Any new business needs a great business plan, and when it comes to starting your new dental practice, whether it be a brand-new venture or the acquisition of an existing practice, you need a detailed, watertight business plan if you're going to secure backing and achieve all of your goals.
Rebecca Leigh.A good business plan is paramount for getting funding and backing to get your dental practice off the ground. Make sure it is comprehensive, detailed, and covers all ground. With the steps above, you'll be off to a great start in writing the perfect business plan and seeing your dreams become reality in the dentistry field.
Here are seven steps to write a great business plan for your dental practice.
1. Executive summary
The first and most important section is your executive summary. This should be no more than two pages and should set out a condensed outline of your plans, your overall vision, and how you plan to achieve it. This summary should be succinct but be aware of using persuasive writing in this summary.
2. An analysis of the market
In this section, you need to lay out where your practice will sit in the market. Who are your competitors? How will you be different? Will you be using more advanced technology or services your competitors do not? If you are -- e.g., orthodontics, dental implants, or Botox for dental use -- do list these.
Here you will set out your marketing plan. Describe how you will advertise. Will it be in print, online, or on television? Will you be joining the Chamber of Commerce and taking part in outreach programs for dental services? Will your practice set up a community program and reach out to elderly people in nursing homes or to the underprivileged?
You need to detail your target market in the community you will be serving. Age, income, and lifestyle are all factors to consider. How does your target market differ from your competitors? If it's the same as other dental practices in your market, how will attract customers to your business, over your competition? Are you planning to have a referral system in place from HMOs, PPOs, student organizations, business corporations, and places of education?
"If you've bought an existing practice," said Dominic Mead, a business writer at Elite assignment help and U.K. Writings review. "You'll need to explain in detail which of their services you will keep, or discard, and how you will adapt or improve their existing list. These will include things like implants, restorative dentistry, treatments for periodontal disease, home screenings, and preventative services."
3. Business structure
Legal advice is needed before you decide on your legal structure. There are pros and cons to whether you are a partnership, a corporation, or a limited liability company. Make sure your route is all mapped out in your business plan, including tax considerations and how your personal assets will be protected from any business debts.
4. Organization and management
State who will be making the decisions in your business. If you've decided on a partnership, list your partners by name and they will be making all the decisions. List any professional and legal advisors, insurance agents, and real estate agents. Make sure this section has a full list of all parties. You will also need to set out how many employees you will hire in your business, and list all their positions.
Colleen Powell, a marketing blogger at OX Essays and Revieweal, said, "From office manager to dental hygienists to dental assistants, you need to show would-be lenders exactly how your office will be structured and what support systems will be in place."
5. Operations
Here you need to go into the detail of the day-to-day running of your dental practice. You need to include your office hours, the days of the week your practice will be open, how appointments will be booked, equipment and supplies vendors you will be dealing with, the dental insurance you will and won't accept, and if you are going to offer payment plans.
6. Financial plan
Here we come to the number crunching, and this is perhaps the most important part of your business plan. You need to state your projected income for the first 12–24-month period, your forecast for cash flow, and detailed information on how start-up funds will be used. You also need to provide a personal financial statement and how much funds are needed for the following two years.
7. Appendix
Make sure to include all your supporting documents: licenses, resumes, your business history, legal documents, and reference letters. Plus, anything else you think is pertinent for your lender to take a look at.
Rebecca Leigh is a writer and marketing strategist for Management Essay and Lia Help. She participates in tech and marketing conferences, acts as a business consultant, and writes articles for online magazines and blogs like Online assignment help.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
