A dental laboratory is perhaps one of the most important business partners any dental practice has. The dental laboratory manufactures the dental restorations at the order of the dental professional, and is not limited to working only for dentists. Orthodontists, prosthodontists, and periodontists are a few of the many types of doctors that a dental laboratory can do business with. When thinking about beginning a dental laboratory business, one must look for a location where there are many dental practices, but few dental laboratories.
Create a business plan. Before any bank or lending company will consider giving you a loan to start up your business, it will want to know what your strategy is going to be, how educated you are in the dental industry, your growth plan, and what advantage your business is going to have over the local competition.
Secure a small business loan. According to Charles and David Wright, longtime owners of Wright's Dental Laboratory, you will need approximately £162,500 to start up your dental laboratory business. This price includes the purchase of necessary equipment, legal fees, marketing fees, the first month's rent on a building space, insurance, and administrative supplies.
Decide on a location for your business. You will want to rent an available office space to establish your business in. Research your target area of interest. Talk with dental professionals in that area to determine if they are looking for dental laboratory services. The key factor is to choose a location that has a high population of dental practices, with some that are willing to try your services.
Choose a name for your business. Research the business names of your competitors, because the last thing you want is a lawsuit for having the same name as the competition. Choose a name that is easy to remember, yet stands for the market you are in. A bad business name is a hassle to change legally, so choose carefully and make it meaningful.
Register your business. Every state has their own individual business laws, but in all states, you must register your business, and get all business permits and licenses. Check with your state and local governments to determine what is required for a dental laboratory business.
Implement your marketing strategy. Talk with as many dental professionals as you can, and offer them a special discount if they switch to your service. Prove your sincerity by following through with everything you promise.
Order inventory. After your business has been established, and you are ready to begin providing services, you will need to order the necessary inventory to perform the daily work you will be receiving.
Things you need
- Business Pplan
- Office lease
- Business permit and license