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Sunday, July 14, 2019

Tips for New Practice Owners to Start off on the Right Foot

New practice owner

Any new stage of your life comes with both excitement and worry, and that is especially true when it comes to owning your first practice. Get started off on the right foot by following these tips for new practice owners.

Chat with the previous owner

No one knows your new practice better than the previous owner. While you can learn a lot about a practice from what you see on paper or in person, only the previous owner can provide nuanced answers to any queries you have. Before you start out, and along the way as needed, reach out to them to get a rundown of the practice’s advantages and pitfalls.

Research business practices

If this is your first time as a practice owner, you’re no longer just a dentist or a physician—it’s time to get your business brain in gear. Keep up to date with best business practices, invest in some classes, or read some books on running a business for your own personal improvement. Now that you’re wearing two hats, it’s time to do the work of both.

Get to know the existing staff and listen to concerns

For the existing staff, a new leader may cause them some level of concern. Whether they’re worried about their salary changing, a different practice culture, or they’re simply wary of new leadership, it’s important to reassure them. If you’re open with communication and transparent when it comes to your vision for the practice, the existing staff will be much more likely to stay.

Establish your budget and stick to it

As with any other small business, practices need to create a budget and adhere to it. Plan for costs like any equipment and supplies you must purchase or rent and any current working capital. Beyond fixed costs, set aside an emergency fund. There’s no way to know when you’ll run into a financial pitfall, but you can keep your head above water by budgeting accordingly.

Put your name out there

You’re the new face on the block, which means the locals are itching to meet you. Make sure they get a good first impression; put yourself out there both in person and digitally. Put up some flyers around town, or go to a local event, so patients can see who the new practice owner is. On the digital front, make sure the practice’s social media and website are both polished and you introduce yourself on both. This will help residents feel like you really care about getting to know them, and that you’re putting your best foot forward.