Starting a dental practice isn’t easy. One of the main determiners of a practice’s success is the management of costs. There are two types of costs: the obvious costs and not-so-obvious costs. We will discuss both in this blog.
These are the costs that you know you must deal with. These are the costs that most dentists understand they must plan for. Usually, these problems are the ones most effectively dealt with.
A practice must be up to your preferences. When leasing office space, there are modifications required for a dental practice. Building these costs into a budget is something most dentists have a handle on.
Again, this cost is self-evident. A good practice must have current, up to date equipment. Most dental offices cycle through equipment as technology provides better, more efficient models.
Finding great staff is difficult. Budgeting salary to attract the right people is very important. Make sure you invest in systems that help your staff perform to their highest capability.
What’s the point of having a great practice if no one knows about it? Hiring proper marketing professionals ensures your practice will always be the talk of the town.
These are the basic costs of doing business. Operational costs are overhead. They are bills like electricity, gas, water, etc.
In dentistry, as with any other business, there are costs that you don’t think about until they arrive at your desk. Here are some of those not-so obvious costs.
When you are paying yourself, you are under completely different regulations. There are great programs that will help you set aside money for your quarterly taxes and other payments.
Many folks working for you expect health insurance and you need it as well. Shopping around for the right group plan helps you get a great deal.
Every time you are away from the office, the office doesn’t make money. Factor in losses before booking those bucket list trips.
Eventually, you want to stop working. Retirement is part of the deal. Make sure you sit down with a planner to see how much needs to be set aside to ride off into the sunset.
Like anything, dental practices have things break. Make sure you have money set aside for routine repairs and maintenance.
Owning a dental practice is a very satisfying endeavor. Make the most of it by having a sound business plan that includes all of these costs.