The basics of setting up in practice

There are many stages of planning before setting up a practice and as with any endeavour, planning is essential. Prepare yourself by getting to grips with the business essentials to running a small business. Associates can get more involved in the running of the business they are currently at asking questions and shadowing a business owner are an ideal way to understanding the workings of a business.

Location

The key to a successful business decision is putting a business where it will be successful- whether in a place with an obvious demand or a place with a wealthy client base or a place where the practitioners are known careful research into the local demographic, ease of access, local amenities and footfall all go a long way to making the right decision. It’s important to bear in mind how much time a business owner spends at their place of business. When choosing a business site, home, distance to and from, is well worth considering when attempting to balance home and work.

Type of practice

When setting up from scratch it is rare that an NHS opportunity will be readily available. Therefore, the focus would normally be on establishing a private basis, be it on a practice plan or fee per item basis. Think carefully, plan and talk to accountants as well as the BDA. Practice plan providers can offer advice on how their plans will go from scratch also. Gain experience working in different settings to understand better the pros and cons of each set up.

Business plan

Running a business requires plans and goals. A business plan is a great place to set these out. They should be reviewed regularly to ascertain if the business is moving int eh right direction and that the goals are still the focus of the business. Help writing a business plan can come from many sources. The BDA has advice for members: Advice on developing a business plan for a dental practice and The rince’s Trust is a great source of support and information. When producing a plan accountants, solicitors and banks will all offer good input. Engage with a lender if one is being used to make sure the plan fits what is needed for funds to be made available.

Advisers

Business owners need advice and having the right people giving that advice is important. Local senior practitioners or colleague who have set up from scratch before are a great source of knowledge, advice and support and can act as great sounding boards. There is no need to make the same mistakes that have been made before. BDA advisers have discussed setting up practices with members for years and also have a multi-disciplinary team who can talk new practice owners through the stages, helping with experience, knowledge and decision making. Accountants and solicitors will advise at various stages of the process, be it with land interests and leases or accounts. Therefore it is important that these advisers understand the nuances of dental businesses. Seek recommendations from colleagues and speak to several advisers before committing to one. It is important to take advice from someone you trust and who is experienced and competent.

Insurance

Squat practices will need insurance at each stage of their being. Make sure the right insurances are in place. Consider buildings, content, public liability, employee liability, legal expenses, loss of income, business interruption as well as professional indemnity insurance. Other insurances may be applicable to squats so make sure the right insurances are in place for the specific practice. Check insurance policies of contractors and practitioners too. Once these are in place you can move onto the matters of staffing, marketing, insurance. Community engagement before the practice is up and running. For further information and advice on developing a business plan for a dental practice members can visit www.bda.org/ advice/your-dental-business/business-.