Your guide to growing your existing practice or buying a second practice
When your existing dental practice is in a ‘growth’ phase there are several different paths you can follow for expansion, but as a practice owner your time is tight so you quickly need to work out which one is right for you. Do you expand in your current premise by adding an extra chair and bringing on an associate dentist or a dental hygienist? Or, is space an issue so the better option is to open another practice in a second location?
The whole idea of this guide is to help you quickly work out the pros and cons of each path.
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Three options for growing your practice
When growing your own practice, you have three options: you can expand your existing practice in your current space, you can purchase a whole existing practice or set up another new practice from scratch.
Renting versus buying your practice premises
If you decide your best option is to set up a brand new practice, you will then need to decide either to buy or rent your premises. In our experience, there are pros and cons of each option, both practically and financially.
Understanding your loan options
It’s vital that you understand the financial implications of your decisions and that you make the best decisions for your circumstances and your goals. It’s all too easy to sign up for a loan that meets your immediate requirements, but doesn’t fit your medium and long term goals. When we tell you about the cost of a commercial loan, we will talk to you about the true cost from day one. Most banks will disclose the ‘headline rate’, which is the tempting interest rate, but this can be misleading as it doesn’t include establishment fees, lenders mortgage insurance and other bank fees.
Whichever loan option you take, you will need to do some homework so that you can present as much information as possible to your finance specialist.
Our experience working with doctors, dentists and vets means we can offer a unique range of products to help you establish your practice.
Commercial property loans
BOQ Specialist has highly competitive commercial property loans in place to ensure that our professional clients can buy or invest in a practice or firm.
The information contained in this webpage is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided. We recommend that you obtain independent financial and tax advice before making any decisions.