“I would much rather work 16 hours a day for myself, than 8 hours a day working for someone else”— Every entrepreneur out there
Well, alrighty! You have an idea, an idea that is putting stars in your eyes and painting a pretty good picture to you. The future is looking pretty amazing isn’t it.
You have decided to become a practice owner. You are going to buy or build a dental practice, become the boss, the owner, the one in command. Your name in lights, work when you want, how you want, right?! Friends you met in dental school are becoming owners, and boasting about how great it is. I get it. Trust me. Working for yourself is pretty great. But, I want to ask one question. Give it some thought, some real thought. Ready?!
Yep, why do you want to be the owner? I mean, right now you are probably an associate, working a steady schedule. You might not have the exact schedule you want, but you are busy when you show up. You come in, see patients, head home. And, yes I will take a wild leap, that you are making a making a pretty decent living. Maybe 30-40% of production? Shoot, maybe more. But wait, you are making that, coming in and going home, with little to no stress. No weight on your shoulders. No burden of stress wondering where all your patients are, how you are going to pay your team, figuring out the best marketing ideas, etc. (The list could go on). Why trade that it in?
Entrepreneurship is tough. Most small businesses (which your practice will be) fail within the first few years. According to CB Insights over 29% fail because they run out of money, 23% because they don’t have the right team and 17% because they didn’t create a solid business model.
Not including the fact that (drum roll here), you proably want to open a practice because you want to be a dentist, right? I mean, I think I have heard that more times than I care to know! But, sorry, owning a practice, means you are now a Business Owner! You don’t just get to be a dentist!
Asking WHY, isn’t just for dentists. I mean, any person considering working for themselves should ask this question. Because in all honesty, it is easier to go get a job. However, I won’t deny that working for yourself is pretty amazing, and there is something about earning your way on something you built. As a small business owner of an ecommerce business, and retail store, I know all to well the stress, worry and sleepless nights that being an entrepreneur can lead to, but I also know the reward and what it feels like to see success.
So let me give you some sound advice, from one business owner to another.
Ask yourself why. Write it down. Go for a long walk, breath the fresh air and really figure out why opening your own practice is important. Will it positively or negatively impact your life? In fact, what do you want in your life. I mean, if you want to be able to travel all the time, being an owner might not be the right path. Take sometime, don’t listen to the people who have become owners, and don’t listen to the people who haven’t. This is where you have to listen to yourself.
If you jump into ownership, congratulations! Buckle up and get ready for a wild ride. Grab some leadership books, hire a business coach, and get going!