Is it time for your own private practice?
The dream of owning a private practice is shared by many healthcare professionals. How do you know when you’re ready to do it?
Learn MoreYour guide to starting your own dental practice
5 minutes
The decision to start your own dental practice is a big one that requires careful business and financial planning. You have a number of different paths you can follow, each of which will need a sound business plan to help you navigate the process of creating the best practice for your situation and to ensure your success. It’s exciting—but the stakes are high so it can also be quite daunting.
Over the past 30 years BOQ Specialist has helped dentists start and grow their practices with a range of tailored financial products and services. We have developed a process for dentists looking to go out on their own and will act as your partner in ensuring the viability and profitability of the opportunity.
As well as helping you with all your business and personal banking needs, BOQ Specialist can also help you buy and fit out your practice premises.
Download our free guide to help you figure out what steps to take to get your practice up and running.
Three options for practice ownership
When starting your own practice, you have some distinct options: you can buy into an existing practice, you can purchase a whole existing practice or set up a new practice from scratch.
Renting versus buying your practice premises
If you decide your best option is to set up a brand new practice, you will then need to decide either to buy or rent your premises. In our experience, there are pros and cons of each option, both practically and financially.
Understanding your loan options
It’s vital that you understand the financial implications of your decisions and that you make the best decisions for your circumstances and your goals. It’s all too easy to sign up for a loan that meets your immediate requirements, but doesn’t fit your medium and long term goals. When we tell you about the cost of a commercial loan, we will talk to you about the true cost from day one. Most banks will disclose the ‘headline rate’, which is the tempting interest rate, but this can be misleading as it doesn’t include establishment fees, lenders mortgage insurance and other bank fees.
Pre-loan checklist
Whichever loan option you take, you will need to do some homework so that you can present as much information as possible to your finance specialist.
Other specialists for your team
As well as a good financier with experience of lending to medical professionals, like BOQ Specialist, we recommend you work with other professionals whose expertise will help you navigate the process of purchasing your practice.
