In 2020, 201,117 dentists worked in dentistry, and only a few of them decided to start a dental practice. The main reason why most dentists are afraid of starting their dental practice is because of the amount of money it would take. Surprisingly though, the cost to start a dental practice is not as unreachable as most think.
That’s why today, we will analyze how much it costs to start a dental practice and what factors influence the overall cost.
The Average Range of Cost
The cost to start a dental practice can vary greatly, depending on where you live. Usually, the average range is between $350,000 – $550,000. This is factoring in leasing the premises, dental equipment, structural remodeling, supplies, and more.
Let’s break down some of the costs.
Lease and Remodeling Costs
Unless you already own the area where you plan to set up your dental office, you’ll need to put down a significant down payment.
Another thing you need to take into account is that some places require several months’ rent and a security deposit upfront. If the site you are leasing requires some renovation, you’ll also need to add that to the initial dental practice startup costs.
You can’t start a dental practice shorthanded, so you’ll need at least a few employees.
You’ll need to plan for salaries and estimate insurance costs before you choose your employees. Depending on your budget, you may need to factor in other benefits like paid vacations, free meals, or a retirement plan.
Dental Equipment and Supplies
A significant factor to include when discussing the cost to start a dental practice is acquiring dental equipment. You’ll need diagnostic machines and necessary supplies before you even open the doors of your new dental office. These are some of the equipment and supplies you’ll need:
- Sterilization equipment and supplies
- Dental patient chairs
- Operatory cabinetry
- Dental operatory lights
- Delivery systems
- X-ray imaging equipment
Due to the COVID-19 pandemic, you may need to buy additional supplies in order to comply with local sterilization laws.
Marketing is crucial if you want to get a strong start once you open up your dental practice. You’ll need to pay for advertisements for your services, which may cost quite a bit depending on the scale. Fortunately, you can scale down the marketing costs to your budget.
Keep in mind that the lower the marketing budget, the less visibility your dental office will have from the get-go.
Don’t Be Afraid to Start a Dental Practice
As you may have noticed, it can be relatively easy to start a dental practice. Of course, you’ll need to have a strong business plan in order to thrive after the initial start. If you’ve been thinking about starting a dental practice, don’t hesitate any longer, as it’s an achievable goal.
If you enjoyed what you read today and found it informative, be sure to check out our other business-related topics. Without a doubt, you’ll find one that will pique your interest!