For dental associates who’ve spent years refining their skills at someone else’s practice, transitioning to practice ownership could be the right move. Choosing this path could have a significant impact on your career and financial future.
If you’re an associate eyeing practice ownership, here are compelling benefits of choosing this entrepreneurial path.
Having Control Over your Practice Vision
The significant opportunities that crafting your practice from the ground up offers can’t be overstated.
Starting fresh allows you to sculpt your practice according to your vision. You set the tone, design your distinctive culture, and align them with your preferences for the well-being of your patients.
For example, you’ll have the freedom to shape your office layout according to your vision. You can create a space that functions seamlessly to deliver the best patient care and design the environment where you and your patients will spend substantial time.
Significantly, you’ll be able to embrace innovation and incorporate modern technology into your practice. With digital imaging and the latest dental tools, you have the power to provide cutting-edge care and enhance patient care and satisfaction.
The Ability to Build Your Ideal Patient Base
When you tailor your practice to reflect your ideals, you’re able to set your practice apart and make it instantly recognizable.
For example, outfitting your office with state-of-the-art dental equipment and technology is a game-changer for patients seeking modern and efficient care.
If you build a strong local presence through local engagement and combine that with a well-crafted online presence (marketing your practice’s brand identity—a creative, dynamic opportunity you also have control over), this potent combination can attract patients who are drawn to your approach and values.
But this means you’ll need to form meaningful connections in your community and build a robust online presence.
Financial Autonomy and Fiscal Management
Launching a new office grants you unparalleled financial autonomy. You’ll be managing startup costs and tailoring your budget to your financial situation, so you can build your practice on a solid financial foundation.
Leasing a new practice space offers an additional advantage by giving you the ability to explore cost-effective opportunities that align with your budget and long-term financial goals. You exercise full control over all financial decisions; and you can make choices that maximize profitability, ensuring the financial health and sustainability of your practice from the outset.
Buying an existing practice is another good option, but there are potential drawbacks. Acquiring an established practice often comes with a substantial financial commitment upfront. You may inherit existing debts or financial burdens, leaving you less budgetary control and flexibility than start-ups offer.
The advantages of launching a new dental office are clear: total control over your practice setup, a canvas for painting your unique vision, the ability to create a dynamic, technology-rich environment, and financial autonomy.
We encourage associates to contemplate the possibilities the entrepreneurial journey presents, weigh their options; and perhaps take the transformative step towards ownership of a practice that truly reflects their values and ambitions and offers a world of potential.
Xite Realty offers services ranging from finding the best location for a practice to turnkey dental project management. Xite can also negotiate your lease and help with building to suit. TDA members receive a free initial demographic analysis—on existing space(s) as well as any new offices being considered. For more information, call 214-306-4555.