

3 Key Mindsets of a Successful Dental Practice Owner

As an entrepreneurial dentist, your attitude decides every outcome of everything from day one. There are three key mindsets you’d always have to keep in mind to be successful:

  1. Prepare to embrace risks
  2. Think and act like an entrepreneurial dentist
  3. Keep optimising your way of thinking

Starting on the day you decide to be the boss, you’ll be responsible for many things. Even though they may not all come up as expected, you’ll master them as you’re supposed to. These 3 mindsets will be very helpful when you struggle with something during the process.

1 Vital Factor to Be Great

You’ll need a strategic partner when starting your own practice, especially if you are highly involved in prosthodontics. In business, connection means a lot. You’ll be benefited from having a partner who is reliable to depend on.

As a dental implant system manufacturer, T-PLUS is always eager to start a partnership with dentists who want to be successful in their own businesses.

If you fit the description, contact us now and see what offers we have for you. For dentists in Taiwan, you may contact our regional distributor, Sunriser Medical Co., Ltd.

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