Preparing for dental practice ownership is a journey many dentists embark on at some point in their careers. Perhaps you’ve been working for years as an associate at a larger practice and are now looking to branch off as an entrepreneur. Maybe you’re a young and ambitious mind, freshly out of dental school, or are approaching your white coat ceremony with big plans to follow it. Either way, you’re likely reading this blog post because you have an ambition to own your very own dental practice in the near future.
If you’re here, I have a hunch you’re a go-getter with an eagerness to learn tidbits of the trade and get somewhat savvy about what it takes to run a dental practice. While you may have a general idea of where you want to go, there’s a reason you’re going out of your way to tap into resources like my blog. I’m sure you’re also listening to podcasts, reading other blogs like mine, and even asking around for new dental practice owner advice.
And, while you’ve likely gained a general understanding of what it takes, chances are that you’re not so sure about how to reach the finish line of acquiring your own practice and really getting the engines up and running once you do. In other words, you have an idea of where you want to go but you haven’t fully solidified your approach on how to get there.
It’s a long and nuanced journey to running a dental practice. However, half of the battle is getting the right mentality. That’s why, for this week’s blog post, I want to give you two steps you can take for mental preparation for dentists aspiring to practice ownership.
1. Decipher what’s working (and not working) for a dental practice that you want yours to be like.
The first step to any dental entrepreneur’s journey is understanding their vision. The good news is that knowing you want to own a dental practice means you’re already halfway there. Now it’s all about gaining a better sense of clarity and understanding of your ambitions, goals, etc. before you can start taking your first steps.
It’s hard to find the path if you don’t know where the path is leading, though. A great way to get a better sense of your vision is to look at what others are doing or what others have accomplished. If they seem to be doing what you’d like to do, then that’ll give you a good idea of where to start setting your sights. You can reverse-engineer to see what you need to get done to start following in their footsteps.
For example, you can look at the financials of a practice that seems like a practice you’d want to have. You might not be able to get behind the scenes and get exact calculations, but you can get a rough idea of it by measuring the different facets of their practice. That may mean running through the numbers of what it’d cost to employ and train a staff the same size as theirs. It could be considering where they’re located and identifying what the real estate costs would look like to situate yourself in a similar spot. The list goes on.
It’s not difficult to find a dental practice that’s finding success. But there are so many forms of success; the question is finding a dental practice that’s finding the same type of success you want to have. From there, it’s worth thinking about how much effort it takes to get to where they are. Is that something you’d be interested in taking on? This kind of analysis is crucial when preparing for dental practice ownership.
2. Understand that your fellow dentists are some of the greatest resources available.
There are two ways to learn: from your own mistakes, or from someone else’s mistakes. So, ask questions. If you’re working with or know a dentist who has more years under their belt as a practice owner, pick their brains. What avoidable mistakes do they regret making during their professional careers? This is one of the most valuable starting a dental practice tips you can follow.
Seasoned dentists aren’t the only ones you can learn from. If you surround yourself with dentists who are pursuing similar objectives, lifestyles, etc. as you, then you can learn from them when they make strides or face setbacks. You’ll be able to prepare yourself to either overcome or strive for the same hurdles they’re making.
It’s important to surround yourself with people who are comparable, though. Many new practice owners are pumped about the potential of what their practice can become. They throw on “rose-tinted glasses” and fail to stay in the reality of what their practice currently is, thinking they’ll shoot for the stars and hit their marks. The entrepreneurial journey is full of setbacks, pitfalls, and falling flat on your face. The vision you have is important to be clear on and aim for, but you can’t expect to hit every goal along the way without at least stumbling or, worse, outright missing your mark.
A goal that seems like something you can definitely accomplish with some hard work may present a plethora of limitations once you actually start pursuing it. You may be trying to do something a more experienced dentist accomplished only to find that they were operating ten years ago and in a much different environment when they did so. Alternatively, you may see something that’s working for a dentist with the same experience as you but soon find that they’re working with deeper pockets once you try to fund similar objectives.
That’s why it’s important to have people around you who you can compare yourself to. You won’t only learn from their mistakes, but you’ll be able to take off those rose-colored glasses and get a more realistic perspective of what’s achievable. You won’t set yourself up for as much heartbreak or as many subtle failures when you’re playing the same league as those you’re comparing yourself to. This realistic approach is a key part of developing a dental entrepreneur mindset.
This is only the tip of the iceberg.
The truth is, there are plenty of other steps required before you can think about acquiring your own dental practice. And after all of the hard work that goes into finally becoming a practice owner, there’s much more journey ahead. Building up your dental practice to be successful is one thing, and accomplishing your vision is another. It won’t happen overnight, to say the least.
You’re already on the right path, so don’t plan on stopping here! As I said, people can be your greatest resource, and I run a community full of dental professionals who can teach you all about practice ownership. So, join the Nifty Thrifty Dentists Facebook group and reach out! People from all across the globe will be happy to let you in on their two cents and provide more new dental practice owner advice and starting a dental practice tips.
Remember, mental preparation for dentists is crucial when preparing for dental practice ownership. Developing the right dental entrepreneur mindset will set you up for success in your journey to becoming a practice owner.