This article is an excerpt from the free “Dental Practice Startup Guide”. It is a review of some of the most common mistakes that Dentists make when opening a new practice, and how they can be avoided. Click Here if you would like a free copy of the Dental Practice Startup Guide.
The contributors to this guide have helped hundreds of dentists open their first dental practices. In those years of experience, we have identified some common “pitfalls” that are sure to hinder a new practice’s success. The good news is that these mistakes can be easily avoided. Here are some of the most common mistakes that we have seen startup practice’s make:
- Trying to negotiate real estate terms on your own. A specialized real estate advisor can help you leverage market conditions to get you the best terms possible on your lease or purchase.
- Not hiring the right staff for the front desk. Your front desk staff are the face of your practice. They are the first and last people that your patients will interact with when they visit. Too many dentists hire friends and family members that lack the right skill set for this role.
- Failing to properly manage the budget. Fixed and variable costs need to be closely managed to ensure that your practice can continue to function.
- Not using a dental contractor. Hiring a specialized dental contractor can actually keep your costs down, because they know how to correctly size a job. Non-dental contractors may be priced lower, but they will often take longer and cost more in the end.
- Not allocating enough resources to marketing. Sufficient marketing is critical to attracting, converting, engaging and retaining new patients. A large number of practices struggle in the first few years due to a lack of effective marketing.