Executive Summary
2:30 Dental is a new dental office in Miami, FL, and will be started by a young dentist out of school, who will purchase an existing dental practice from a retiring dentist. This purchase will essentially allow the practice to have an existing customer base. Some investment may be needed to bring the equipment, and the medical records, up to date with modern standards. The dentist will target a variety of high-margin and value-added markets in order to attract high lifetime value clientele. Many dentists seeks these customers, but Miami has a higher-than-average growth rate in population and is a strong market for many high-margin services. As such, it is expected that the clinic can be profitable quickly. The operational structure will be similar to that of most dental practices.
Company Description
2:30 Dental is a dental office located in Miami, FL. The office will perform a variety of services. The core service will be basic dental – cleanings, fillings, etc. It will refer specialty dentistry to other offices. 2:30 Dental will also perform value-added services that leverage the skills of the staff, such as Botox injections (Harnois, 2017), as these services can be a valuable source of additional income. There will also be a focus on higher-margin procedures such as porcelain veneers, implants and endodontics (Kesner, 2017). Furthermore, the dentist loves children, and wants to place some marketing emphasis on that market in particular.
Market Analysis
At the macro-level,...
References
BLS.gov (2017). Occupational employment and wages: Dentists. Bureau of Labor Statistics. Retrieved August 5, 2017 from https://www.bls.gov/oes/current/oes291021.htm
CIA World Factbook (2017). United States. Central Intelligence Agency. Retrieved August 5, 2017 from https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
Harnois, P. (2017) The journey into total facial esthetics with Botox. Dental Economics. Retrieved August 5, 2017 from http://www.dentaleconomics.com/articles/print/volume-100/issue-11/features/the-journey-into-total-facial-esthetics-with-botox.html
IBIS World (2017). Dentists in the US: Market research report. IBISWorld. Retrieved August 5, 2017 from https://www.ibisworld.com/industry-trends/market-research-reports/healthcare-social-assistance/ambulatory-health-care-services/dentists.html
Kesner, M. (2017) Four ways to increase revenue. Dental Economics. Retrieved August 5, 2017 from http://www.dentaleconomics.com/articles/print/volume-103/issue-7/personal-enrichment/four-ways-to-increase-revenue.html
Rabin, C. (2016) South Florida population hits 6 million for first time. Miami Herald. Retrieved August 5, 2017 from http://www.miamiherald.com/news/local/article68048512.html
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