Starting a business

[tkwk]

Hi guys, I'm new here.

I've been a fully qualified dental tech for around a year now. I know I don't have the experience of others, but I do have good financial backing from my dad who's an oral consultant. I'm interested to hear your views on starting a lab/ lab and practice business with limited technical experience although I have a very good business/ financial head. I would be thinking of running it more as a business whilst working in the lab only doing cad/cam design as I'm efficient and very capable of this. Do you think it would be a viable option to go this route and employ skilled technicians to do the main work due to my limited experience. It would also be a joint partnership between my dad and myself him being soley in charge of the practice side if we were to go that route.

Any and all advice welcome !

Thanks.


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[2thm8kr]

Hi guys, I'm new here.

I've been a fully qualified dental tech for around a year now. I know I don't have the experience of others, but I do have good financial backing from my dad who's an oral consultant. I'm interested to hear your views on starting a lab/ lab and practice business with limited technical experience although I have a very good business/ financial head. I would be thinking of running it more as a business whilst working in the lab only doing cad/cam design as I'm efficient and very capable of this. Do you think it would be a viable option to go this route and employ skilled technicians to do the main work due to my limited experience. It would also be a joint partnership between my dad and myself him being soley in charge of the practice side if we were to go that route.

Any and all advice welcome !

Thanks.


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What does 'fully qualified' mean? How much real world experience do you have?

 

[adl]

Hi guys, I'm new here.

I've been a fully qualified dental tech for around a year now. I know I don't have the experience of others, but I do have good financial backing from my dad who's an oral consultant. I'm interested to hear your views on starting a lab/ lab and practice business with limited technical experience although I have a very good business/ financial head. I would be thinking of running it more as a business whilst working in the lab only doing cad/cam design as I'm efficient and very capable of this. Do you think it would be a viable option to go this route and employ skilled technicians to do the main work due to my limited experience. It would also be a joint partnership between my dad and myself him being soley in charge of the practice side if we were to go that route.

Any and all advice welcome !

Thanks.


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I hope you guys have a lot of money because it's going to cost you.

 

[JMN]

From what you've said, my opinion is you'd need at base minimum at least another 4 years of being a tech, and that is reeeeeeeeealy pushing it, and not a recommendation but a measure 0f how unready you likely are if you are an amazingly unbelievably fast study.

Having business smarts is a fantastic benefit. But it looks like you may be making the reverse of what many techs try, knowing how to be a great tech but not how to run a business.
I could be completely wrong, but that's what it looks like from here. I started my lab in Sept of last year after 8 years, and some of that was handling most of the admin duties as well as the technical aspects. I still wasn't 'ready' and sure have made a grevious error or two.

I have no idea what your fathers title indicates, so the limb I'm on may be smaller than I think, but you'd be best served if you insist on opening a lab by hiring a Lead Technician instead of being the lead tech yourself ar least until there is no doubt you know everything you need to know and can answer every question that arises for a fair amount of time before stepping into that, which will give you expansion options when that time arises.
For ideas on that front, see this thread:http://dentallabnetwork.com/forums/threads/own-lab-am-i-crazy-please-tell-me-i-am.21609/

 

[grantoz]

what is an oral consultant anyway.By the way many have tried with all kinds of backing so good luck and find a good backrupt specialist lawyer.feel the love im just jealous because i had to start from scratch with about ten years under my belt.

 

[JMN]

I need to do a Columbo, "one more thing"

Welcome! You should not confuse lack of agreement with unwelcomness. Much money has been lost from improper preparation and it is better to be overprepared.

One big thing you did not mention that you must know before you even start. Why you. What is it about you, your restorations, your business, your staff, your %whatever% that makes you different. If you cannot clearly articulate that to yourself, you cannot to prospective clients, and without that why should they want to change to you, and you'll have no clients for which to open a lab.

You'll never get to the stars without reaching, but you sure can't reach'em without a spacesuit or you'll never get there no matter how hard you try.

 

[tkwk]

Thanks for the replies, it's more of a thought at the moment really, I know I want to be my own boss eventually it was just figuring out if I would be stupid to do it so early on


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[Labwa]

You might be better off without the financial backing I think, or keep it very low. I started on my credit card (not that I'm saying you should)....start ups usually survive when they really need too...if they can live off backing they will...till it dries up. I started my business 2 years out from being qualified. it was f#*king hard....100+ hour weeks. now I am down to 70-90 avg 6 years later....I am passionate about it and I had very good training with my apprenticeship. If you don't love the game you wont win....
To put it in persepective I had everyone telling me not too go out and start a lab. I have 14 people in my team now and were doing some really great things.
If youre prepared for the hardest test of your character...jump in.
Good luck.

 

[tkwk]

You might be better off without the financial backing I think, or keep it very low. I started on my credit card (not that I'm saying you should)....start ups usually survive when they really need too...if they can live off backing they will...till it dries up. I started my business 2 years out from being qualified. it was f#*king hard....100+ hour weeks. now I am down to 70-90 avg 6 years later....I am passionate about it and I had very good training with my apprenticeship. If you don't love the game you wont win....
To put it in persepective I had everyone telling me not too go out and start a lab. I have 14 people in my team now and were doing some really great things.
If youre prepared for the hardest test of your character...jump in.
Good luck.

Did you feel you had enough knowledge and experience after just two years of being qualified? Also if you don't mind me asking what area does your lab specify in C&B etc.. ? And what role did you play when you started out? Where you the lead technician or did you employ another/ other experienced technicians to help you out and increase your knowledge as your lab grew ?

, Tom.


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[Torquadon]

If you have been fully qualified just since a year and you are efficient with cad cam design it most probably means this is the only think you are efficient with so far. You are going to depend on your employees to deliver final product, depending in a way that you are not capable/efficient in doing it yourself. Now answer yourself a question do you want to own a business which cannot deliver if your employee takes a sick leave? This is just one of many possible scenarios. Generally it is a bad idea to own a small business where you are hand manufacturing products unless you are capable of doing it yourself. Now if you believe you are capable of working as unsupervised dental technician with a year of experience after your training you are simply being very unrealistic in judging your own capabilities, which is another reason in favour of not owning a business. Unless you have been working for 5-6 years prior to your qualification.

 

[tkwk]

If you have been fully qualified just since a year and you are efficient with cad cam design it most probably means this is the only think you are efficient with so far. You are going to depend on your employees to deliver final product, depending in a way that you are not capable/efficient in doing it yourself. Now answer yourself a question do you want to own a business which cannot deliver if your employee takes a sick leave? This is just one of many possible scenarios. Generally it is a bad idea to own a small business where you are hand manufacturing products unless you are capable of doing it yourself. Now if you believe you are capable of working as unsupervised dental technician with a year of experience after your training you are simply being very unrealistic in judging your own capabilities, which is another reason in favour of not owning a business. Unless you have been working for 5-6 years prior to your qualification.

I totally agree with you, partly why I posted the question in the first place. Just curious to see thoughts if I were to employ a 'lab manager/ lead technician' plus 1-2 others to aid my experience and knowledge along with growing the business in question ?


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[charles007]

Hi guys, I'm new here.

I've been a fully qualified dental tech for around a year now. I know I don't have the experience of others, but I do have good financial backing from my dad who's an oral consultant. I'm interested to hear your views on starting a lab/ lab and practice business with limited technical experience although I have a very good business/ financial head. I would be thinking of running it more as a business whilst working in the lab only doing cad/cam design as I'm efficient and very capable of this. Do you think it would be a viable option to go this route and employ skilled technicians to do the main work due to my limited experience. It would also be a joint partnership between my dad and myself him being soley in charge of the practice side if we were to go that route.

Any and all advice welcome !

Thanks.


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Welcome to DLN !!! how did you hear about this forum ?

Your a fully qualified dental tech for around a year and your efficient at cad/cam designs. I'm clueless
Please share your background to give a better educated answer to you questions and idea.
Your Dad is an oral consultant ? Are you saying he's an oral surgeon with deep pockets ?

Here's the plan.
1. Shell out aprox $125k for equipment including 6 months of payroll cash/working capital in the bank.
Find a highend tech that probably makes in the 60 to 80K range to come to work for you with zero accounts.
2. Or you could do like most of us have done and start out with bare bones equipment to build up a great
reputation of great work, fair prices, and fast turnaround.
3. Question, are you capable to operate a one man lab and get new accounts ? If not, very bad idea.

 

[RileyS]

Dude!!! Be a business man!!! Nothing sucks more (to me) then working a minimum of 12 hrs a day but averaging 14!! And all that strictly working teeth and no marketing, office management stuff and finances. If I wasn't so scared and worried about continual frustration with employees I'd fork out the money for two more techs, cut my hrs down to maybe 9/day and take a pay cut. But I'm still getting over being dirt poor with my young family working for someone else and still want some more toys, a nicely finished yard, and whatever else my wife wants and deserves. So I'm an idiot. But I'm at the point were I've told my wife to put out ads, call the dentech school for grads, and get my HR dad to help find the ideal employee and help me make working here an awesome place to start a long term, rewarding, and fun career.
If you've got the money, buy all the CAD/CAM equipment needed to not only start your biz but hold you over for future growth in quantity and a variety of materials. And like Charles says, have enough cashed saved up to do payroll for at least 6 months.

 

[charles007]

What I've always heard, work yourself off the bench and run/manage the business......
tkwk, i think your trying to do the opposite and that could be quite a challenge with fewer techs to hire/harder to find in many areas.

 

[JKraver]

Find a lab guy who is on his way out buy his lab and have him train himself out off into the sunset.

 

[charles007]

Find a lab guy who is on his way out buy his lab and have him train himself out off into the sunset.

This can/could be a better idea with so many lab owners nearing retirement....

 

[tkwk]

I have also thought about this route. Charles I was searching google for something dental tech related and the forum came up. Seems a great place to get opions of others in the profession.. Who definitely have more knowledge than myself !


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[rkm rdt]

This can/could be a better idea with so many lab owners nearing retirement....

 

[zero_zero]

Working on your exit strategy RKM ?

 

[charles007]

I'm out of this crazy business in 5 years .... buy my lab first before you retire to fame and fortunes

Edit: my lab comes with old rusty metal casting rings, plastic sprues, and boxes of
other good $hit like that if anyone wants to buy my lab now........lol