A business plan, the first step in planning your independent dental hygiene practice, is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets for how the objectives will be realized. The following describes the major components of a business plan.
Executive Summary & Mission Statement
The executive summary gives the reader a brief overview of your business and of your proposed plan. It should capture your passion and enthusiasm for the project.
The mission statement outlines your business philosophy and your vision of what your business will become. Include the name and address of your business and a short description of why you have chosen your location.
Recruiting and hiring the right staff is crucial to the success of your business. Remember that your staff represents your business and vision when you cannot be in the office. The following is a list of some key positions you may be considering:
- dental assistants
- dental hygienists
- dentists, full or part-time
Include a brief summary of your proposed staff membersâ€™ duties and how they will be paid.
Describe your proposed schedule for getting your practice up and running.
Advertising & Promotion
What are the advertising and promotional tools you will use to attract clients? These may include stationery, business cards, a website, signage, and radio, television, and newspaper advertisements. Describe which tools you expect to use and their costs. Also consider personal-networking strategies such as joining service clubs, introducing yourself to local businesses, and visiting schools, retirement homes, and community centres. Become visible! Volunteer to speak whenever possible, or set up a booth at local health fairs.
Describe your plans for insurance in case of illness or disability. Do you hold sufficient life insurance? What will you do if construction goes over cost or takes longer than expected?
What services do you plan to provide?Â Do you plan to add additional services that differ from what is currently available? For instance, are you planning to promote custom mouth guards or teeth whitening procedures? Are you interested in naturopathic medicine and plan to use only natural products in your practice? Are you considering working with a massage therapist and including these services in your office? Describe your plan in detail.
What does your market look like? How large is the potential population base and what is their income, age, and education level? Are there any other dental hygiene practices competing with you? What trends can you identify in the market?
How do you plan to compete with other businesses and attract clients? What do you expect your competitors to do when you open? Also describe the technical advantages you provide over your competitors (fees, hours of operation, follow-up, customer service, etc.).
Before you can purchase equipment or start building your space, you need to ensure you have the following:
- a business loan
- a property lease
- an agreement with a contractor
- an agreement with a supplier
Describe your plans for acquiring the above.
Describe your plans for financing the following:
- construction and renovation
- equipment, furniture, and supplies
- business licenses
- insurance, legal, and accounting fees
Provide the following revenue projections:
- debt repayment