You’re a professional, ambitious, and hard-working dentist who also happens to have an entrepreneurial side and a knack for business. Why shouldn’t you open your own practice? According to Global News, the start-up costs can reach well into the $600k mark, a number scary enough to make anyone stop and wonder if it’s worth it. If you’re considering opening your own clinic, here’s what you should know.

Building & Equipment

The real estate bubble has refused to pop, and while some areas are more financially viable than others, the location of your clinic is also extremely important to growing your business. But if you think the four walls and a roof were expensive, imagine that almost every piece of equipment costs thousands of dollars. X-ray machines typically cost $20,000 while the focal point of any clinic, the dental chair, can easily set you back $5000. To compete with the growing emergence of dental clinics, it’s imperative to have a fully serviced clinic with the most up-to-date equipment. To be stingy will cost you in the long run.

 

Personnel

This is when you might start considering the size of your future practice. The bigger the clinic, the more people it takes to run it and the more costly your overhead. Consider the average yearly salary of a dental hygienist, a dental assistant and a receptionist, which will add up to at least $150 thousand a year.

To Start from Scratch or Buy Turn-Key

Whether you want to buy an existing practice or you want to start from scratch, you will have to weigh the pros and cons of both options. An existing clinic already has the equipment, the staff, and the clientele. But with an existing dental clinic, you’re also buying older equipment, hidden plumbing, electrical issues, and the practice’s current reputation. Building a practice from scratch takes more work, longer hours, and usually more money, but can be tailored to exactly how you always pictured it.

Shopping around for small equipment and dental supplies? Be sure to check out Dental Brands.

 Dental Brands: 1-888-441-0443

Sources: http://globalnews.ca/news/429450/too-many-dentists-means-tough-times-for-them-good-deals-for-customers-report/ http://www.123dentist.com/what-it-takes-to-run-a-dental-office/ http://www.practice4sale.ca/detail.aspx?i=8094