Your Future as a Dentist: Owner or Associate?
As a dentist, your professional life is set to be filled with lots of successes, and you’ll undoubtedly be thrown a few curveballs. You will have to make several decisions that will dictate the direction of your professional career. One of those decisions is whether you want to spend your career practicing as an associate or if you want to own a practice.
Practicing as an associate
Building a career as an associate is a great option for many dentists. You are able to focus on honing your skills, creating strong relationships with your patients, and you rarely need to worry about running the overall business. You will have the security of having an assured income and employee benefits. Being an associate means you will have a comfortable, reliable professional life.
Owning a practice
On the flip side, owning your own dental practice means you can take control of your career. As the owner, you’re charged with overseeing the business’s strategic direction, financial performance, personnel, and all operational activities. You have the chance to play a big role in other’s livelihoods and are ultimately responsible for everyone and every duty within the practice. It may seem like a lot, but owning a practice also brings an incredible sense of achievement when you know you have built a successful business.
How do you know which path is right for you?
Determining which route to take in your career requires a lot of consideration. Answering these questions may help:
- Are you tired of reporting to a colleague and feel like you could make strategic improvements to your current office?
- Do you feel like you have honed your clinical skills and are ready to move beyond patient care?
- Are you ready to manage other people, all duties within a practice and be responsible for your employees’ livelihoods?
- Do you understand the fundamentals of running a business?
If you answered yes to the above questions, owning your own practice could be the right choice for you. Congratulations – making that decision is a huge step! If you answered no to some of the above, the good news is that there are consultants and advisors that can help you feel more comfortable with these things. The most important thing is to make sure ownership is a path you want to take. For more information on how you can prepare for your profession future, contact the
Business Banking team at Bankers Trust.