PLEASE HELP!!! Pay off loans or start dental practice?
i’m currently working for national health service corp which is a government program that pays off 25,000 of student loan for 2 yrs then 35K for each additional year. It will take 5 yrs to pay off student loans. would love to open my own practice. is it better to clear off student loans prior to starting my own practice. Also how do you research an area to determine if your practice will be successful? Is it stressful paying off student loans and overhead of a dental practice simutaneously?
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My suggestion would be to more carefully consider what you need to know in order to have the greatest chance of success in a private practice. The key word here is "private".
What do you bring to the table in the way of business experience? Although I’m sure you have learned a great deal in school, there is no substitute for real experience when it comes to business. Spending some time learning from others mistakes by joining an existing practice would not only teach you a great deal about the business side, but do so in a way that insulates you from taking any financial losses. Although my caviate here would be that government is not typically the best example of private enterprise, I still think you would receive great benefit from the experience.
If you can accomplish this AND have your debt paid down at the same time, it would be extremely difficult to convince me that you should choose to begin your career by jumping in to a private practice.
Good luck to you!
Keep working for the National Health Service Corp and save some money. In 5 years you’ll be free and clear and have some money saved to start a practice. Then, buy a practice and all you’ll have to worry about is paying off the business loan.
to be successful, look at what other successful dentists are doing, and emulate that.
I would start your practice as soon as possible…get that positive cash flow coming in…your loans will be gone alot sooner that way.