When starting a dental practice, you will have a lot of choices to make and many opportunities to start out on the right foot. You need to get office space, fill that space with furniture and equipment, obtain technology, get your marketing going, and more. If you’re preparing to start a new dental practice, you’re in the right place. Dental Hub 360’s very own Glenn Vo has you covered.
Glenn launched Nifty Thrifty Dentists with one goal in mind: Help dentists and dental practices save money without sacrificing quality and patient experience. He does this primarily by negotiating deals for Nifty Thrifty Dentists community members with dental product and service providers. And he built a thriving Facebook community where he announces new deals, interviews company representatives about their products and services, and gives dentists and dental team members a safe place to connect with and support each other.
If you’re starting a new practice—or work in a practice you know could be more profitable—here are six ways you can start saving money right away.
Check out the nifty thrifty dentists website and Facebook group for deals.
Glenn has negotiated deals on just about anything you need to start or grow a practice. Visit the Nifty Thrifty Dentists website and check out the deals. Also, join the Facebook group and get to know other community members. If you’re looking for a deal on something specific, ask the community about their favorite deals on what you’re looking for help with. There’s no need to pay full price when you’ve got Nifty Thrifty deals!
Buy your computers wisely.
One of the biggest areas where practices waste money is with their computer systems. So many dental practices spend far more money than they need to. If you’re starting your practice, Glenn highly recommends against spending top dollar on computer systems. He doesn’t even spend big money on computers for his practice that has been operating for years.
Instead of buying brand-new computers from big retailers, buy your computers either from eBay or off-lease retailers. These computers are really good quality for their price and are more than powerful enough for everything we need to do. The computers you buy from these sources are usually from large corporations that change out their units every three years, and they absolutely give you a bang for their buck. You can often buy ten computers this way for the price of two new ones.
Avoid expensive cabinetry.
You are not a warehouse. You don’t need rows of cabinets to store a bunch of equipment. And when you’re just starting out, you won’t even have that much equipment and supplies. Once you get up and running, you’ll have a much better idea of what space you need, too. Thus, when just starting out, invest in tip-out bins instead of spending a lot of money on expensive cabinetry.
And don’t spend extra on “Dental Specific” cabinets. Have a contractor make your cabinets, or use IKEA cabinets. They will be excellent quality without a dental-industry upsell.
Learn Facebook marketing.
When starting out, you need to be careful with how much you spend on marketing. You could easily spend thousands of dollars on advertising campaigns and see no return on investment at all.
Fortunately, with marketing, Facebook’s marketing platform burst on the scene to offer much better marketing results at a fraction of the cost. You’ve got to market heavily at the beginning of your practice journey so people know your practice exists. You can even start for free with a Facebook page and live videos your friends and family can share for you. When you want to reach a bigger audience, you can boost your posts to your local community for a few dollars.
Start with a lean staff.
There’s no point in having four hygienists and five dental assistants when you only have two chairs full and haven’t experienced practice operations yet. Until you know the natural flow of your practice and get into a groove with patients, you won’t know exactly what your systems and staffing needs will be. Thus, it’s much better to start with a lean staff and grow it as you get more patients and understand your practice flow. It sounds obvious, but many practices hire too many people too fast and waste a lot of time and money.
Get your lease right.
Hire a professional to negotiate your lease when you’re just starting. If you’ve already done this, make sure to do this when it’s up for renewal. Although it can be harder to negotiate terms on renewals than initial leads, the benefits of negotiating favorable terms make it well worth your efforts. You may want to do it yourself, but there are many people who are experts in negotiating leases. They can often negotiate favorable terms you benefit from for years.
Are you ready to build a profitable practice?
Whether you’re just starting out or you’ve already built your practice and want to make it nifty, thrifty, and profitable, these six strategies can help you save money right away. So, if you haven’t yet connected with him, be sure to visit Glenn Vo’s website and join the Nifty Thrifty Dentists Facebook group today!