Bobby Bhandal introduces the certainty compass – a tool to help you navigate the process of establishing a dental practice.
Embarking on the journey of establishing a dental practice is both exhilarating and daunting. The decisions made during this period can set the trajectory for success or lead to unforeseen challenges.
To assist budding dental entrepreneurs, I’ve developed the ‘certainty compass’, a strategic framework designed to guide you through the critical decisions of starting a practice, ensuring a smoother path to opening day, without making the potentially disastrous mistakes 99% of dental starts up make.
Introducing the certainty compass
The certainty compass revolves around three pivotal questions that every aspiring practice owner must address:
- Which business model should I adopt?
- Where should I locate my practice?
- When is the optimal time to launch?
By thoughtfully considering these questions, you can transition from subjective impulses to objective, data-driven decisions. This approach helps in avoiding the common pitfalls that many new dental entrepreneurs encounter.
Guarding against decision-making pitfalls
In the process of establishing a practice, it’s easy to fall prey to certain cognitive biases and emotional traps. I refer to these as the three decision-making infections.
1. The prestige virus
This infection is characterised by ego-driven decisions. Symptoms include:
- Obsessing over premium equipment and prestigious locations
- A desire to impress peers, which can cloud practical judgment.
When I worked in my first dental practice, I convinced myself that success had to look the part. So, I made what I thought was a power move: I bought a sleek, high-performance BMW sports car. In my mind, it was a statement – a symbol of my arrival as a successful professional.
But reality hit hard. The hefty monthly payments, maintenance costs and insurance quickly became a financial drain. Money that should have been fuelling a new practice – investing in equipment, marketing, or even hiring an extra pair of hands – was instead being funnelled into a car. Beyond turning a few heads, it did nothing to grow my business.
Looking back, I can see it for what it was: a prestige purchase that served my ego more than my goals. Had I focused on building my practice first, I could have been on my third location by now. Lesson learned: real success isn’t about appearances. It’s about making smart, sustainable decisions that create lasting growth.
2. The quick fix fever
This infection stems from impatience. Symptoms include:
- Rushing through research
- Relying on gut feelings over concrete data.
I recently spoke with a dentist who shared their experience of launching a new practice – one that unfortunately didn’t go as planned. Eager to escape an unfulfilling associateship, they rushed into opening their own clinic without thoroughly researching the local market. The area was already saturated with established dental practices, making it difficult to attract patients.
To save money, they took on the marketing themselves, despite having no prior experience in branding, patient acquisition or digital outreach. With no structured strategy in place, new patient numbers remained low, and the financial strain quickly mounted. What was meant to be a fresh start soon turned into a daily struggle to keep the doors open.
This conversation was a stark reminder that enthusiasm alone isn’t enough. Without the right preparation and expert guidance, even the most talented dentists can find themselves in a tough position. A strong foundation, including thorough market research and a well-planned marketing approach, is essential for any successful practice launch.
3. The analysis paralysis syndrome
This infection is driven by fear. Symptoms include:
- Overanalysing decisions to the point of inaction
- Allowing the fear of failure to prevent progress.
This scenario mirrors the hesitation some dentists face, where overthinking leads to missed opportunities.
Applying the triple-check treatment
To combat these infections, implement the ‘triple-check treatment’ for each major decision:
1. What’s the patient benefit?
- Counteracts the prestige virus
- Focuses on practical value over appearance
- Example: before investing in a luxurious expensive dental chair, ask: ‘Will this enhance patient care or comfort?’
2. What’s the data saying?
- Counteracts quick-fix fever
- Relies on concrete evidence
- Example: before selecting a location, analyse demographic data to ensure a sufficient patient base.
What’s the worst case scenario?
- Counteracts analysis paralysis
- Helps in managing fears by considering contingency plans
- Example: if a particular marketing strategy fails, determine the financial impact and have alternative plans ready.
By systematically applying the certainty compass and the triple-check treatment, you can navigate the complexities of establishing a dental practice with confidence and clarity, steering clear of common pitfalls and setting a strong foundation for success.
Ready to make it happen? Click here to learn more about Squat Success and take the first step toward your new beginning.
This article is sponsored by Avenue Dental Practice.
