If you’re like a lot of Americans, you’ve probably put a lot of your plans on hold due to the pandemic. While you may want to wait to vacation overseas, go to crowded sporting events, or throw a big party, opening a dental practice isn’t something you need to delay. Here are five reasons why.
It can cost as much as $500,000 to open or even improve a dental business, depending on the location. You may need to make structural changes to the building, purchase equipment, and build inventory. Due to the economic downturn, business loans for dentists have lower interest rates. You can also find low interest dental equipment loans right now.
To know what kind of dental practice purchase loans or dental equipment financing is best for you, come up with a business plan first. Where will your office be located? How much space do you need? Will you be working alone or hiring associates? How will you maintain cash flow? The type of business loans for dentists you choose will depend on all of these factors.
Many business owners are using pandemic closures as a time to remodel, improve, or move their offices. This also leaves you more time to transition from working as an associate to opening your own practice—something that typically requires a juggling act. You’ll have the time to find an office, set up, and hire your staff. You’ll also have time to reach your target market and come up with new ideas.
As of 2020, there were 201,117 dentists. While many of them are operating at reduced capacity, cutting their hours, or remaining closed, the demand for services will eventually return. When it does, the demand will be high. That makes it a perfect time to build your business. You’ll have time to build a clientele by marketing your new business through social media, your website, and email campaigns.
If you’re currently working as an associate, your hours have probably been reduced. Perhaps the owner is the only one able to work in the office due to social distancing and capacity restrictions. Rather than waiting to return to work, which may include working reduced hours for quite some time, become an owner and make money as soon as your doors open. Being the owner gives you more control over your financial future.
Many dentists are concerned about the stricter sanitation requirements due to the pandemic, and some view it as an extra expense and a reason not to open their own practice. However, from now on there will be stricter sanitation requirements whether you work as an associate or open your own practice. It’s also an aspect of your business that you can use to set yourself apart from others. You will be building a new business and can more easily incorporate safety measures, such as socially distant seating, partitions, hand sanitizing stations, and the like.
The pandemic has caused many associates to postpone their plans for opening a dental practice. However, there are multiple reasons to feel confidant about moving forward. As long as you plan ahead and have some patience, your dream of owning your own practice can become a reality—even during a pandemic.