If you are like many dentists, you may want to start a practice from scratch. However, while this is an exciting endeavor, forming a new dental practice can be a challenging process. To make this happen, you must buy or lease a location, pick a business structure, and ensure you are protected against liability. That is why hiring a Pasadena Dental Attorney is an important thing you must do. A good lawyer can help you build a practice efficiently and effectively. Also, they can explain the pros and cons of a certain kind of entity you may want to form, based on your situation and location. If you are still wondering whether or not it’s time to start your practice, here are signs that could help you decide:
You Want to be Independent
If you want to be an independent dental practitioner, you may want to consider branching out and forming a new practice. This means you have the vision to own a business and want to make the most of your dental training and experience.
You Want to Take on the Challenge
Starting a dental practice can come with many challenges. So, before you decide, consider if you are ready financially, emotionally, and physically to take on the challenge. Can you pull long hours for the next two years? Are you ready to face occasional frustration as you go through the formation process? Consider how you might dela with various situations you could be in when you begin a solo practice.
You Have a Solid Business Plan
Your dental practice business plan must include the kinds of services your practice will offer and at what costs. Also, it should include dental insurance information, payment policies, marketing strategies, and competitive analysis. Your dental attorney can review your plan with you and give you helpful advice in many of its components.
Remember that your business plan serves as your vision for your practice and must outline your goals. It must list the specific action necessary to meet such goals and develop metrics for tracking the progress.
You Have Enough Startup Capital
Before you start building your dental practice, you need enough startup capital. This endeavor requires a significant monetary investment. That is why many dentists end up financing a huge part of their startup costs. But you don’t have to choose this route if you have saved enough capital. You can consider speaking with a financial advisor before you move forward.