Watch the video below to discover if buying a dental practice business can make you money. There are two ways you can own a dental practice. You can start your own or buy an existing orthodontic practice for sale. In most instances, buying can be more profitable to you than starting your own if you have the money or can secure a loan on favorable terms.
Buying an existing practice gives you a head start. You can own the business whether you are a dentist or not. If you are not a dentist, you must partner with or hire a dentist associate. Purchasing an orthodontic practice for sale comes with an established presence and patients. It increases your potential for making a profit from day one.
With customers and a previously established business, you save on marketing and infrastructure construction costs that you have to deal with when building a practice from scratch. You have a further advantage of inheriting staff who allow you to hit the ground running as you provide services to the inherited and new customers.
Besides, you may not need to invest in equipment or systems because you will inherit them as you take over. It allows you to add improvements as you expand. Finally, reviewing the existing profit and loss statements and other financial documents gives you a good idea of income projection. You can approach lenders to fund you if you don’t have the money for the purchase with this information or plan your profit turnaround strategy.