As a new dentist trying to figure out your career goals, and the path you should take to reach them, you have a wide variety of career options to consider. Should you work as an associate or venture out on your own? Is it better to acquire an existing practice or start one from scratch? Getting clear about your short and long-term objectives allows you to examine the necessary skills you need to get to the next level. Wells Fargo Practice Finance offers a New Dentist Planner, which guides you through your choices as an emerging practitioner, and gives you tips on what you can do now to prepare for your future.
If practice ownership is your goal, there are many ways you can prepare for your transition – and there are a couple of things you can start working on immediately so that when the time comes to move forward, you are ready to go.
Develop your business plan: A business plan is important to your success as a prospective owner because it shows lenders you have a strategic plan in place to build and manage your practice and repay your debt. It is also a management tool to help you track, monitor and evaluate your progress. It is a living document that you will modify as you gain knowledge and experience. By using your business plan to establish timelines and milestones, you can gauge your progress and compare your projections to actual accomplishments. Here’s a complimentary business plan template you can use.
Manage your financial profile: A healthy financial profile, including a well-managed credit score, makes it easier to secure the financing you need to build or purchase a practice. Protect your identity and credit score. Check your personal credit report at least twice a year to ensure accurate reporting of all accounts (www.annualcreditreport.com offers one free credit report per year). Inform all credit bureaus of any discrepancies in writing. For more tips, read Ensuring a Healthy Credit Profile in 10 Easy Steps.
If you would like help developing your plan – or just want to talk through your options for ownership – please reach out to your local Wells Fargo Practice Finance Business Development Manager.