Are you able to invest in your business, even when times are tough?
Payroll. Medical equipment. The mortgage. Marketing.
The list goes on from there. Most people are used to seeing a paycheck for their hard work. But when you own the business – when it’s your name on the door – it may also mean long stretches of time without being paid. Your financial obligations are necessary for keeping the doors open. The reality of the situation is that when you own the business, you have to invest significant amounts of money and time in it to see it succeed.
That’s just the reality of owning your own practice. The good news is that when those investments pay off, owning your own practice becomes that much more rewarding. It’s you that owns the medical equipment, makes the payroll, and pays the mortgage, and you can take great pride in that.
Are you ok with life under a microscope?
Many failures in life are still somewhat private. Not everyone needs to know about them.
But that’s different if you own your own business. You’ve staked out your position, and your visibility within your community. We all feel so determined to make our endeavors succeed. But if they don’t – and some don’t – they’re extremely public. (One day you’re open and serving the community, the next day you’re not.)
People are watching, and they have a stake in your success. There’s a certain amount of pressure that comes with that responsibility. The good news here is that when these successes pay off, that’s public too. People can see a crowded parking lot. The community can see a doctor who remains involved with charities, events, and other day-to-day activities around the community. And they can see the demand that you are in when the schedule remains full.
Yes, you went to medical school…but are you also a salesperson?
When you own your own medical or dental practice, you are your own best advocate. Your goal is to attract as many local patients into your practice as possible and recommend treatment. That means that one of your many hats as the owner of your practice is also a salesperson.
This may mean calling people who don’t want to hear from you. It may mean treating patients who are less than understanding and hard to please. It may mean swallowing your pride from time to time.
But the silver lining is that anyone who enjoys sales, and masters the art of selling dentistry will make more money and succeed.