Wise practice owners balance cost-saving with proven growth strategies. If you build in the cheapest town and you build the smallest possible office you might be able to build the world’s cheapest dental office…but what prospects do you think you’ll have for growth? Or profits? Or clinical satisfaction? Or pride of ownership?Ĭlearly, cost-saving alone will not get you the kind of practice or create the kind of future you want. Your Region and your Square Footage can keep your costs lower than anything else in your project. Contact us here to get advice on aligning your vision with your new practice plans. My team and I pride ourselves in getting this right because matching your unique vision with the right new practice plan is crucial to you having the most fulfilling and financially rewarding career.
Get clear on the vision and have a team help you create a new office that fits the vision perfectly. In the 13 Stages ( see our publication on the 13 Stages here) to open a new office, the most important is Stage 1 – your vision. If your clinical vision and financial goals show in our forecasting tools that you’ll need 5 operatories in the next 5 years, please avoid the temptation to save money by building a smaller office. Can you practice the way you hope to in a small office? Is the cost savings worth it?Įach doctor’s clinical vision and financial goals must influence the decision of Square Footage more than anything else. Want to spend a LOT less? Build a much smaller office.īut will that match your vision? Each doctor has a vision for their future, their finances and their clinical standards that can only be reached with the right practice. #2 Biggest Cost-Saving Factor: Square Footage. But be careful that your attempt to capture savings don’t become the most expensive career choice you make. Your cost to acquire new patients will be lower (sometimes by a factor of 10!).īuilding in a low-cost region can be a good way to create savings. If your region is chosen properly, you’ll attract more of the patients you enjoy serving. Your future success levels and the ease by which you’ll reach those levels are closely related to your choice of region (see our Bestseller about dental practice locations here). Unfortunately, its not that simple.īuild in a low cost area and you’ll save up to 20% of the cost.īut be completely sure your region is a match with your growth goals. If it was simple and it was clear-cut without any tradeoffs, most doctors would choose to spend less. How is it that some practices spend $350,000 while others spend $550,000? Get all the tools from this article directly in your inbox by clicking here now Succesful Startup Practice: The Commercial Building Recently Purchased by One of Our High Level Consulting Clients as Part of the Strategy for his Startup Practice There are 2 major contributors to cost differences in startups (and you may be surprised by the costs that aren’t included).
Many doctors ask us why the range is so wide. I’ll break that number into categories of spending below.įor some, that sounds like good news since they’ve heard it can cost seven figures.įor the rest of the dental community, it still sounds like a lot of money! Over the last few years, the average range we’ve seen has been between $350,000 – $550,000. – 3 strategies for any dentist to afford the costs – 2 biggest factors in the budget (can you pay less?) – The categories of an average start-up dental practice budget – The average range of costs for start-up dental practices This article will give you a huge advantage on the topic of dental startups.
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It’s no secret that starting a practice is expensive…but most doctors want to know how expensive it is and how to afford it. Yet, some industry resources report that dentistry has the highest cost per square foot of any small business in America. What are the average dental practice start-up costs to build a new dental practice?įirst of all, your dental practice start-up costs WILL NOT cost you a million dollars!
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