FORTUNE START-UPS
10 Steps To Opening A Dental Practice
Step 1: Financing
The first phase of any start-up project is to secure financing. We make sure our clients get access to the best financing options from multiple lending partners. We assist our clients in negotiating loan terms, walking them through lending conditions to ease the stress and workload, and ensuring the loan is finalized within a specific time frame.
Step 1: Financing
The first phase of any start-up project is to secure financing. We make sure our clients get access to the best financing options from multiple lending partners. We assist our clients in negotiating loan terms, walking them through lending conditions to ease the stress and workload, and ensuring the loan is finalized within a specific time frame.
Step 2: Site Selection
Once the loan process is done, the next step is to finalize your decision in determining the best location for your practice. We obtain demographic studies and support material to help our clients identify the best areas that meet our client’s need. As we close in on a specific location, we will introduce you to a lease negotiator to facilitate the lease process and Letter of Intent submission to meet the lending conditions.
Once the loan process is done, the next step is to finalize your decision in determining the best location for your practice. We obtain demographic studies and support material to help our clients identify the best areas that meet our client’s need. As we close in on a specific location, we will introduce you to a lease negotiator to facilitate the lease process and Letter of Intent submission to meet the lending conditions.
Step 3: Space Design
The design process ensures that our client’s vision for the office layout materializes. We coordinate tours with potential contractors and coordinate with equipment specialists to certify feasibility of the design for optimal function.
The design process ensures that our client’s vision for the office layout materializes. We coordinate tours with potential contractors and coordinate with equipment specialists to certify feasibility of the design for optimal function.
Step 4: Legal Framework
It is essential to set up a corporate structure before signing any loan or lease documents. This step will be supported by a Dental specific attorney to review the loan documents and prepare and/or review the lease terms.
It is essential to set up a corporate structure before signing any loan or lease documents. This step will be supported by a Dental specific attorney to review the loan documents and prepare and/or review the lease terms.
Step 5: Loan Documents
In this step, we walk our clients through the important process of loan document signing. Loan documents need to be endorsed before signing the lease so you can write a deposit check. We review with our clients if there are any hard versus soft cost restrictions to ensure that the “Conditions of Lending” are quickly satisfied.
In this step, we walk our clients through the important process of loan document signing. Loan documents need to be endorsed before signing the lease so you can write a deposit check. We review with our clients if there are any hard versus soft cost restrictions to ensure that the “Conditions of Lending” are quickly satisfied.
Step 6: Signing The Lease
In this step, we verify the start date of the lease to ensure that there are proper tent improvement allowances made. We help determine that the contractor has ample access to the space with limited or no restrictions, and unless it is your last resort, we NEVER recommend using the landlord’s contractor.
In this step, we verify the start date of the lease to ensure that there are proper tent improvement allowances made. We help determine that the contractor has ample access to the space with limited or no restrictions, and unless it is your last resort, we NEVER recommend using the landlord’s contractor.
Step 7: Selecting Equipment
We then, finalize what equipment the doctor needs and wants with known lending terms. We introduce our clients to their territory representative that they will be working after the project is complete. We verify that the equipment representative and the contractor have collaborated well together in the past to guarantee that mistakes are minimized.
We then, finalize what equipment the doctor needs and wants with known lending terms. We introduce our clients to their territory representative that they will be working after the project is complete. We verify that the equipment representative and the contractor have collaborated well together in the past to guarantee that mistakes are minimized.
Step 8: Marketing
Marketing is what brings new patients into the practice and is responsible for its growth. We make sure our clients create a brand and identity for their practice, and capitalize on organic marketing like social media, website, yelp, etc. Insurance companies are also considered as a tool for marketing as well as internal dental service plans to attract non-insured patients. Then, we implement systems in the practice to keep patients coming back for life, not just for one or two visits.
Marketing is what brings new patients into the practice and is responsible for its growth. We make sure our clients create a brand and identity for their practice, and capitalize on organic marketing like social media, website, yelp, etc. Insurance companies are also considered as a tool for marketing as well as internal dental service plans to attract non-insured patients. Then, we implement systems in the practice to keep patients coming back for life, not just for one or two visits.
Step 9: Hire Your Team
The culture of a practice is paramount and most often overlooked. The “team” is the engine that keeps the practice running in the right direction. It is important to hire candidates based on personality profiles and values that fit the job description and needs of the office. Having the right HR system in place ensures the employee and practice’s long term success.
The culture of a practice is paramount and most often overlooked. The “team” is the engine that keeps the practice running in the right direction. It is important to hire candidates based on personality profiles and values that fit the job description and needs of the office. Having the right HR system in place ensures the employee and practice’s long term success.
Step 10: Grand Opening
After all the anticipation, the excitement is revealed with the Grand Opening to share our client’s dream project with their new community. One week before the grand opening, we invite our client’s friends and family members for a soft opening and a dry run of the event. The Grand Opening event welcomes the local community and potential referral sources for the doctor and team to connect with. Press releases and photos of the event are posted on all available social media platforms and community news outlets.
After all the anticipation, the excitement is revealed with the Grand Opening to share our client’s dream project with their new community. One week before the grand opening, we invite our client’s friends and family members for a soft opening and a dry run of the event. The Grand Opening event welcomes the local community and potential referral sources for the doctor and team to connect with. Press releases and photos of the event are posted on all available social media platforms and community news outlets.
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