Running a successful and profitable dentistry practice is the goal of any dentist. This means providing quality care and keeping your clients happy as well as healthy. However, this can be difficult since financing the equipment, computers, dental supplies, and software for a standard dental practice can run anywhere from $190,000-$200,000 (per the American Dental Association).
Luckily, there are loans for dentists out there that can help take some sting out of the cost of these upgrades. Here are a few ways your dental practice can make use of loans to expand!
This is one of the most straightforward uses of a business loan. Your patients' time is valuable and if you can cut down on the time they spend waiting, it's also better for your bottom line. The money you receive can be used to hire more assistants or receptionists, depending on what your business needs.
Consider using a small business loan to invest in digital marketing services for your dental practice. 81% of customers do online research before making a purchase, according to Junto. Not being online is simply not an option these days. Hiring a digital marketing professional or an agency to manage your marketing campaign is a great use of a business loan as it gets more eyes on your practice and can really expand your client base.
Another use for a business loan can be expanding your physical office space and making needed upgrades. With an additional business space or a larger main office, your business will have plenty of room to expand and spread out. With a loan, you can make needed upgrades or even purchase additional space to work out of. It's important to apply and be approved for funding before you begin, however, just in case there's an issue.
If you've been looking to purchase an existing dental practice, you'll not only need money for the original acquisition, but for the additional expenses that come as a result of it. These can include hiring additional staff, ordering more inventory, expanding the space, or even paying for PR and branding services. Having a business loan will not only help cover these expenses but also help you ensure a seamless transition as you accommodate new patients.
These are just some of the ways loans for dentists can help you expand your practice and grow your business into one that thrives!