Last week three guest speakers presented in the Educational Webinar on Dental Fit Out. Nigel Crossman from Samera Finance, Maxine Fennell from Moxie Works and Steve Kettle from Clover Dental Fit Out all provided compelling information from their respective fields.
Financial options with Nigel Crossman
Nigel Crossman began the meeting presenting the ways to finance your Dental Squat practice. He goes into details about how money lenders often view Squats. He says that lenders do fund Dental squats however the endeavors are often risky. The lenders will want detailed business plans and information about how the Squats will be profitable and a good investment. He provides further information that lenders tend to only fiance one surgery fully and want you to keep labor costs low. The squats will lose money early on and they expect you to work in other places in order to maintain certain income levels. You should only include building costs, architects, solicitors, equipment, and marketing in your original budget. Every other amenity should be omitted for now. The banks will typically lend 70% of the building and equipment costs.
Nigel shares the secrets to success when building a Squat: use professionals, finance sourcing, use healthcare lenders and accountants, outsource compliance and be prepared for hard work. Thinking things through and understanding why you want to start a practice is crucial for success. If you do not get advice and help from the right people then your business may fail.
Dental Fit Out pro tips with Steve Kettle
Next Steve Kettle, the director of Clover Dental Fit Out, gave an informative presentation on the steps needed to build your squat practice. His first piece of advice is find the right location for your practice. You need to ask questions like how many surgeries will I require, how convenient is this particular location, how competitive is this particular area, and how expensive is the rent? He advises to focus on negotiating the lease of the building. The longer the lease, the more affordable the rent will be. Always find a property lawyer to help you with the process. Another important part of the Squat is determining the layout and design of your new practice. Find an architect to help you and make sure to get approval from your local building and control officer. Make sure to receive at least 3 quotes before signing with a contractor. Ensure that the contractor is familiar with dental fit-out and it would be wise to obtain a client reference.
Project management is a key part of the fit-out process. Appointing a project manager to the business would help lower costs and stay on budget. The roles of the manager may include: produce a schedule of work documents, conduct weekly meetings with contractors, tender packages to builders, manage the contractors’ work and interim valuations, and negotiate and work with dental suppliers.
Steve also shares one his latest projects “My New Smile” in Altrincham, Cheshire for Professor Paul Tipton. Paul praises Clover Dental Fit-Out for their hard work and ability to bring his vision to life. Clover Dental Fit-Out was essential for the success of their new practice.
Effective marketing strategies with Maxine Fennell
Finally in the last segment of the Webinar Maxine Fennell, Moxie Works provides a 10 minute marketing masterclass for up and coming Dental Squats. She explains that effective marketing strategies always include: branding, opinion leadership, content, email, metrics, competitors, photography and videography and face to face branding. During her presentation she introduces her marketing team and praises them for their effectiveness and efficiency in the Dentist industry. Their services include photography, website design, videos, content marketing and social media marketing. She emphasizes the importance of having a user friendly website, asking patients for referrals, creating video content and blog posts, and knowing your target audience well. All of these steps are essential to building a strong marketing campaign for your business. Measurability is also one of the key components of marketing strategy She provides a graph explaining the 5 steps of marketing metrics: situation analysis, objectives, strategy, tactics and action, and control. Near the end of her presentation she provides eight takeaways to strengthen your communication strategy: paying constant attention to your brand, measure everything, know what your competitors are doing, broadcast your content, be careful how to use email, use professional photography and video, develop yourself as an opinion leader, and plan live marketing effectively.
We are happy that you enjoy our webinar and look forward to having you in the next one. Don’t forget to follow us on social media and stay tuned for more updates!
Thinking of opening a dental practice?
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Steve Kettle – Director