As a dentist, you probably dream to build and own new dental practice. By owning a dental practice, you make all the decisions yourself, letting you put your personal mark on your business. But while opening a practice is rewarding, it comes with some risks. Without planning properly, you could fall prey to all types of pitfalls before you are ready. Also, working with an Anaheim Dental Attorney can take some of the burdens off of your shoulders. With the right attorney on your side, you can make smart decisions directed toward growth.
Know the Basics First
You need to consider a lot of things when you start a new dental office. However, you can get lost in the small details such as your equipment’s brand or the color scheme your operatories need to have. Thus, before you begin, ensure you are clear on what you want to establish by asking yourself questions such as the kind of dental practice you want to launch, the person you want to serve, the kind of services you wish to offer, and whether running a business excites you.
When you open a dental practice, you must consider how you will pay for it. Before you take any steps such as buying or leasing a location, ensure you know your budget and whether you can secure appropriate financing. So, talk to an expert about how to best finance the practice early. You can rely on a financial advisor for help with mapping out a business plan that considers all your financial goals such as when you will retire, whether you are searching for a certain lifestyle, if you are searching for financial partners, and whether you wish to accumulate wealth. The answers to such questions will determine the location and size you want for your practice. Also, they can clarify your financial options.
Decide Whether to Buy or Lease
After you know what you can afford, get your budget together and concentrate on the location. Use your ideal practice’s vision to guide your choices. After identifying your desired area, decide whether to buy or lease the location.
Owning a dental practice gives you more flexibility and makes it easy to make long-term plans. Meanwhile, leasing your location may mean your final paperwork is in order. Keep in mind that lease negotiations can take months or even a year, depending on the complexities of the property involved.