Interview with Breakaway Consulting Office Development Leader Emily Carranza
Speaking to a dental consultant before you decide to build the practice of your dreams can save you hundreds of thousands of dollars in startup costs, and help you bypass risks. In fact, it’s probably one of the biggest decisions you’ll make in your life.
There are so many intricacies involved in the process and if you’re winging it, chances are you’ll encounter bumps along the way.
While many small businesses, including dental practices, had to shut down in 2020 because of the COVID-19 pandemic, many businesses also thrived.
In fact, the pandemic brought along more decisiveness for practicing dentists and dental school graduates who’ve been dreaming about opening up a dental practice.
To that point, I reached out to a dental consultant, Breakaway Consulting Office Development Leader Emily Carranza. She specializes in helping dentists across the country launch a dental startup, from the ground up.
Since Emily knows all the ins and outs of dental startups, I figured she’s the perfect person to speak to about what to consider when undertaking a dental startup.
Top 5 Dental Startup Tips to Consider
1) The Location of Your Dental Practice
When it comes to the location of your dental practice, Emily says it’s all about, “location, location, location.”
She explains, it’s not just about the demographic data. You’ll also want to take into account your audience and competition.
During one-on-one consultations with Emily, she asks dentists going about this undertaking, questions like “who do you want to serve” and “who’s your competition,” to get them to focus on their target market.
2) Hire a Specialist to Conduct Lease Negotiations
Emily says the next important aspect of dental startups is lease negotiations. She said, “Lease negotiations must be performed by an unbiased dental professional.”
The gold-nugget answer is to “use a real estate agent who has a dental background,” recommends Emily.
They’re salespeople by profession, and when combined with knowledge about dental buildouts, can prove to be a tactful tool. She also suggests, “get a second unbiased opinion.”
3) Monitor and Update Your Budget
One aspect of planning a startup dental practice that many dentists skip is budgeting. Emily says it’s important to “keep a running budget and monitor it weekly.”
Every dollar spent must be accounted for she says.
In addition to that, she stresses the importance of opening your dental practice with “enough working capital.”
4) Work with a Reputable Dental Marketing Company
Startup dental practices must have a solid marketing plan in place prior to opening. “Marketing isn’t just paying a company to make a website for you, it’s much more than that,” she says.
Elaborating further, Emily stated: “No one knows who you are, it’s your responsibility to get your name out there.”
“Ground marketing will amplify your new patient reach, but you also must think outside of the box,” she said confidently.
5) Lower the Barrier to Entry
One of the facets of launching a dental startup that Emily touched on was lowering patients’ barrier to entry.
She said, “you have to factor in insurance participation and set up new patient funnels,” which work when properly executed.
Additionally, she suggests considering weekend and evening appointments to get more patients through your doors. Most importantly, “revisit your strategy as the practice grows,” she replied.
Speak to an Expert Dental Consultant About Your Startup Plan
One of the best ways to bypass startup risks is to speak directly to the experts. Talk with someone who specializes in dental startups like a dental consultant.
Deciding whether to build a dental practice, especially from the ground up is a big decision. That’s why it’s imperative to have someone who can guide you through the process.
Luckily, Emily extended a free startup assessment to anyone who reads this article. You can reach out to her directly by sending an email to [email protected] She’ll reach out to you to schedule a one-on-one appointment to discuss your startup plan.
Plus, through the complimentary assessment, you’ll receive key takeaways from Emily about how you can optimize your startup plan and get the most bang for your buck.
To learn more, visit www.breakawayconsulting.com/success/odp/.