Opening a dental practice is the goal of most new dentists entering the business after college. There are many aspects to this unique industry that you need to know before you can open your very own doors. Some of these aspects fall within the expertise you have already spent years honing, and some aspects will be newer, and possibly unfamiliar to you. You want to ensure that your new dental practice has all the tools it needs to be a success.
Accessing dental practice financing is one of the important first steps. Having the capital to secure your location, buy the expensive equipment you will need, and set up your office means your vision can come true. Managing a dental practice is more than dentistry know-how. You have to have a good grasp of, and control over, the business end as well. Finding a dental practice broker can help you get the funds you need at a very competitive rate.
The good news is that banks generally see dentists as a good investment. Even in our current rocky economic climate, where credit is being continually tightened, the dental industry has not been a casualty of this. Banks and other lenders still need to make money, so finding solid, reliable businesses to loan to, is something they are always on the lookout for. As a rule, dentists are viewed favorably in the banking world. They are considered good credit risks, because, on a percentage basis, dentists account for very few defaults on loans. Dentists usually also have a better personal credit standing, which makes them appealing candidates for loans.
However, in instances where a dentist has had a poor personal credit history, it is recommended that he or she work up to a better personal credit track record before trying to secure a business loan. Dental practice loans so you want to be in good shape with regards to your credit history so that you will be eligible for attractive loan rates and terms.Here you go: http://www.professionspracticefinance.co.uk
Another exception to this rule is in the case of cosmetic dentistry practices. Like so many other things in our current difficult economy, people are cutting back on luxury, non-necessity items. Cosmetic dental practices are being viewed with less certainty by the lenders, because these services are presently less in demand. This doesn’t mean that you won’t get financing for this type of practice, you just might not be able find 100% of the capital you are seeking.
After you have been in business for a time, you might want to consider how you can achieve dental practice growth. Using an additional dental practice loan can help you expand your business into a larger space, invest in new technologies to make your practice more efficient, and allow you to offer additional services to your clientele. With your additional space, you could hire a new dentist and/or have more dental hygienists working, increasing your revenues.