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Every business needs a dedicated business plan. Dental practices that are focused and prepared with a documented plan of action reach key milestones quicker, and can steer their business more effectively as it grows. Plus, without a dental practice business plan in place, you’ll find it hard to get funding.
Creating a thorough dentistry business plan isn’t as daunting as it may seem. Learn about all of the key considerations, best practices, and how to create your own dental business plan in our helpful guide.
Writing a business plan for a dental practice is no different to compiling one for any other organization. However, the list of considerations varies depending on whether you are a new or existing practice.
Before you put pen to paper, work through the following questions to help you prepare:
Updating a business plan for dental offices that are already up and running will require some additional details:
Once you have all of this information, you can start compiling your dental business plan.
Creating a dental office business plan may seem daunting, but it’s not as complicated as you might think. The beauty of a good dentistry business plan is that it’s a living document that can evolve as your practice grows and develops. It’s normal that some areas of your business grow faster than others. So as you progress you can even create separate dental business plan samples for each specialty split into general dentistry, orthodontics, periodontics, etc. Here is a breakdown of the sections you’ll need to cover in any thorough dental business plan.
Although this is the first section of your dental office business plan, it should be the last part you write because it summarizes all of the other sections. It should cover no more than two pages and be written professionally in a way that is compelling to potential investors. Be sure to include a mission statement explaining the company’s purpose, why it exists, and the overall goal of operations.
State the location of the company, days and hours of operation, what services are offered, a breakdown of company ownership, and details about the following expenses and assets:
A detailed breakdown of every service offered and the costs for each. For example, a dentistry business plan for an orthodontist may list information and prices for braces, palatal expanders, and retainers. In contrast, a cosmetic practice may provide details about teeth whitening, gap removal, and veneers.
A breakdown of your consumer market is a vital component of any business plan. Dental practices typically segment customers into three categories — children, adults, and seniors. Record how your current market split matches your intended target market, including details on income, lifestyle, and any other relevant factors. This will help improve your marketing plan.
Collect as much data about your competition as you can, including how they manage their online presence, what digital platforms they are active on, their website SEO rankings, and any other relevant information that will help you develop a plan to beat them.
This section maps out exactly how you intend to achieve your goals. To do that, you’ll need to consider and stipulate your:
Every dental business plan template should explain how the practice will be managed. Include a complete list of personnel, their qualifications, and responsibilities. In addition to full-time employees, you can also list business associates like insurance agents, real estate advisors, and attorneys. Always add a personnel plan for staff that are still required if your team has current vacancies.
This is one of the most important sections of your business plan and should be presented in great detail. You should include:
You’ll also need to include supporting financial documents, which should be a maximum of 90 days old to comply with current lending guidelines:
We hope this business plan dental practice sample will help you develop a detailed and actionable plan for your clinic. As your patient base grows, you’ll need to partner with an efficient practice management system. Cloud 9 Software specializes in innovative orthodontic practice management software that helps businesses optimize for success by improving staff productivity, user efficiency, and workflow processes.