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6 Oversights To Avoid With Practice Startups

6 Oversights To Avoid With Practice Startups
by Keith W. Gruebele

Even the most organized and motivated dentists can make simple missteps to complicate opening a new practice, with all the different factors it can sometimes be easy to make an oversight.

Opening your own dental office is no simple task. Coordinating with different parties and managing the moving parts can often make for a headache. Avoid making these possible oversights and ensure your practice gets off on the right foot to start paving your way to success.

1. Not Planning Properly

Whether you’re an established professional or new graduate, opening your own practice is a big undertaking. Lawyers, landlords and vendors are just a few of the many parties you’ll work with along the way, so take your time and know what steps to take. A detailed business plan can go a long way in mapping out those steps, identifying goals and staying on track to achieve them.

2. Hiring the Wrong People

Hiring can be an incredibly tough part of starting a practice. Employees are the front line to patients and are key for both short- and long-term success. Between recruiting, onboarding and training, if a new hire doesn’t work out, it can cost a practice valuable time and money.

3. Waiting too Long to Secure Financing

Opening your own office is expensive; so dentists may have to work closely with a lender to acquire the financing they’ll need. Oftentimes, real estate opportunities happen quickly, and if you don’t act fast, you risk losing it. Keep in mind that various lenders offer different terms, work in different timeframes and serve different audiences, so if you do need to work with a lender examine your options and choose one who is the right fit for your needs.

Read full article on Dental Economics.