Has it been on your mind to start your dental practice, but the financial aspect of it has been prohibiting you from doing so? We understand that the costs involved in running your private dental office are quite high, but with some research and serious financial planning, it can be quite achievable.
As long as you do your research and find a lender who caters to your business plan, you should be in a good position to start your own practice. This post will cover the different costs involved in starting a dental practice in the US and suggest ways to save money.
Understanding the Cost Breakdown
To begin with, most dental practices would need an initial investment of around 500,000 USD. A large portion of this cost is spent on construction, and then comes the cost of equipment, the salary of employees, dental supplies, computers, and software you want to use for your practice.
The costs given here are just ballpark since the charges will vary based on the state, city, and location, amongst many other things. Then there are other costs like website designing, IT, legal consultation, marketing materials, etc.
Employee wages comprise 25% of the total income of dental practice.
How Much Does It Come to Finally
As we mentioned earlier, you will have to initially incur 500,000 USD for the huge purchases in the first year. You can save up on this cost by opening your dental office in a more affordable area like an upcoming part of the town. You may also consider running your practice from your home if you have that kind of space. Another way to save is to open a smaller practice with fewer employees till the time you can afford to have a larger space and more employees.