By Dr. David Ahearn, DDS, Founder and President of Design Ergonomics
and Timothy Gagnon, Practice Liaison, Design Ergonomics
Starting your own dental practice can be a rewarding adventure, with a variety of advantages that are attractive to many dentists. While the motivations behind this journey can differ from person to person, certain benefits can be universally appreciated. Here are five of the most significant advantages that you can expect to enjoy when you decide to start your own practice:
Dental Office Start-Up Guide written by Dr. David Ahearn
1) Ownership. If you’ve ever felt frustrated with the decisions that were being made by the owners of the practice you work for, whether they be clinically oriented, personnel decisions, management direction, treatment of patients or coworkers or any of the business practices, these now become fully within your control. This type of independence is almost exclusively afforded to small business owners. Check out my book: Dental Office Start-Up Guide where my team and I at Design Ergonomics— the nation’s leading independent dental office designers—share how you can transition from being an employee to leading your own successful practice. for We see far too many business owners that started a practice because they were sure their former employer didn't understand how to run a business – only to find that they are plagued with the same problems they thought they had walked away from!
2) Growing Others. As a business owner, you'll have the powerful opportunity to build and develop a team. It's a challenging but rewarding journey, watching individuals mature over time, building their lives and families, and even leaving lasting legacies. Your influence on their lives is profound. Some might be the first in their family to graduate college, own a home, or travel. By employing and mentoring them, you empower them to reach their dreams, while also fulfilling your own goals.
The team at Perfect Smiles Dentistry in Seekonk, MA gathers in the team lounge for a birthday celebration
3) Real Estate and Tax Advantages. Running a business comes with numerous advantages, including increasing equity, potential tax deductions and credits, asset appreciation and depreciation, and enhanced access to funds and credit lines. These benefits can facilitate future purchases and investments. Nonetheless, to fully leverage these advantages, owning the property where your business operates is often essential. While this may not be feasible for most start-ups, it's a worthwhile goal for ambitious dentists to aim for.
The author, Dr. David Ahearn, built his startup practice in 1993 in Westport, Massachusetts. The project was completed in 110 days and the practice has thrived in the mostly rural community that it serves.
4) Community. Pursuing the mission of providing quality, compassionate oral health care to your local community is an important endeavor. Private practices that prioritize patient care over profits become trusted and respected pillars in their communities for generations.
The team at Perfect Smiles in Seekonk, Massachusetts prepares for a Dentistry From The Heart event where the team works together to provide a day of free dental care for their community.
5) Increased Income. As an associate, you're likely to earn about 30% of your adjusted production. After accounting for overhead costs, the practice probably nets between 10% to 20%. As a practice owner, you would be the beneficiary of this net income. According to recent statistics from the American Dental Association (ADA), the average solo general practitioner earns $160k per year, while the average employed dentist earns $126k. This earning disparity is what you can potentially overcome by owning your practice. And, with the right strategies and support, it's entirely possible to earn significantly more than these averages.
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