{"id":4842,"date":"2021-05-05T14:54:08","date_gmt":"2021-05-05T18:54:08","guid":{"rendered":"https:\/\/www.opencare.com\/blog\/?p=4842"},"modified":"2023-12-01T13:19:19","modified_gmt":"2023-12-01T18:19:19","slug":"4842-revision-v1","status":"publish","type":"post","link":"https:\/\/www.opencare.com\/blog\/how-to-write-a-business-plan-for-your-dental-practice\/","title":{"rendered":"How to write a business plan for your dental practice"},"content":{"rendered":"<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\">7<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span><p><span style=\"font-weight: 400;\">A business plan. Your practice simply has to have one. It\u2019s going to lay out all the detailed information that helps you set your practice on the road to success. It\u2019ll include market analysis, a marketing plan, competitive analysis, cash flow projections, and more.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In essence, a business plan allows you to track, monitor, and evaluate the progress of your practice over a period of time. It allows you to gauge how your practice is progressing against your original projections for your business. This, in turn, will make it easier to make an objective evaluation of your practice\u2019s progress.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And it functions as an essential marketing document. It helps show stakeholders in your business that your practice is sustainable and worth investing in, whether that investment is monetary or time-based.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your business plan should be a living document. As you gain experience and achieve goals, the plan should be modified to reflect changing goals and knowledge you have gained during the time the practice has been in operation.\u00a0<\/span><\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"3587\" class=\"elementor elementor-3587\" data-elementor-settings=\"[]\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-58ebd571 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"58ebd571\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-56d7bbb4\" data-id=\"56d7bbb4\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bc3bfee elementor-widget elementor-widget-heading\" data-id=\"bc3bfee\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Grow your dental practice<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-32755753 cta_text elementor-widget elementor-widget-text-editor\" data-id=\"32755753\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Opencare is the only risk-free patient acquisition solution for dentists.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-32c2743f\" data-id=\"32c2743f\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50e69b27 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"50e69b27\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/www.opencare.com\/for-dentists\/patient-acquisition\/?utm_source=organic&#038;utm_medium=blog&#038;utm_campaign=lead&#038;utm_term=all_++++_practice+++++&#038;utm_content=valuablecontent__opencare_blog__octg\" class=\"elementor-button-link elementor-button elementor-size-xs\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Learn more<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<p><span style=\"font-weight: 400;\">Business plans provide you with a detailed guideline on what steps you need to follow in order to ensure your practice is a success and that it achieves both your short-term and long-term goals. They are an invaluable strategic tool that every dental plan should carefully consider and craft before opening their business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each individual business plan will be unique to you and your business. However, here are some guidelines you can follow to make the process of creating your business plan easier. Some basic elements any business plan should incorporate include:<\/span><\/p>\n<h2><b>Executive summary<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The executive summary is perhaps one of the most essential parts of the plan. It\u2019s a short section at the start of the plan that summarizes the plan as a whole. Typically, this section is one to two pages in length.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some elements that should be summarized as part of the executive summary are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Legal structure<\/b><span style=\"font-weight: 400;\">: Key to establishing your practice, determine what type of business it will be. If you\u2019re setting up a partnership, this section should also include percentage ownership of each partner. Other elements that you should mention include resources like attorneys and accountants who will be part of your support team.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Services provided<\/b><span style=\"font-weight: 400;\">: Explain which dental services you will be providing in your practice. This section will also clarify what your practice\u2019s unique value proposition will be \u2014 what sets it apart from those of your competitors and other\u00a0<\/span><a href=\"https:\/\/www.opencare.com\/\"><span style=\"font-weight: 400;\">dentists near you<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Goals<\/b><span style=\"font-weight: 400;\">: List the overall goals of your practice by priority. You should start with the mission statement and then list out the specific goals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market analysis<\/b><span style=\"font-weight: 400;\">: An analysis of the dental landscape in your area and your practice\u2019s ability to meet your identified needs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Marketing<\/b> <b>strategy<\/b><span style=\"font-weight: 400;\">: A quick summary of which strategies you will be employing. This section should be a response to the market analysis, and you should go into more detail in the marketing plan part of the business plan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Break-even point<\/b><span style=\"font-weight: 400;\">: This will also be part of the financial plan and analyses how viable your practice is at the current time.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Operations plan summary<\/b><span style=\"font-weight: 400;\">: Summarize what systems you have in place in order to increase the growth of your practice. You will need to go into more detail in the operations plan section.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Organizational \/ staffing structure<\/b><span style=\"font-weight: 400;\">: A summary of how many staff you have, their responsibilities and roles, and a forecast of personnel needs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This section is key when you <a href=\"https:\/\/www.opencare.com\/blog\/dental-practice-loans\/\">approach lenders for loans.<\/a> It should be enticing to potential lenders and explain how you plan to make your practice a success. Therefore, it should be persuasive and compelling.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this section goes at the start of your plan, you should write it last. This is because it is a summary of the rest of the plan, and you will need to have a detailed plan completed before you can write it.<\/span><\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"2968\" class=\"elementor elementor-2968\" data-elementor-settings=\"[]\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45aec48 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45aec48\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-9c9ae10\" data-id=\"9c9ae10\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-20acf1f elementor-widget elementor-widget-heading\" data-id=\"20acf1f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Collect 99% of your claims<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-29a3832 cta_text elementor-widget elementor-widget-text-editor\" data-id=\"29a3832\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>We settle your claims, so you don&#8217;t settle for less.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-284fe64\" data-id=\"284fe64\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6caa820 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"6caa820\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/www.opencare.com\/for-dentists\/revenue-cycle-management\/?utm_source=organic&#038;utm_medium=blog&#038;utm_campaign=lead&#038;utm_term=all_++++_practice+++++&#038;utm_content=valuablecontent__opencare_blog__octg\" class=\"elementor-button-link elementor-button elementor-size-xs\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Learn more<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<h3><b>Description of products and services<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In this section, you should elaborate on the types of services your practice will provide patients. Explain whether specialty services will be performed in-house or will be referred to outside practices and doctors.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">If you\u2019re acquiring an existing practice as opposed to opening a new one, clarify any changes you\u2019ll be implementing to the products and services the practice is already offering.\u00a0<\/span><\/p>\n<h3><b>Operations plan\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is where you detail the operational systems that will help you run your practice, meet your goals, and measure how effective you are at achieving your aims.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It will describe how you will procure the products needed to keep the business running, what personnel will be part of your business, and how you will manage your inventory. You\u2019ll also detail factors like hours of operation, any licenses and permits you\u2019ll require before opening, dental insurances that your practice will and will not accept, schedule for equipment maintenance, and so on.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">One of the most important parts of your operations plan is detailing a one-year action plan. This will serve as a template for you to follow and help you detail what steps you need to take to ensure your plan is a success.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This section is the \u2018nuts-and-bolts\u2019 part of your plan and is likely to be the longest section of your business plan. Managing operations efficiently helps increase profitability and decrease stress. Without an efficient operations plan, you will find meeting objectives and goals a challenging task.\u00a0<\/span><\/p>\n<h3><b>Market analysis and marketing plan<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is where you\u2019ll document data on how your competitors operate. Some parts of your competitors\u2019 practices you may want to look at include their online presence, SEO rankings, how they manage their digital content, and any other marketing efforts you think is relevant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you have conducted a market analysis of your competitors, you\u2019ll also need to document your own marketing plan. Elements you should include as part of your plan include an overview of your intended market and the type of patients you plan to target, their income level, age, and lifestyle.<\/span><\/p>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"4045\" class=\"elementor elementor-4045\" data-elementor-settings=\"[]\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-edc4587 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"edc4587\" data-element_type=\"section\" id=\"post_act-on_form\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-172574a\" data-id=\"172574a\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1f566a1 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"1f566a1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Sign up for our newsletter.<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e91c176 elementor-widget elementor-widget-heading\" data-id=\"e91c176\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Just let us know a bit about yourself.<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-8f64fc8\" data-id=\"8f64fc8\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-62ca1a0 elementor-widget elementor-widget-text-editor\" data-id=\"62ca1a0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<script type=\"text\/javascript\" id=\"aoform-script-b3ab82f6-afcc-4508-9dbc-94a9511a0130:d-0001\">!function(o,t,e,a){o._aoForms=o._aoForms||[],o._aoForms.push(a);var n=function(){var o=t.createElement(e);o.src=(\"https:\"==t.location.protocol?\"https:\/\/\":\"http:\/\/\")+\"join.opencare.com\/acton\/content\/form_embed.js\",o.async=!0;for(var a=t.getElementsByTagName(e)[0],n=a.parentNode,c=document.getElementsByTagName(\"script\"),r=!1,s=0;s<c.length;s++){if(c[s].getAttribute(\"src\")==o.getAttribute(\"src\"))r=!0;}r?typeof(_aoFormLoader)!=\"undefined\"?_aoFormLoader.load({id:\"b3ab82f6-afcc-4508-9dbc-94a9511a0130:d-0001\",accountId:\"43626\",domain:\"join.opencare.com\",isTemp:false,noStyle:false,prefill:false}):\"\":n.insertBefore(o,a)};window.attachEvent?window.attachEvent(\"onload\",n):window.addEventListener(\"load\",n,!1),n()}(window,document,\"script\",{id:\"b3ab82f6-afcc-4508-9dbc-94a9511a0130\",accountId:\"43626\",domain:\"join.opencare.com\",isTemp:false,noStyle:false,prefill:false});<\/script>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bdcbd6a elementor-widget elementor-widget-text-editor\" data-id=\"bdcbd6a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<script type=\"text\/javascript\" id=\"aoform-script-b3ab82f6-afcc-4508-9dbc-94a9511a0130:d-0001\">!function(o,t,e,a){o._aoForms=o._aoForms||[],o._aoForms.push(a);var n=function(){var o=t.createElement(e);o.src=(\"https:\"==t.location.protocol?\"https:\/\/\":\"http:\/\/\")+\"join.opencare.com\/acton\/content\/form_embed.js\",o.async=!0;for(var a=t.getElementsByTagName(e)[0],n=a.parentNode,c=document.getElementsByTagName(\"script\"),r=!1,s=0;s<c.length;s++){if(c[s].getAttribute(\"src\")==o.getAttribute(\"src\"))r=!0;}r?typeof(_aoFormLoader)!=\"undefined\"?_aoFormLoader.load({id:\"b3ab82f6-afcc-4508-9dbc-94a9511a0130:d-0001\",accountId:\"43626\",domain:\"join.opencare.com\",isTemp:false,noStyle:false,prefill:false}):\"\":n.insertBefore(o,a)};window.attachEvent?window.attachEvent(\"onload\",n):window.addEventListener(\"load\",n,!1),n()}(window,document,\"script\",{id:\"b3ab82f6-afcc-4508-9dbc-94a9511a0130\",accountId:\"43626\",domain:\"join.opencare.com\",isTemp:false,noStyle:false,prefill:false});<\/script>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<p><span style=\"font-weight: 400;\">You should also clearly set out how you plan to set your business apart from competitors and maintain your own customer base. For example, if you operate in close proximity to another dental practice, how will you ensure patients looking to\u00a0<\/span><a href=\"https:\/\/www.opencare.com\/\"><span style=\"font-weight: 400;\">find a dentist<\/span><\/a><span style=\"font-weight: 400;\">\u00a0visit your practice over that of your competitor?<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Make sure to conduct a SWOT analysis. This is an analysis of your practice\u2019s strengths and weaknesses, as well as the market opportunities you can take advantage of and the threats that your practice faces. This will help you better personalize your marketing plan to your goals while also considering outside factors that could hinder those goals and detailing how you will overcome those issues.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your marketing strategy should focus on developing awareness of your practice amongst prospective patients. This will include the use of internal marketing (brochures, posters, newsletters, etc.), external marketing (direct mail, email, advertising, online marketing through websites and social media, etc.), and customer service to ensure your patients have a good experience and keep on returning to your practice.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">One key element of the marketing plan for modern dental practices is to map out their website design. Having a well-designed website can help you stand out from competitors and can be hugely beneficial in attracting patients. For example, suppose patients are able to make a\u00a0<\/span><a href=\"https:\/\/www.opencare.com\/blog\/how-to-make-a-dentist-appointment\/\"><span style=\"font-weight: 400;\">dentist appointment<\/span><\/a><span style=\"font-weight: 400;\">\u00a0online quickly. In that case, they are more likely to choose your practice over a competitor that makes it difficult to schedule an appointment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your marketing strategy is going to be significantly different from that of your competitors, you should also explain the rationale behind your choice as part of your strategy.<\/span><\/p>\n<h3><b>Financial plan<\/b><\/h3>\n\n<p><span style=\"font-weight: 400;\">A financial plan is a key component of the marketing plan and will be the section that\u2019s of most interest to potential lenders. If you\u2019re approaching banks or other individuals for a loan, this section will help them make an informed decision over whether or not to lend to you. Due to its importance, this section should be carefully planned out and meticulously written.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For new practices, the financial plan will be based on 12 and 24-month financial projections, as you won\u2019t already have an existing performance to base it off. Some key elements that you should include in your financial plan include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income projections over a 12 and 24-month period<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your personal financial statement\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collateral you\u2019ll offer in exchange for a loan<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The total amount of funds that will be required by your practice for a 24-month period<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A plan for how the funds will be allocated<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cash flow forecast<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Historical financial analysis looking into the viability of a dental practice<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Supporting documents that may be required by the lender, including a copy of your credit report, historical financial statements, five-year financial projections, and any other relevant document<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Your financial plan should lay out a plan that accounts for the impact of outside financial influences that will affect your finances. These influences include competition, the economy, seasonal variations, and business cycles, as well as any other factors that will impact your practice\u2019s financials.\u00a0<\/span><\/p>\n<h3><b>Business plan checklist<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re just getting started on creating your business plan, there are a variety of templates and checklists that are easily available online. One free downloadable and printable checklist that you can use is\u00a0<\/span><a href=\"https:\/\/www.womensenterprise.ca\/wp-content\/uploads\/2017\/04\/business-plan-checklist.pdf\"><span style=\"font-weight: 400;\">this one<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you get started on making your business plan, the American Dental Association (ADA) you make sure to ask yourself some important questions, including:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Can you describe your potential dental practice in detail?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Do you have an actionable marketing plan?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Who is in the market? What are they doing right \u2014 or wrong?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What pricing and payment policies are you considering?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">What\u2019s your growth strategy?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These will help provide you with a guideline you can refer back to when writing your detailed plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ADA also provides a business plan checklist that is tailored to dental practices. You can download the checklist\u00a0<\/span><a href=\"https:\/\/ebusiness.ada.org\/productcatalog\/product.aspx?ID=2153\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>FAQs about dental practice business plans<\/b><\/h2>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"2961\" class=\"elementor elementor-2961\" data-elementor-settings=\"[]\">\n\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-632a5ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"632a5ee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-8b2de23\" data-id=\"8b2de23\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28682b8 elementor-widget elementor-widget-heading\" data-id=\"28682b8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Worry-free insurance verification<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f6cf11 cta_text elementor-widget elementor-widget-text-editor\" data-id=\"2f6cf11\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Opencare takes the guesswork and effort out of insurance verification.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-8234090\" data-id=\"8234090\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67b2a99 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"67b2a99\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/www.opencare.com\/for-dentists\/revenue-cycle-management\/?utm_source=organic&#038;utm_medium=blog&#038;utm_campaign=lead&#038;utm_term=all_++++_practice+++++&#038;utm_content=valuablecontent__opencare_blog__octg\" class=\"elementor-button-link elementor-button elementor-size-xs\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Learn more<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>How much does it cost to open a dental office?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">While start-up costs will differ based on where your practice is located and the types of services you plan on offering, the estimated cost of starting a dental practice\u00a0<\/span><a href=\"https:\/\/www.bankofamerica.com\/smallbusiness\/business-financing\/learn\/starting-dental-practice\/\"><span style=\"font-weight: 400;\">can be<\/span><\/a><span style=\"font-weight: 400;\">\u00a0upwards of $450,000, with up to a third of that being equipment costs.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>How profitable is a dental practice?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On average, dental practices can have\u00a0<\/span><a href=\"https:\/\/www.dentalcarealliance.net\/news\/how-dentists-can-earn-more-and-stress-less-infographic\/\"><span style=\"font-weight: 400;\">about a<\/span><\/a><span style=\"font-weight: 400;\">\u00a025% profit margin. This profit margin can be more, depending on your specialty, location, and overhead costs. It is also possible to increase the profit margin of a dental practice in a variety of ways. For new practices, it your business plan allow you a profit margin of at least 40%.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>How much does a dental office make a year?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The amount you earn is dependent on the type of services your practice offers, including whether or not you offer specialty services.\u00a0<\/span><a href=\"https:\/\/www.dentalcarealliance.net\/news\/how-dentists-can-earn-more-and-stress-less-infographic\/\"><span style=\"font-weight: 400;\">On average<\/span><\/a><span style=\"font-weight: 400;\">, general practices earn around $770,000 a year, while specialty practices can make around $1.1 million annually.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h3><b>How do I write a business plan for a mobile dental clinic?<\/b><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re planning a mobile dental clinic, the process for writing a business plan is similar to that of writing a plan for a traditional practice. The steps you need to follow will be the same, and any lenders will expect you to present the same information as part of your business plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember, the executive summary and the financial plan are two key aspects of your business plan when approaching lenders. A well thought-out and well-written business plan does not only make your practice more appealing to lenders but it also provides you with a blueprint to follow in order to achieve personal and business-related goals. So when you\u2019re writing out your business plan, regardless of whether it is for a traditional practice or a mobile clinic, make sure to include all the relevant details.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A business plan. Your practice simply has to have one. It\u2019s going to lay out all the detailed information that helps you set your practice on the road to success. It\u2019ll include market analysis, a marketing plan, competitive analysis, cash flow projections, and more.\u00a0 In essence, a business plan allows you to track, monitor, and [&hellip;]<\/p>\n","protected":false},"author":990014,"featured_media":4844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[128],"tags":[169,134,136,138],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dental Clinic Business Plan Example For Practice Growth<\/title>\n<meta name=\"description\" content=\"This step-by-step guide to writing a Dental Practice Business Plan is a must-read for any practice looking to grow their business.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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