I’ve been hearing more and more cases of Dentists signing up for exorbitant rental rates. There are some places in Melbourne and Sydney charging $1000+/SQM!!! For a practice to be profitable from a business sense, rent including outgoings needs to be under 10% of total turnover. Further, in terms of benchmarking and in comparison to…
**Scaling and expansion to multiple locations or larger practices – PART 3** This is the final part in an ongoing series. The previous part can be found here: https://practiceownership.com.au/scaling-and-expansion-to-multiple-locations-or-larger-practices-part-2/ 5. Make decisions that honour your long term goals. Scaling to a larger multi location business requires many different skills as we have already discussed but perhaps…
One of the most important lessons I want the attendees from my Practice Ownership seminars to learn is the ability to find opportunities which others may overlook. We teach this through providing a real world example of two potential dental practices for sale. We give attendees the information that they will likely receive from the…
Post 6: Internal Fitout. Hi, welcome to our sixth of several blog posts detailing the construction of our brand new 8 chair purpose built dental facility. We’re now approaching the final month of construction. The plastering and internal painting is complete while the cabinetry, flooring and internal fixtures are in the process of being finished.…
Continuing on from last article which can be found here: https://practiceownership.com.au/scaling-and-expansion-to-multiple-locations-or-larger-practices/ – we go into other areas which will aid in your ability to scale to multiple and larger practices. 3. Trust your staff and delegate EVERYTHING When I state that you need to delegate, it’s because if you want to scale and do everything yourself, you…
A business discussion about risk as it applies to private dental practice ownership. (Part 2) Before continuing, its probably best to have a read of PART 1 in this series found here: https://www.facebook.com/practiceownership/posts/602945943202173 In this post, I’ll discuss the assessment of risk as it applies to the decision to purchase new equipment and adopt new…
A business discussion about risk as it applies to private dental practice ownership. Perhaps every successful entrepreneur or business owner I have ever read about or spoken to has said that at some point in their journey, they took a risk. Many put down their success to a bunch of calculated risks. One of my…
I get asked quite a bit for consulting on how to grow to multiple practices or to scale an existing practice into a much larger practice. While I don’t currently offer any service for this type of thing I thought I would write a two part series where I go into some of the things…
Post 5: External cladding, Internal services rough in and Internal linings. Hi, welcome to our fifth of several blog posts detailing the construction of our brand new 8 chair purpose built dental facility. We’re in the home stretch now with the building at the lock-up stage and the internal fit out well underway. The…
Post 4: Roofing & Flooring Hi, welcome to our fourth of several blog posts detailing the construction of our brand new 8 chair purpose built dental facility. The momentum has continued on site since the previous blog post with the roofing and flooring complete. Several internal elements are also well underway including the plumbing…