Writing a Dental Business Plan

If you plan to start your own dental business, a dental business plan is a necessity. And if your practice has been up and running for a while, but you’ve never taken the time to write a business plan, now is as good a time as any.

A dental business plan is basically an organized and documented recipe for how you want your practice to run. It is the outline for your business and should be very detailed. Here are some of the basic sections that should be included in your dental business plan.

Day to Day Operations of Your Dental Business

Determine how you want to run your dental business. How many dental staff members are you going to need to keep things in operation? How many hours a week will they work and for what pay? What time will your dental practice open and what time will you close? Include things such as lunch breaks, off days, and emergency hour planning.

Supplies Needed for Your Dental Business

Determine all the necessary supplies that you will need to run your practice. For disposable items, count at least a month’s supply. Remember that it is better to over plan than to under plan. You do not want to run out of something you need in the middle of a Friday afternoon while you have a patient in your chair with her mouth wide open. This can be catastrophic for your dental business.

Payments Accepted

What sort of payments will you be accepting? Are you going to accept credit cards, checks, and cash or just one or two? What insurance will your dental business accept? Be sure to add the cost of any special equipment needed to process checks and credit cards in with your supply list.

Fees You Will Charge

You’ve figured out how people are going to pay, now what are you going to charge them? Make a basic list of fees. Use the cost of labor and supplies to determine how much a certain procedure will cost. And be sure to do some competitive research.

Dental Practice Earning Potential

Do some research to find out, with all the other information gathered, how much your business is likely to earn in a given month. Be sure to subtract your fees from the total earning potential in order to make sure you aren’t planning to pay too much for something or charge too little. Also be certain to determine the cost of advertising.

With your dental practice, like any other business, you may not pull a profit the first few months. Some small dental practices do not even pull a profit the first year. You have to be prepared for this. You also have to make sure that this is because you are still working on gathering patients and not as a result of bad planning.

Paying for Your Dental Business

Once you have all these numbers you need to determine how you are going to get the start up investment for your dental practice. Are you going to use credit cards? Get investors? Go to a bank? Should you apply for a loan you will probably have to show your business plan, so be sure to tweak any mistakes.

Creating a plan is a great first step in starting your new dental business, or growing your existing dental practice. So set aside a few hours in your schedule an begin developing your business plan today.

The Truth About Business Startups With Bad Personal Credit

Ready to start a business? Worried that your bad credit will be a problem? It’s true that having perfect credit and plenty of cash makes it very easy to launch a startup. But if that was your situation, you might not be as motivated to take control of your work life and financial future! Here is the truth about how bad credit will affect your startup plans.

Investment and Loans

Securing startup capital is more difficult with bad credit. All bank loans for startups, including SBA programs, require a strong personal credit rating. If your credit is bad (below 650), don’t waste your time trying to get cash from these sources. The few community economic development organizations that offer startup capital (as loans or grants) also establish credit requirements for the entrepreneur. However, there are other ways to find the cash you need. Family and friends are typically a good source for startup funds, as long as you have a good plan and provide a formal offer (repayment plan, ownership particulars). And, there are a million ways to earn enough cash on your own and bootstrap the startup so that the expenses are far lower than you expect.

Merchant Services

Merchant services, the programs that allow your new business to accept credit cards, rely on your personal credit as well…at least at first. The major banks have very stringent credit requirements, but there are many merchant services vendors that specialize in high-risk accounts. You will pay more in per-transaction fees (flat fees and percentage of the sales) with these providers, but not forever. As long as you build the business credit over the first year or two, you will be able to switch to a better option based on the company’s credit rating rather than your own. And, if you don’t want to pay the fees at all, you have the option of running a cash-only business or using PayPal for online sales.

Vendor Credit

Many vendors require the owners of a new company to sign a personal guarantee (and a personal credit check) before they will extend terms. First, signing a personal guarantee is never a good idea. The whole point of establishing your business as a separate entity (with an LLC or incorporation)is to keep your personal assets separate from the company’s assets and debts. Here’s what to do – get your new business an EIN, basically a SSN for your business, and only use it as the identifier for your startup. That is, do not put your own SSN on anything related to the business. Second, if a vendor requests a personal guarantee, don’t do it. Either find another source for those products or deal with them on a cash basis (pay before they ship).

Starting a business with bad credit is actually not the worst situation. You will have to develop a better plan, be more careful with cash and credit, and be more aware of keeping your business separate from your personal finances. As it turns out, those features are also critical to the long-term growth and success of any business!

How To Compete With Your Online Business

There are very few “secrets” to generating online wealth and succeeding with your online business out there than what most gurus would have you believe. Sure, there’s much hype out there about new concepts and ideas, and to some extent there are sometimes new ideas that have incredible merit. However, for the most part there is one single key difference between successful people and people who have failed and quit with their business. And the differences aren’t necessarily from:

1) Motivation level
2) Capital investment required
3) Product choice
4) Marketing or advertising avenues
5) Website design or creatives

After observing people’s behaviour in the past couple of years, I have discovered an emerging difference which begins to emphasize the successful people’s habits more vividly – Doing far more things than the average is one of the biggest keys to succeeding. Let me elaborate, and to be specific, I will address certain tasks as an example:

1) Write more articles for different article marketing outlets. In a particular niche that I’ve researched, I have found most article authors have only ever written 10-40 articles on their products or niche. Write 1,000 or more articles. Don’t forget, these are money magnets which offer a front door to your webpage. the more, the easier your information will be found on the internet.

2) Upload more video presentations explaining your concepts or products, and be passionate about it. Video marketing is becoming more popular these days because audio-visual methods of communication means people can absorb and remember more information.

3) Advertise in more places around the internet. There is a myriad of free traffic sources available around the net for you to display what you have to offer. Articles, videos, press releases and social media sites all offer avenues for you to advertise for free. The more items or pages you have on the internet means more likelihood of someone finding what you have to offer. If you just have a couple of things spread here and there out of millions of websites, visitors looking for your website would be like looking for a needle in a haystack.

4) Offer more “free” gifts or enticements than others to obtain business. Offering free gifts or items is a great way to accrue customer loyalty, add value to your website and build a large customer list which is also useful for obtaining repeat business.

5) Offer more value for money in your own product than other people. Offering the best value for money is the best way to thwart competition effectively because it’s less likely your customer will want to spend time shopping around. Make your customer feel as though you have a genuine interest in what they are looking for.

To sum up what I’m really saying, it would be to just do more. The mainstream differences in my opinion between successful online businesses and people who have a go and quit eventually is that the successful operators do a lot more and are usually quite relatable and connect with people.