In a fiercely competitive world, which maintains unrealistic expectations of the market; startups can be very challenging. From selecting and hiring candidates to financial management and gaining the trust of customers; start-ups come with numerous responsibilities.
Dental start-ups especially are very difficult to set up. According to 2020 estimates, there are about 189,040 dental practices which are run in the US. The figure is enough to justify why setting up a dental start-up and running it is a difficult task indeed.
However, just because it comes with challenges doesn’t mean you give up on your dream! With a few tips at hand, you can easily work on setting up your dental practice
Here we have enlisted a few Dos and Don’ts that can serve as a guideline and help you through your venture!
Read on!
Dos of a dental practice
1] Choose a good location
Where you set up your business is very important when it comes to start-ups. You have to be noticeable to the people so they identify your service and approach you. Therefore, choose an accessible and prominent location which is brimming with crowds. Study the population that is usually into getting dental check-ups. Setting up a clinic in areas where people are health-cautious is a good idea.
2] Shop for equipment
Possessing the relevant tools will help you deliver exceptional services and run your business smoothly. Shop around, enquire about price ranges, and get the most advanced equipment into your practice. Patients always love something unique that no other service offers, hence they will be driven to visit you.
3] Use automation payment tools
Maintaining crisp and up-to-date records of cash flow is essential when working on a start-up. You have to be very careful about collecting timely payments so your practice is never hindered due to a lack of funds. The easiest way to tackle finances is keeping track and this can be done effectively with the use of dental billing solutions instead of having a desk stacked up with files and folders of financial data.
The automated tools will streamline the entire process of billing and offer you a comprehensive platform digitally.
4] Hire the best set of staff
Your staff represents your service. Therefore, be very choosy and set a strict standard for the selection of employees. A team of proficient employees can make your start-up reach great heights. Do not hesitate to fire the employees that pull you back. You might feel it’s not right to do so, but be practical and don’t risk things at the start of your business.
5] Provide patients with an exceptional service
Serve the patient exceptionally from the moment they walk through the door and leave out. Make sure every minute counts as a wonderful experience. Ensure your staff treats them amicably, they are comfortable and the overall treatment is carried out without stress. When it comes to start-ups, every patient matters. You need to gain the loyalty of the patient and leverage their contacts and reviews.
Don’ts of a dental service
1] Getting the marketing wrong
Right Marketing is very crucial at the initial stages of your business. You need to keep your business afloat in a highly competitive market. For this, you need to level up your marketing strategies. Harness the power of digital marketing. Invest in SEO, develop your website and make sure you drive traffic.
2] Avoid the things that are stressful
When it comes to starting a dental business, most dentists use a perfectionist approach. Avoid this if you want to truly grow. You do not have to accept a patient if you aren’t really well-versed with the treatment they require. There is no harm to refer them to another dental professional at the initial stage itself. Recommending a patient to take a second opinion when you are halfway through the treatment and stuck, is very unprofessional and reflects negatively on your business.
3] Do not underpay your staff
We know the money you make as a start-up won’t be enough but don’t let this hamper your payment policy. Pay your staff well and in time. Offer incentives and appreciate their efforts.
4] Do not overspend on machinery or improving office
While it’s important to set up comfortable office space and get the latest inventory; as a start-up, avoid being a spendthrift. Get only what fits your budget so you’re not caught up in a financial strain. Eventually, as the business catches up the pace, you can invest and bring improvements steadily.
5] Do not let go of the work-life balance
It is very likely that as a start-up, you want to give off your absolute best. There might be a strong urge to give treatments post-work hours, keep working on strategies to grow and so on. But do not let go of the work-life balance. Take breaks, exercise, have a good diet and spend time with your loved ones.
Setting up a dental start-up might be your lifelong dream. It is difficult but, in the end, it will be very rewarding financially and emotionally. So, conduct your research and get going!
