Is it your big dream to own a practice? Do you imagine what it would be like to run your own business? Maybe being an employee is just not for you. Here are some common misconceptions that students have about money when it comes to starting or buying a practice.
When it comes to finances, there are two important areas where a young person can actually do something that has impact on his or her future. The first is to create a budget (yes, you may groan, but it’s true — and be advised that is not the topic of this post). The second is getting smart about your credit score.
When I present at conferences or industry meetings, new dentists often approach me, eager to know whether there are any opportunities in private practice ownership these days. “Can anyone do a startup?” they ask with some trepidation. After all, the word on the street is that it’s not easy.
I’m frequently asked what advice I would give to a new dentist. I compiled this list based on my years of experience advising dentists on their personal and practice finances and hearing, “I wish someone had told me this sooner.” These pointers should help you make thoughtful financial decisions, largely without regret.
In this episode of Let’s Talk, Christian Pearson, National Director of Dental Partnerships at Treloar & Heisel speaks with Stephen Trutter, Director of Consulting & Partner at Ideal Practices, a national consulting firm focused on the needs of private practice dentistry.
If you’re just starting out, chances are high there’s a substantial amount of debt in your financial picture. According to the American Dental Association, the average debt for all dental school graduates who owed money was $247,227. Over 30 percent of dental school graduates with student loans reported debt in excess of $300,000.