Posted on Jul 13, 2015
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Posted on Jul 13, 2015
Running your own dental practice can be extremely gratifying and profitable. But just how do you know if it’s the right move, and if you’re the right candidate to run it? Being a great dental practitioner doesn’t necessarily make you a good business owner. We’ve put some tips together to help you navigate these tricky questions and more.
You could buy a dental practice if …
… You are moving to a new area
If you are relocating, starting a practice from scratch will be a huge step backwards. That means, the fast-paced working style you are used to will probably shift down a few gears.
Buying a dental practice that is already established can help you keep a similar momentum to what you are used to. It can be more fulfilling financially and emotionally than starting from square one.
… You want to be your own boss
Not everyone is a good follower; some of us have leadership traits that are extremely well defined, making it difficult to work for someone else. If you are an independent person who has a clear path in front of you, owning your own dental practice might be for you.
… You do not want to start from scratch
Buying an existing practice that has a staff contingent means you don’t have to start training people while canvassing for new clients, and that can make the world of difference to your working life.
… You want more business
Another common reason why a dentist might buy an existing dental practice is because their current operation is quiet. Buying an established practice gives you access to new patients, but there are some questions that should be considered.
Why is your current practice slow? Is it because your location is not ideal, your marketing is too flat, or your staff are not supportive enough to help you build and grow the business? If your current practice is experiencing set backs, sit back and take stock of why, before committing yourself to more financial debt. You may very well be treating a symptom and not the root cause of the problem. Identify and address the problem before embarking on an adventure with another practice.
If you are doing something wrong, there is a big chance you will transfer this error to your new endeavor.
… You want to find a better practice location
Renovating and redecorating can be expensive. In some instances, it makes better business sense to buy a newer practice than to fix an old one. Is your upgrade attached to a rebrand? Do you want to introduce new services? If so, buying a practice could be for you.