To receive the maximum profit when selling a dental practice, you first need to create a practice that brings in maximum revenue. This can be a difficult task. Dentists have more competition than ever before. Building a successful dental practice does not happen overnight. It takes a strategic and purposeful business model.
Avoid Costly Mistakes
Behind every thriving business is a solid business model. Unfortunately, some dentists have learned this the hard way. But growing a dental practice is like building any other type of business. There are certain tools and methods that are proven in the business world to help entrepreneurs become profitable. At ddsmatch Southwest, we offer a few suggestions to help you get the most out of your dental practice. So whether you are starting up your first practice or trying to recover from a failed attempt, there are several key components you should consider, especially if you anticipate selling a dental practice in the future.
Increase Your Online Presence
If your business does not have an online presence in this digital age, you are in trouble. More and more people are turning to the Internet to find answers to their everyday questions, including the question of what dentist to go to. One major benefit of an online presence is that you can reach people at times that are convenient for them. What you put online is available for all to see 24/7/365. You can grow your dental practice on holidays, weekends, and even in the middle of the night.
According to statistics released by the United States Census Bureau, at the time of their survey:
“Among all households, 78 percent had a desktop or laptop, 75 percent had a handheld computer such as a smartphone or other handheld wireless computer, and 77 percent had a broadband Internet subscription.” To beat out your competition and create a profitable practice, you simply cannot afford not to go online.
Don’t Forget About Social Media
Dentists need to proactively work to reach prospective patients through social media. The world freely communicates and interacts through social media. It is one of the best ways to have potential patients learn about your practice through personal recommendations.
A 2018 report from the Pew Research Center states: “Roughly two-thirds of U.S. adults (68%) now report that they are Facebook users, and roughly three-quarters of those users access Facebook on a daily basis … Americans ages 18 to 24 are substantially more likely to use platforms such as Snapchat, Instagram, and Twitter even when compared with those in their mid- to late-20s.”
Make it About Your Patients, Not You
The average adult does not understand, nor care about, the technical points of certain procedures or the extent of your training as a dentist. Rather, make your marketing easy for any given adult to understand. Patients want a dentist they can trust, that will listen to their concerns, and provide superior care. When you advertise, do not market to impress other dentists. Have the needs of your patients be your priority. Explain how you can provide solutions to their dental problems. Point out the benefits of your procedures and how pursuing dental care is important. Help them understand why your dental practice can improve their quality of life.
Gather a Team
There are many elements to managing a dental practice. Dentists need a team of professionals to help them grow their business or when selling a dental practice. It is wise to hire out additional staff to handle the marketing, clerical work, accounting, and other responsibilities of your practice. A dentist’s time is best spent with patients. Patients bring in revenue. Patients are the ones that will spread recommendations to their friends and family. Invest your time into meeting the needs of your patients’ dental issues.
Selling a Dental Practice
Selling a dental practice takes time and preparation. You will get out of it what you put into it. You need to first create a successful dental practice to be able to have a profitable exit. Dentists need to consider:
- How can I boost my online presence?
- Am I utilizing social media?
- What message does my marketing promote?
- Do I have a sufficient team to build a solid dental practice?
The Services of ddsmatch Southwest
At ddsmatch Southwest, we help dentists buying or selling a dental practice. We are expert dental practice brokers and know how to make you successful. With our expertise and knowledge of the dental industry, we help you achieve the vision you have for your dental practice. The team at ddsmatch Southwest understands the challenges and needs of dentists. Put our experience to the test. Learn more about our services and get a free Practice Transition Assessment. Call today and let ddsmatch Southwest help you reach your financial goals.