Going into business and opening a dental practice is an exciting, but also nerve-wracking, prospect for many dentists. The dental health professional must therefore demonstrate ingenuity, organization and rigor to succeed.
To make your dream a reality, our Dental health profession specialists in Quebec have put together this short practical guide. Discover relevant information on dentistry in Quebec as well as 5 steps to get started.
Why open a dental practice?
There are many elements to consider when start a dental practice from scratch. Consider things like:
- The location
- Your work schedule and mode of practice
- Your short and long term goals
- Your marketing strategy
If this sounds like too much work, it's because your studies for become a dentist did not prepare you to become a business owner. Opening a dental practice is however an ambition shared by many dental hygiene professionals.
Taking over a dental practice or opening a dental practice?
Each method has common mandatory procedures, such as the drafting of articles of association, but also their advantages and disadvantages.
Taking over a dental practice
Taking over a dental practice to create your own medical activity is a solution, which has certain constraints:
- Total autonomy since you are your own boss
- You will not have to count your hours or refuse dental emergencies
- You may need to share your space with other dentists to lighten your workload or reduce your expenses
- With partners, your autonomy is no longer total
Buying a dental practice
For many, the buyout seems simpler and more logical. While this is true in some respects, there are some disadvantages.
- Buying a business and acquiring patients, more expensive, but also more secure
- Possibility of retaining staff already on site
- Present your lender with an estimate of your sales thanks to your colleague's figures
- You may have to negotiate with the firm's potential partners
What is the average cost of opening a dental practice?
The price of opening a dental practice in Quebec depends on several factors, but the main one is location. Opening a dental office in the heart of downtown Montreal is more expensive than opening a private dental office in Notre-Dame de Lourdes.
To obtain an estimate, we recommend conducting a thorough market study of the location you are interested in. Choose a space that fits your needs and your budgetespecially if you are starting from scratch.
The advantages of opening a dental practice in Quebec
There are several advantages of working in the dental sector. According to the Government of Canada, there should be a labour shortage in the dental sector between 2019 and 2028. This is partly due to the aging population and the number of dentists who will retire.
As a result, the job of a dentist is not at risk, this shortage means that there will be many more requests for service than offers. Opening a dental practice during this period is advantageous, since there are a growing need for dental professionals.
5 steps to opening a dental practice
1) Things to consider when opening a dental practice
Finding the answers to these questions will help you to build a solid business planwhich puts all the chances of success on your side.
- Solopreneur vs. partner firm
- From scratch or buying a dental center
- Define your short, medium and long term business objectives
- Purchase / rental of your professional space
- How to finance your project (bank or private investors)
- What makes you different from other dental offices in your area (hours, policies, services offered, facility layout, etc.)?
2) The search for personnel
Unless you are buying an existing dental practice, recruiting is an important step. Visit open a dental clinic with a competent teamDo not hesitate to use a candidate search service such as the one on Carrière Dentaire. You can find many profiles, such as dental assistants, dental surgeons, or a doctor of dental surgery/oral surgery.
Don't overlook the importance of insurance when opening your dental practice. Here are the insurances to consider to protect both your practice and your clientele.
- Life insurance
- Limited liability insurance (also known as professional liability insurance)
- Malpractice insurance
- Insurance to protect your business loan
- Workers' Compensation Insurance
- Business overhead insurance (maintenance of radiology equipment, X-ray equipment, medical equipment and general dental equipment such as hygiene accessories or other ergonomic chairs)
4) Financial management
- Plan the use of your funding
- Administrative procedures for taxes, social contributions and registration of your professional partnership
- Determine which payment methods are accepted at your practice (cash, debit and credit)
- Get management software (finance, billing)
- Protection of your working capital and liquidity
- Estimated budget for your activities and expenses (hygiene material, inventory, personnel, accountant)
- Check if financial assistance, such as tax incentives or government grants, is available
5) Your marketing strategy to open your dental practice
Like any business, marketing is also an important step. You must therefore plan ahead:
- Your company logo
- Invest in a web page to increase your visibility
- Using social networks to further increase your visibility
This is especially important for dentists who are starting from scratch. Building your reputation by word of mouth is still a good method, but in the modern age, it is crucial to have an online presence.
Carrière Dentaire, your resource for the dental market in Quebec
Carrière Dentaire is a Quebec based company specializing in Connecting dental professional candidates with dental offices. As a dental professional, do not hesitate to publish your dental job offersor search our job bank for profiles today. We strive and are excited to help dental professionals improve their profession every day.