Will 2024 be your year to expand? While taking this step may be daunting, the rewards may ripe for the taking. Particularly considering that you've already learned and applied all that it takes to run a successful practice.. now could be a great time to take all you know and offer your services in a new market!
Taking the right steps to opening your second practice gives you the opportunity to apply everything you've learned and offer leading patient care to a new geography. It also, of course, comes with major considerations - many of which you know already - finances, staffing/recruiting, patients, service offerings, construction, legal, technology/equipment, and the list goes on.
Many doctors getting ready to open a start-up practice (or even a second practice) seek advice from colleagues, attend dental conferences and CE courses, listen to podcasts (such as The Making Of a Dental Start-up), ask financial advisors, and research online to guide them.
Enter the "5 B’s" – a simplified roadmap that categorizes the professionals and services vital for a successful dental enterprise. For more on this topic, check out our complete article: The 5 B’s of a Dental Start-Up: Your Roadmap to Success.
Today, we're exploring key considerations for dental professionals contemplating this significant step in your dental career, adding to the value of your practice.
Assessing Financial Stability
Initial Investment
Opening a new practice requires substantial capital. Evaluate your financial resources to cover expenses such as leasing or purchasing property, buying equipment, hiring staff, and marketing. Ensure that this investment won’t overextend your financial capabilities or ability to partner with a trustworthy loan officer.
Profitability of the First Practice
The success of your first practice is a strong indicator of your potential in managing a second one. A consistently profitable first practice provides a solid foundation and reassures lenders or investors, should you need external funding.
Market Analysis
Demographic and Market Research
Conduct thorough market research in the area where you plan to open the second practice. Understanding the local demographics, competition, and demand for dental services is crucial in predicting the new practice’s viability.
Differentiating Factors
Consider what unique services or experiences you can offer to distinguish your practice in a new location. This could include specializing in certain treatments, offering advanced technological solutions, or exceptional patient care practices.
Management and Operations
Time and Effort
Managing two practices will undoubtedly require more time and effort. Consider if you can realistically split your time and attention without compromising the quality of care at both locations.
Staffing and Management
Having reliable and competent management for your new practice is critical. Decide if you will oversee both practices or delegate responsibilities to a trusted manager or partner.
Standardizing Operations
To maintain consistency in patient care and service quality, standardize operational procedures across both practices. This includes administrative processes, patient handling, and service quality.
Long-Term Strategy
Growth and Expansion Goals
Your decision should align with your long-term professional goals. Whether it’s financial growth, broader community service, or establishing a regional presence, ensure that opening a second practice contributes to these objectives.
Exit Strategy
Have a clear exit strategy in place. This could involve selling the practice, merging with another, or passing it on to a successor.
Word to the Wise: Consider CPO for Unbeatable Value with Refurbished Equipment
When expanding a dental practice, practitioners or practice managers can choose to spend hundreds of thousands of dollars outfitting each new location with brand new equipment, or they can look for certified pre-owned used dental equipment for sale to help minimize their initial investment.
Additionally, when you can find used dental equipment for sale that is the same brand, model, and generation or age of their existing practice’s equipment, you often reduce the learning curve for staff members that move between locations.
Since you’ve read this far, we’ll tell you a little bit about ourselves too.
We’re Renew Digital, we’re the market leaders in certified pre-owned dental imaging. We’re here to help you with one big piece of the equation, one of the most significant investments you’ll make for your start-up: imaging equipment.
With over 10 years in this business, we’ve helped thousands of dental and specialty practices find affordable 3D imaging as well as 2D panoramic and pan/ceph, and now intraoral scanners.
We have a wide inventory of imaging equipment, curated to the brands doctors trust most. We also help our customers with installation, warranties and 5-star customer service, all included with your purchase price - so you have peace of mind you’ll be up and running for the long-term.
You have a lot on your plate, and we're here to help. Let us be of help to you by providing a 5-star experience from start to finish, starting with our experienced Regional Sales Representatives through installation and your warranty period.
There’s a reason over 300 customers have left us 5-star reviews on Google.
We offer mid FOV CBCT starting at only $24,995, saving our customers 30-50% off new list prices on CBCT.
What are you waiting for? There’s never been a better time to find affordable dental imaging equipment and start making that investment to improve your profitability.
Give us a call, we’ll connect you to your dedicated sales rep at (888) 246-5611, or complete an online form by clicking the button below.
