How to Start a Business
Opening a Dental Equipment Repair & Refinishing Business
This advice is written for those who plan on opening a dental equipment repair and refinishing business. Read this advice before you open up shop.
Wondering how to start a dental equipment repair and refinishing business? We take you step-by-step from start to success.
The Economics of Dental Equipment Repair & Refurbishing
How much profit potential there is in repairing and refurbishing used dental equipment? Think about your local dentist: After spending upwards of $100k on their education, dentists are forced to sink significant capital into their practice. New or replacement equipment is expensive, so it makes sense to repair and refurbish equipment whenever possible, especially while the practice is struggling to get on its feet.
Subsequently, the potential for a good dental equipment repair provider is virtually limitless, provided that you are capable of delivering consistently high quality repair and refinishing services at an affordable price.
Finding Customers for a Dental Equipment Repair Startup
In theory, every dental practice in your geographic territory is a prospective customer for a dental equipment repair startup. As a B2B service provider, you'll need to participate in direct mail, email marketing and other strategies that raise your profile in your market. But to close sales, you'll need to target and sell to each practice on an individual basis.
Many dental equipment repair startups find that Customer Relationship Management (CRM) solutions are essential tools for tracking and managing interactions with customers and prospects. Although it isn't mandatory, you would be foolish not to consider the implementation of a CRM solution from the outset of your business.
Alternative Revenue Streams in Dental Equipment Repair
The best dental equipment repair and refinishing entrepreneurs constantly look for ways to stir up additional revenue. The easiest way to increase revenue is to broaden your net to include dental labs and clinics as well as dental practices.
You'll also want to consider expanding your operation to include the sale of refurbished and even new dental equipment. Some of the equipment you work on can't be saved. Rather than sending your customers to someone else to buy a replacement, why not sell replacement equipment yourself?
The caveat is that you'll need to make an honest effort to repair your customers' equipment before you push for the sale of a replacement. If you perform a half-hearted repair attempt, you will damage your customer retention rate and develop a negative reputation in the industry.
Characteristics of a Good Dental Equipment Repair & Refinishing Company Business Plan
Your dental equipment repair and refinishing company's business plan should be tailored to your business's unique traits and goals. Yet good business plans universally hit on sound business plan elements:
- Mission Statement – Your description of your dental equipment repair and refinishing business's reason for existing.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your dental equipment repair and refinishing business's strategy and direction.
Consider the Competition
Prior to opening a dental equipment repair and refinishing business in your town, it's a good idea to see how strong the competition is. Use the link below to get a list of local competitors nearby. After following the link, enter your city, state and zip code to get a list of dental equipment repair and refinishing businesses in your area.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you want to open a dental equipment repair and refinishing business it's a wise move to speak with somebody who is already in the business. If you think owners of nearby dental equipment repair and refinishing businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
Fortunately, somebody who runs a dental equipment repair and refinishing business in a different city will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you locate a dental equipment repair and refinishing business entrepreneur in a different locale who can assist you?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Three Arguments for Buying a Dental Equipment Repair & Refinishing Business
It's almost always preferable to buy a dental equipment repair and refinishing business than to pursue a dental equipment repair and refinishing business startup.
Although buyers should always perform thorough due diligence, there at least three reasons you should consider a dental equipment repair and refinishing business purchase as your entryway to business ownership.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for a dental equipment repair and refinishing business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Franchising May Be a Better Way to Go
If you don't have much business experience, you should evaluate the pros and cons of franchising.
Before you get too far along in your plan to open a dental equipment repair and refinishing business, it's worthwhile to determine whether purchasing a franchise might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Related Articles on Starting a Company
These additional resources regarding getting started as an entrepreneur may be of interest to you.
Share this article
Additional Resources for Entrepreneurs