You probably already know that starting a successful dentistry practice necessitates a business plan. In both cases, it is essential to have a clear vision of what you want your dental business to look like.
The business strategy serves as a road map for your future success. In most cases, Anaheim Dental Attorney will not speak to you until you have a detailed business plan. Everything you need to know about your business, from your target market’s demographics to how many staff you’ll need, is included in the business plan.
Plan For A Dental Practice: What You Need To Know
As a member of the ADA, you can use their templates as a starting point.
The following components are included in the SBA format and are typically utilized in some combination by all firms, including professional practices, including those in the service industry. You can follow it strictly or make adjustments to suit your preferences. When you request a business loan, lenders will expect you to submit a strategy similar to this.
A Succinct Overview
There are two parts to your business plan: an executive summary and a financial forecast. Exactly what it seems like: a condensed version of your entire business strategy. If at all feasible, it should not exceed two pages in length. Comprehension is more critical than conciseness here. This is the first thing a lender will see, and it’s your job to entice them to keep reading. You want this article to demonstrate that you have a clear idea of what success looks like for your practice and the principles upon which you base that vision.
An Overview Of The Business And The Services It Offers
In this section, you include your practice’s name and the same services it provides.
Include if any adjustments are to be made to the services already offered if you’re purchasing a practice. The following are some possible examples of services you might mention in this section:
- Medical examinations and tests
- Providers of dental implants
- Dental restoration therapy
- pre- and post-treatment
- Deep cleanings and treatments for periodontal disease
- Whitening your teeth
- Brushing your teeth
- Screenings at nursing homes
Make this list relevant to what you’re going to be selling. Exaggerating and listing a service you would not be providing is a red flag for potential customers. Explain why if you’re buying a practice and won’t be providing a service that the prior owner previously provided. Make a case for why your new service will benefit the practice.
Plannedness And Efficiency
Determine how the practice is going to be run. Exactly who will have the last say? Your choice of corporate structure will influence this. Decisions will be made by the partners of a partnership, for example. Name them if you can.
Identify your trusted advisers. Please include your insurance companies, real estate brokers, legal counsel, and other business groups you may be affiliated with.
It’s time to lay out the structure of your new workplace. Provide position descriptions for each position in your practice and list the roles that will be occupied. Placement opportunities such as those for a dental hygienist or assistant, an office manager, or a human resources manager should be included.
The goal is to demonstrate to potential lenders that you must have a well-thought-out strategy for organizing your workplace and the necessary resources to bring it to fruition.
Plan Of Action
Give an overview of how the workplace will run daily. Include:
- The working hours of the company
- When the office is open for business
- Partners with whom you’ll have to deal
- Schedules for the repair of equipment
- You’re willing to accept dental insurance as a payment method.
- Accepting dental insurance will be a no-no.
- Is it possible to make payments in installments?
Lenders can examine how your practice is organized in this part.
Documentation To Support The Financial Strategy
Lenders will pay excellent attention to this portion of your marketing strategy. Include any financial records that may be relevant. A little extra knowledge is preferable to a bit of oomph. Include:
- Estimated monthly earnings during the next 12–24 months
- The expected financial situation.
- The amount you’re asking for in a loan.
- How the money will be used in detail. Purchasing equipment?
- Were you covering the wages of the auxiliary staff? Can you pay the bills until your salary rises?
- Offerings as security for an unsecured loan.
- You need to back up your plan with evidence. Included in this are:
- Financial information about you.
- Records from the bank.
- Your three most recent tax returns.
- Please send a copy of your credit report.
- Preliminary financial statements
As part of your economic due diligence when purchasing a professional dental practice, offer copies of any essential financial records.
Whether you’re buying an existing dental practice or starting from scratch, Dental, as well as Medical Council, is one of the most relied-upon legal firms for dentists. Professional dental attorneys can assist you with any element of starting a practice, including drafting a business plan.