Start a Dental Practice
In the ever-evolving landscape of the dental industry, the prospect of starting a dental practice in 2024 is more enticing than ever. Dentists contemplating such a move should carefully weigh the advantages of early establishment against the rising costs of materials, equipment, and construction.
The sooner you embark on this journey, the better positioned you’ll be to build a thriving business before increased competition takes hold. Life is short, and seizing opportunities now can lead to a fulfilling and successful dental practice in the future.
One of the primary reasons to start your own dental practice in 2024 is the escalating costs associated with materials, equipment, and builders. With each passing year, these expenses are on the rise, making it crucial to act promptly.
By establishing your practice sooner rather than later, you can lock in current prices and mitigate the impact of future increases, ensuring a more cost-effective venture.
Beating the Competition
Competition in the dental industry is inevitable. The longer you wait, the more saturated the market becomes, making it challenging to stand out.
Starting your dental practice in 2024 a unique opportunity to establish your presence before an influx of competitors. Early entry into the market allows you to build a loyal patient base and solidify your position as a trusted dental professional in your community.
Finding a Location
In the past you would have needed to find a building with D1 planning permission or apply to the local authority to set up a dental practice. This made locations hard to find and planning permission was not always guaranteed.
Since the change in planning permission requirements in September 2020, it is now easier than ever to convert previous retail units into dental practices.
There are also many residential developments, with retail units in built and commercial business parks which are now available for conversions and lend themselves very well to squat dental practices, due to the flexibility on space.
Right Time For Your Goals
Determining the right time to start a dental practice is a personal decision that hinges on your goals and aspirations. Life is short, and delaying your dreams may result in missed opportunities.
Evaluate your professional and personal objectives, seek advice from industry experts, and assess the market conditions to determine if 2024 is the opportune moment for you to embark on this exciting journey.
Expert Advice and Support
I always say, consider buying a practice as well as starting a squat. You will learn a lot on the journey and may find something special. Navigating the complexities of buying a dental practice requires expert advice, especially in areas such as financing and accounting.
Find and engage with a dentist accountant who specialises in dental practice transactions to ensure a smooth and informed process.
Due diligence of accounts is paramount as well as a clear cash flow forecast to envisage your ongoing financial responsibilities. Seek support from professionals who can guide you through the intricacies of purchasing a dental practice, helping you make sound financial decisions that will set the foundation for your success.
Dental Practice Financing
You may not have any idea of your credit score or how much money you can borrow. The only way you will find out is by asking.
I advise approaching a dental finance broker and start looking at what lending is available to you. This will help you create a budget to start planning your dream practice. Securing financing for your dental practice is a crucial step in the setup process.
Explore dental practice financing options that align with your financial goals. Understanding the intricacies of financing, what the banks are looking for, interest rates, and repayment terms is essential to making informed decisions that will impact your practice’s long-term success.
Most dental practice startups need at least 30% deposit, while buying a practice usually requires 10%. Both may require additional security to secure the loans.
Investing in high-quality dental equipment, including chairs for dentists and other necessary tools, is vital for delivering excellent patient care. By starting a dental practice in 2024, you can secure essential equipment at current prices, avoiding potential future price hikes.
Partner with reliable dentist suppliers to ensure you have access to the latest and most advanced dental technologies. Whilst on a budget, invest in quality as it will save you from problems and breakdowns in the future. Work with companies that have great support and are available to you locally.
In conclusion, the time to start a dental practice in 2024 is now. Rising costs, increased competition, and the need to align with personal and professional goals all underscore the urgency of taking this step. With the right advice, support, and strategic planning, you can establish a thriving dental practice that not only meets but exceeds your aspirations.
Life is too short to delay your dreams—seize the opportunity to build the practice of your dreams. Treat the patients you want in a way that really aligns with your professional and ethical standards. Make a lasting impact on your community and the dental industry in 2024. If I can do it, you definitely can!