I have found that a SWOT analysis is often useful at times like this. It helps with full exploration of strengths, weaknesses, opportunities and threats that can be summarised in the business plan. This is a good indication that all financial implications have been considered. Remember to recognise the risks of hidden costs and indicate that there is a mitigation plan in place. This information helps banks to recognise the reliability of the business.
Proposed hours of operation should be included. This information needs to be backed up by details of the amount of staff required and the working hours that will be needed. Anyone starting or buying a dental practice needs to have informed knowledge of how the financial situation looks for the coming months, and years.
Banks also need to see that they are lending to a business that is going to be profitable. Be realistic with the figures that are included and back them up with research and evidence where possible. Any good business plan should have three distinct sections; the executive summary, the narrative and the financials. It should also include appendices with relevant charts and graphs. This is the most important part of a business plan when looking for acquisition finance. Lenders like to know important aspects about a dental practice business, before they provide any funding.
Details of what services are going to be provided, how much funding is required and how it will be repaid should be included in this section. Include details of the vision for the future and why the business is such a low risk when it comes to lending.
What will make the business succeed? The main section of a business plan should be broken down into defined parts, for ease of reading and understanding. These parts should include. A business overview including aspects such as structure, staffing, loan repayments and risk management. Location of the business. Is this likely to change as the dental practice succeeds and grows. What are the strengths of the location?
Marketing and analytics. What demographic will marketing be aimed at, what form will it take and what will the investment be. Make sure that the marketing strategy for the practice is defined. Operating the business. What will happen on a daily basis? What sort of equipment will be used at the business and what supplies will be needed?
All aspects of the day to day running of the business should be included here. This includes how the business will be managed and what the staffing requirements will be. In the final section of a business plan, the finances of the dental practice should be addressed. This should include projected income and cash flow figures, together with any assumptions on which these figures have been based.
Provide a comprehensive vision of the financial standing and future of the practice. This part of the business plan is where supporting evidence and background information is provided. This can include charts, graphs, action plans and schedules. Please download and use this free sample business plan template. Business plans are essential to the good running of a business.
They allow business owners to set out their goals and document how they intend to achieve them. Here are tips on how to create one. Don't start with your introduction or summary. Instead, start with the core of your business plan: the narrative. Include an overview of your dental practice. How many exam rooms will you have? How many patients will you see a day? What kind of dental services will you offer? Your overview should give a concise but complete picture of what your dental practice is going to look like, as well as what sets it apart from other dental practices in the same area.
Lenders will likely want to see some data on what your competition is doing. Include a full analysis of your competitors' online presence, content, SEO search engine optimization rankings, and other key data. Then, add a detailed marketing strategy that discusses your plan for your own practice, such as your website design ideas and content map. Be sure to clearly indicate if your practice will take a different approach than your competitors and why.
The operations section of your dental practice business plan is likely to be the longest. Here you'll include the details about the day-to-day operations of your office, such as office hours, equipment needed, ideal patient flow, and what dental insurances you do or don't accept.
This section should give lenders a clear picture of the fundamentals of your practice and how your office will function. Include a section in your dental practice business plan that discusses your staff. How many hygienists and dental assistants will you need?
Do you plan on working with associate dentists now or in the future? How many admin staff members will you need to book appointments, greet patients, and file insurance? Make sure this information is listed in your plan to help illustrate the size and function of your office. You'll also want to cover how your practice will be organized and managed. Lenders generally want to know that you have a plan for how your office will function and that you have a system of support to help you get started.
Include information about what kind of business structure your practice will have and a list of your financial partners, business associates, attorneys, and other management professionals who will be forming your team. The financial section of your dental practice business plan is of the utmost importance to potential lenders. Be sure to include the following:.
To lenders, how you manage your money may make a big difference. You may want to include a personal financial statement in your business plan that details your current startup capital and how you've allocated your existing resources to your business. Lenders could also want to know how you plan on using the startup capital that they're providing for your new dental practice.
Write a section that informs potential financial supporters of what equipment you plan on purchasing for your office, how much you'll pay to rent or buy your office space, how much you'll pay your employees initially, and other monetary needs. Last but not least, you may want to include information about how much money you estimate your new dental practice will make over time. Discuss how many appointments you expect to have and how that number will grow. You could write about how much profit you estimate you'll make after the cost of expenses like office mortgage or rent payments, employee pay, and other overhead costs.
The Tooth Fairy will offer general and cosmetic dentistry to the citizens of Eugene, Oregon. Through a combination of industry benchmark customer service and flexibility, The Tooth Fairy will quickly gain market share. Steve will leverage the years he spent in private practice to model his new business.
His past experience in conjunction with his forward-looking customer-centric business model will allow him to rapidly grow a large and loyal patient base. Profitability will be reached by month 10, and sales will reach comfortable levels by the end of year two. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place.
Our services will exceed the expectations of our customers. Your business plan can look as polished and professional as this sample plan. It's fast and easy, with LivePlan. Don't bother with copy and paste. The dental industry is among those industries who have a high propensity for profit and a very low failure rate. According to the American Dental Association ADA , dental clinics are the 3rd highest category of the startup businesses which are most likely to survive.
As of March , there are , registered dentist clinics in the United States which are responsible for employing around 1,, people. This increase is contributed to many factors, of which one is the increase in education and prosperity of the population. The second factor is the increasing trend of dental insurances, due to which, many people became able to afford the dental services.
According to a recent report, around 40 percent of the population has private dental insurance. In short, dental industry has a lot of potential and a dental clinic can be immensely profitable provided that you provide quality services and plan as well as market your business successfully. Our target market is the residential community-based in Boston. As of , there are more than , people in Boston which belong to varying backgrounds and most of them are financially stable. Out of the , households in the city, As per the population distribution, around Analyzing the demographics is important since it gives you an idea of the market segmentation of your future customers.
A successful and efficient marketing strategy can only be developed after we completely know our potential customers hence it must be duly incorporated in any dentistry business plan. Our business consultants have identified the following type of target audience which can become our future consumers:. Our first target group will be the children and teens aged below 19 years. This group is most likely to have dental problems like incorrect or misaligned jaw position, jaw joint disorder, under-bite, overbite, missing teeth, extra teeth, and crowded or crooked teeth.
Moreover, due to their unhealthy habits like smoking, excessive intake of sweeteners, oral piercings for wearing jewelry, they are also frequently affected by other dental problems. Our second target group comprises of adults aged above 19 years. This group contains people who are sensible and conscious of their dental health and, thus, seldom encounter a dental problem. The third target group comprises of senior citizens. This group, due to its old age, is much likely to be affected by various dental problems like dental decay, gum disease, poor fitting dentures etc.
The detailed market analysis of our potential customers is given in the following table:. Our main business targets to be achieved as milestones over the course of next three years are as follows:. After considering the market demands and the competitive nature of this business, Dr. This pricing strategy has been carefully selected considering many factors, especially the competition provided by established dental clinics in the locality like Neo Dental Clinic.
By setting our services in slightly lower range, we hope to target more customers during the initial period of our launch. After you have identified the market demand, market trends, and the potential customers of the startup, you must now define an effective strategy for attracting those customers toward you.
Like marketing analysis, sales strategy is also an important component of a good dentistry business plan and it must be properly developed before thinking about how to open dental office. It was amazing to work with OGS Capital for our business plan.
They promptly responded our enquires and delivered document on time. The document was well organized high quality and content. We succeded with Alex and his team support. We thank you guys again for professional approach and easy communication. The dental industry is one of the most competitive industries since there are more than , registered dental clinics in the United States.
Boston also houses hundreds of established dental clinics who are providing quality services, especially the Neo Dental Clinic which will be our main competitor in the locality. Although the residential community in our vicinity is well-established, still, this factor will cause an increase in our revenue by specifically targeting those people who are not covered by any dental insurance.
Our second competitive advantage will be our exceptional customer service which, we guarantee, will be the best in town. After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves. Personnel plan is also an important component of a good dentistry business plan template so make sure to duly consider it before thinking about how to open a dental office.
The personnel plan of our company is as follows. Spear will act as the General Manager of the company and will initially hire following people:. All the employees will be hired by following strict testing procedures and will also be trained before onboarding. The following table shows the forecasted data about the salaries of the employees for the next three years:.
After you have prepared the dental office marketing plan and the personnel plan, it is time for you to prepare a detailed financial plan. The financial plan should craft a detailed map of all the expenses needed for the startup and how these expenses will be met by the earned profits. It is recommended that you hire a financial expert for guiding you through all financial aspects needed to open a dental office. OGS capital professional writers specialized also in themes such as senior center business plan , business plans for pharmacy , medical marijuana dispensary business plan , medical business plan , massage business plan , hospital business plan and many others.
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