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When planning to start a new dental office, there are a lot of things that you need to consider. And one of the most important things that you need to keep an eye on (and one of the deciding factors for many starters) is the start-up cost.
Truth be told, starting a new dental office is really expensive. Not to mention the also expensive dental tools, equipment, and devices like the Schultz optical loupes. But how expensive really is expensive? Will it really cost you seven figures just like what many typical financial advisers, leading start-up agencies, and other industry resources tell you?
Although opening a new dental office is quite expensive, definitely, it will not cost you millions. A standard dental office size can only cost around $300,000 to $600,000 depending on these two primary factors- (1) price per square foot and (2) location, region, or state.
Location, region, or state
The cost of opening a new dental office depends greatly on the location. There are certain states or regions that are more expensive than the others. But keep in mind, though, that you should not choose a certain location just because it is less expensive than the other locations. Make sure that it is inline with your visions and long-term goals.
Of course, you need to do research and studies to know if the area is ideal for your new dental office. It may sound silly but you can't just open a dental office and spend hundreds of thousands for the start-up cost in an area where there is only very little population.
Price per foot
Whether you are building a dental office from scratch or you are planning to lease a space, you need to consider the price per foot. There are a lot of contributing factors that can help determine the price per foot. Among these factors are the location, facilities, size of the space, and the condition of the building.
Generally, those spaces that are located in the city center are more expensive than those in the nearby neighborhoods or districts. Many dentists tend to cut cost by getting only a small space for their dental office. Though you can consider this as a practical decision, it does not always serve you best most especially if you are planning to grow your practice in the future. Again, the price per foot should not always be your basis when deciding how spacious or small your dental office space will be. But rather, it has to be harmonious with your long-term goals and vision.