Setting up a Squat Dental Practice
The demand for dental practices is at an all-time high and this, in part, is leading to increasing numbers of dentists to consider creating their own dental practice.
Setting up a squat is a viable way to get into practice ownership but does require a very different approach from buying an existing dental practice. You need to create a plan of what your dental practice will become and with this a financial forecast so you can be comfortable with the necessary investment required.
There is no doubt the idea to create your own vision from the ground up is exciting. You get to design to everything from the layout, equipment, services offered and create the culture which will drive the patient experience.
When you buy an existing dental practice you acquire the patient base and with it the income stream, this is the goodwill and is the critical difference between a squat dental practice. Therefore the planning phase is crucial so that you can be confident in your plan to succeed. First and foremost, your plan should be to satisfy yourself that the idea is viable and then share it with others, such as a bank if you are looking to borrow money.
If you feel that setting up a squat dental practice is a route to explore then we can help you.
As a Group we have access to expert partners who can guide you on this journey covering:
- Securing finance
As a first port of call, you should have a conversation with the team at FTA Finance. They will be able to advise on the best options for funding for you and will ensure it meets the needs of both you and your future business.
- Choosing the right location
- Securing premises
- Planning and refurbishment
Ensuring your new practice is designed specifically to your requirements, is within your budget limit and has the equipment in place you need to get up and running will take time and planning to get right. Our advice would be to speak to the expert team at Hague Dental who have years of experience helping dental professionals just like you.
- Legal services including property leases, HR and recruitment
For advice and support on all the legal aspects, including dealing with your property lease and employing staff, please get in touch. We can introduce you to a panel of lawyers who specialise in dentistry and will be best placed to provide you with the right advice.
Stepping into the role of practice owner and ultimately a leader, is no mean feat. To help you on the journey, these resources are worth a watch/listen:
(1) Practical Lessons in Leadership (webinar) – This masterclass, hosted by Chris Strevens (Director and Co-owner – Frank Taylor & Associates) and Simon Gambold (Leadership & Engagement Coach – Engage the Team) looks at the key team engagement skills required to tap into the potential of your team members, so you can continue to delight patients whilst improving productivity and creating a less stressful and happier workplace.
(2) How to Develop a Squat Practice – In this video, Andy Acton, Director and co-owner of Frank Taylor & Associates, takes part in a discussion about how to develop a Squat Practice and talks about the importance of good leadership.
(3) Podcast – In this podcast recording, our Director, Andy Acton, talks about the benefits of setting up a squat practice and other things to consider when doing so.
(4) Blog Post – Read this post that features the thoughts & advice from our Director, Andy Acton, on setting up a squat dental practice.
- Marketing and PR
- Website & Digital Marketing
The expert team at Digimax Dental are the ones to talk to about building a stylish and eye-catching website for your new practice. They’ll also be able to talk you through how best to promote your practice online so that your practice stands out and will ensure you start to build an online brand presence as your practice grows.
We can also advise on ownership options as you could progress this as a sole project, or we have a dental partner experienced in creating squat practices. Our partner has extensive experience in setting up squat dental practices and will be able to support you through to the full mobilisation of a new dental practice. This means that you will be able to step into a full refurbished, well equipped, and compliant practice.
For more information and help on setting up a squat dental practice, please call us on 0330 088 1156 or provide your contact details below.