We continue our series of articles on how to make a business plan for a dental clinic.
business plan. This time we will analyze how to create a business plan for a dental clinic.
The dental sector is expanding and is one of the most attractive options for entrepreneurship for both dental graduates and investors. Because it is a service of massive demand and presents high profitability.
However, it also offers challenges because it is a highly technical service and the increased competition experienced in recent years. Therefore, the planning and strategy that is reflected in the business plan will play an essential role in determining the success of the investment.
To help you in this process we have prepared this guide where we will show you the key aspects that you should take into account when creating a business plan to set up your dental clinic. In order to have a consulting for your dental clinic, search dentist Dothan AL
How to Create a Business Plan for Starting a Dental Clinic
Why start up a dental practice?
Before starting with the main content of the article, we are going to analyze the reasons why you should start your project with those of many others, as shown by the increase in the number of clinics in recent years.
I’m sure you have noticed that lately, you keep seeing new clinics opening in your city. This is due to the great attractiveness of this activity.
First of all, it is an essential medical service that is not covered by social security. Therefore, the potential clients of a clinic with a wide range of services are 100% of the population.
On the other hand, the population’s interest in oral health care has increased. The demand for both surgical and esthetic services has increased.
A study carried out by the company Dental Monitor shows that since 2003 the number of people who have gone to the dentist in the last year has increased by almost 50%. Going from 36.1% in 2003 to 50.3% in 2017.
Finally, and perhaps most importantly, it is a service that is currently able to maintain a price level that allows it to maintain very attractive profitability.
Challenges to take into account in the business plan of your dental clinic.
Before starting to draw up a business plan for your dental clinic, you should take into account all the challenges that the sector presents. In this way, you will be able to make realistic forecasts and be prepared to face the challenges that arise.
In this sector of dental clinics, it is worth mentioning the high level of competition. Due to the arrival of large national chains and the consolidation of clinics with many years of experience in the market.
Besides, taking into account the highly technical factor of the service, this makes this sector highly competitive. Where it is necessary to develop a business plan guided by an experienced professional to contemplate all the key aspects that will affect the business.
Business plan for a dental clinic
In the following points, we will analyze the sections that the business plan should have. Highlighting the factors to be taken into account in each of them.
The first step in your business plan will be to carry out a market analysis. In this research you should include the following points:
Internal analysis: in which you will detail all the internal factors that will help you to carry out your project. These could be the performance of the professionals that form it, the place where the facilities of your clinic will be located, the innovative business model, your funds, etc.
External analysis: where you should analyze your competitors and their differentiating characteristics. As well as the potential clients you will be targeting. Bearing in mind that most of them will be in the vicinity of your clinic since proximity is an important factor for clients in this sector.
SWOT: by putting together the data from your internal and external analysis, you should carry out SWOT analysis. In which you highlight the weaknesses, threats, strengths, and opportunities presented by a project.
With these three points, you will obtain a complete vision of your position in the market. You will be able to work on the following points of the business plan of your dental clinic to take advantage of market opportunities through your strengths and mitigating threats by reducing your weaknesses.