Today's topic is a big one: When are you ready to be a practice owner? It's a question that's probably crossed your mind more than once, whether you're a seasoned associate or a dental school student dreaming about the future.
Hey there! Welcome back to another episode of “The Startup Dentist Podcast”, where we're all about diving into the nitty-gritty questions of dentistry and practice ownership. Today's topic is a big one: When are you ready to be a practice owner? It's a question that's probably crossed your mind more than once, whether you're a seasoned associate or a dental school student dreaming about the future.
I've been in the dental industry for nearly two decades, overseeing over 800 start-up practices, so trust me when I say I've heard this question a few times! And today, I want to share some wisdom to help you navigate this journey.
First things first, let's debunk a myth: There's never a "perfect" time to take the leap into practice ownership. Just like becoming a parent, you'll never feel 100% ready, but that doesn't mean you shouldn't go for it. It's about recognizing the right moment for you and seizing it.
So, let's break it down into three parts:
Tangible Elements: Experience, Money, Vision
Experience is key. Whether you've been working in corporate dentistry or private practice, each environment offers valuable lessons. It's not just about clinical skills; it's about understanding the business side too.
Money talks, especially to banks. Having around 5-10% of the funds you'll need for your practice in liquid assets shows banks you're serious. So start saving now, even if you have student loans to tackle.
Vision is your roadmap. Use your experience to envision the kind of practice you want. From patient demographics to marketing strategies, clarity on your vision is crucial.
Intangible Elements: Community, Lack of Control, Freedom
Feeling like you're just working for someone else's retirement plan? That lack of control and freedom? It's a sign. If you're ready to take charge of your destiny, it might be time to make the move.
Community connections are your secret weapon. Building relationships with patients and fellow business owners is the key to a thriving practice. And remember, it's not just about transactions; it's about serving your patients on a deeper level.
Best Case/Worst Case Scenario
Think about where you want to be 18 months from now. Taking meaningful steps towards practice ownership can lead to opening your own doors. But if you stay stagnant, you'll still be spinning your wheels, wishing for change. Remember, it's not about waiting for the perfect moment; it's about making the moment perfect. Until next time, keep smiling, keep dreaming, and keep building your future.