Regional Support Manager, Chris Nicholson, shares some things to consider when setting up a squat dental practice.
Squat dental practices have grown in popularity over the past few years. As patient access to NHS dentistry has become a bigger problem, some dentists have seized the opportunity to set up new practices from scratch rather than paying for the goodwill value of an existing one.
Here’s a list of things to take into account when setting up a squat:
Conduct thorough market research
Before you begin, it’s crucial to understand the local dental market. If you already own a practice in the area, then you’ll probably have a good idea of things such as the demographics, population density, and the existing competition in your chosen area. However, it pays to be certain so make sure you have conducted a thorough analysis before starting anything…
Develop a comprehensive business plan
It more or less goes without saying that a well-thought-out business plan is essential. It’s worth spending as much time as possible on this as its quality could be the difference between being granted finance or having your request declined.
Outline your vision, mission, and goals. Include detailed financial projections, marketing strategies, and operational plans. This document will be vital, not only for applying for financing, but also for guiding your practice’s growth.
Secure financing
Even without having to pay for goodwill, setting up a squat practice requires significant investment. You will need to cover the cost of purchasing or leasing premises, renovating them, buying all your chairs and equipment, and employing team members. Unless you have a wealthy relative or inheritance to utilise, you’ll need to explore various financing options such as business loans, grants, or other private investors.
Choose the right location
Location is key to attracting patients. If you can, look for somewhere with high visibility, easy accessibility, and ample parking. Bear in mind the proximity to other dental practices and the types of dental care and services the local community would demand.
Register your practice
Make sure you complete all the necessary registrations for a dental practice and that it complies with all regulatory requirements. That will include registering with the General Dental Council (GDC), the Care Quality Commission (CQC), Health and Safety Executive (HSE), and Information Commissioner’s Office (ICO).
Design and equip your practice
Decide the look and feel of your new practice and decide on your budget for the refurbishment. Above all, your practice should be somewhere patients feel comfortable and happy to visit, as well as functional. This need not cost a fortune as you can achieve some impressive results for little money if you choose your colours and finishes carefully.
Invest in the best quality dental equipment and technology you can afford to provide the best care for your patients. Pay particular attention to the layout to ensure it supports efficient workflows and a comfortable patient experience.
Hire and train your team
Be sure to recruit staff who share your vision and your commitment to patient care. No matter how skilled they are, if they don’t ‘get’ your aims for your practice, they’re probably not right for you.
Provide ongoing training to help them to stay updated with the latest dental practices and technologies. A motivated and well-trained team is crucial for the success of your practice.
Implement Effective Marketing Strategies
Think about how you’ll market your new practice and develop a marketing plan to attract and retain patients. Make use of online marketing, social media, and local advertising. Word of mouth is the most cost-efficient form of marketing so be sure to let your existing patients know about your new practice and ask them to tell their friends and family too.
Make sure your branding and signage is clean and visible to any passersby. Use A boards outside your premises to publicise any opening offers you might have. Most importantly, make sure your website is eye catching and easy for patients to navigate.
Focus on patient care and experience
Providing an exceptional patient experience is the cornerstone of a successful dental practice. Build strong relationships with your patients, offer personalised care, and maintain high standards of hygiene and safety. Happy patients will want to keep coming back and are more likely to refer others to your practice.
Offer a dental membership plan
By offering a membership plan you’ll be helping your patients to spread the cost of maintaining their oral health. Some squats insist that all regular patients sign up to their membership plan. By having a plan you’re building a base of loyal customers who will keep coming back to you time and time again. In addition, you’ll be getting a regular income while you build up the business which will help with your cashflow during the tricky early stages of your business.
With careful planning and dedication starting a squat dental practice can be a cost-efficient way to get into practice ownership.
