Becoming a dentist may have fulfilled one of your dreams. Owning your own practice can be the second part of that particular dream. When you have your own practice, you have a lot more freedom as far as business decisions go, but you also have more responsibilities to consider. When you are ready to open your own dental practice, your startup budget needs to include three major categories.
- Office Space
Every practice needs a location. Whether you rent or buy your office space, you need to make sure you are in a location that is either convenient for your current patients or offers significant opportunity for growth. Then you need to make sure you have the square footage to accommodate your practice.
Once you have determined the location and size of your office, you need to equip it. You not only need to factor in the price of your dental equipment but also the cost of parts such as a high speed dental handpiece cartridge replacement so that you can replace essential items quickly when they wear out. Furniture, electronic equipment and software are also necessary expenses.
- Operating Expenses
When you are putting your business plan together, you want to calculate realistic operating costs. Communication costs, such as phone and internet services, are going to be essential monthly expenses. It’s important not to skimp on your marketing budget, especially when you are just getting started. Payroll, accounting and legal services are also vital line items in your list of regular operating costs.
If you want a little more autonomy in your career, opening your own dental practice may be the logical next step. In order to be successful, you must make sure that you are able to afford all the responsibilities that come with running your own office.