You have received your DDS/DMD degree, have a few years of experience under your belt, and are comfortable with extractions, fillings, cosmetic procedures, and other dentistry procedures! Your experiences, possibly as a dental associate, have persuaded you to pursue practice ownership. Dental practice ownership is a long and tedious path, but can be very rewarding and starts with you. Are you able to focus on other aspects besides dentistry of a dental office? (Some food for thought: Staffing / Cashflow / Supplies / Equipment / Marketing & Advertising / Insurances / and more).
Great! You’re still on the path of entrepreneurship. One of the first steps to practice ownership is deciding the type of practice you’re buying into: Turnkey (Equipment, Space and Patients), Leaseholds (Equipment and Space), Build-out (Space). Each has their pros and cons. Turnkeys offices have a higher cost to enter, but have patients coming in. Leaseholds have a lower cost to enter, but you must market and generate patients and build-outs are building the space and patients from the ground up. For Southern California based dental offices contact our partners at First Choice Practice Sales to discuss buying or selling your dental office.
In this series, we are focusing on Build outs. These offices can become extremely expensive as there are multiple pieces moving throughout the process that need to be aligned correctly. With our experience, we can ensure the office is built to a high standard with a minimal budget. While focusing on a location, some general questions to ask are:
What demographic of patients are you looking for?
How much do you want to pay for rent?
What type of location are you looking for?
How far do you want to live from your office?
If you answered, “I am looking for a Hispanic patient base, with cheap rent, in a strip center, in Paramount, CA” we have the office for you! This article is based around our dental office buildout in Paramount, CA! This practice is currently listed at $175,000 (equipped) and can be purchased prior to it opening. Claim your new location before the collections raise the sales price. Keep reading to see how we will be building this office over the next 8 weeks! If you are looking for other types of patients or location the general rules still apply to starting your own dental office.
So far, you have selected a location you like and signed a lease with the landlord or purchased the real estate. The clock is ticking as you are accumulating monthly expenses. Now is the time to begin your marketing. With this office in Paramount, we have registered our website domain names (www.PARAMOUNTDENTISTRY.com and www.DENTISTPARAMOUNT.com) and have the website development team building content to start our SEO strategies. This location is also next to a major retail anchor, Starbucks. As time comes closer to opening, you can see how this affects our marketing campaigns.
As a build out, you will need a design for the office. With our previous experiences with build-outs, we selected a close friend of ours to design the office. The design will need to be approved by the city and the landlord. Once your design has been approved, you can begin looking for contractors. At the same time, you will want to apply for a fictitious business name and register it with your city.
We decided to use our go-to contractor. In your case, you will want to look for referrals or feel out the contractors for yourself. A good contractor will be licensed, have photos/mock-ups of previous work completed, and should have a list of dentists you can call to see what their experience was like. With an experienced practice contractor they will address any concerns you may have with building your office. If you haven’t done so already, now is also the best time to consider what extra features you want your office to have. Many dentists integrate speaker systems to drown out the sound of the drills, security camera systems, Ethernet patch panels, nitrous lines/air lines for sedation dentistry and other unique features they prefer in their office.
We will continue to show you progress during the following weeks. If you are interested in speaking to an experience Practice Developer, please do not hesitate to give DentalAssets.com a call at 888-518-5788 or send us an email at [email protected].