In this episode, Jayme will dive into what The Startup Dentist podcast is all about. He will introduce it as the masterclass made just for doctors considering startup practices and share some of the questions the podcast will answer for aspiring dental practice owners. A lot of doctors dream of owning their own practices but they never take any steps towards that because they feel that startups are too risky, or hear stories of doctors who failed in their startups and were even left in financial ruin. Others will actually make the move and start a practice, but they never get to enjoy what they’ve created because they set it up the wrong way.

Jayme will talk about how he will share case studies and trainings, and introduce top experts in the country who have helped open practices with hundreds of patients in order to demonstrate just how worth it startups are. He will also discuss the three Ps, namely practice, profit and purpose, which will minimize everything about setting up a great practice down to one simple topic.

Just to share a very brief overview of the three, practice refers to the actual building where a practice can be located and the 13 specific steps that need to be followed in order for a potential dental practice owner to build a great business plan. They include the financing, strategies, demographics, floor plans, the real estate, construction, and all the required pieces to build a practice. Profits refer to being profitable by delivering real care while purpose is all about having a practice that stands for something. If you’re an aspiring dental practice owner, this podcast is just right for you, and Jayme promises that you’re going to have an incredible journey through the master classes ahead that will for sure help you go from idea to opening day with a startup that matters. Stay tuned for more and enjoy.

Key Points Discussed:

• 84% of students and associates desire to own a practice (01:01)
• The average established practice in America sees 20 to 30 new patients per month (04:08)
• Structuring a practice of values, not just discounts (09:15)
• Having a practice that your team members commit to, not just for a paycheck, but for a purpose (11:07)
• Having the standards that deliver incredible care based experience (12:59)

Additional Resources:

• Ideal Practices Website

Contact Information and Social Media Links:

• Website: Ideal Practices
• Email: hello@howtoopenadentaloffice.com
• Facebook: Ideal Practices
• Instagram: @idealpractices

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:

1. The tangible
2. The intangible and
3. The best-case/worst-case scenarios.

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.

Contact Information and Social Media Links:

• Website: Ideal Practices
• Email: hello@howtoopenadentaloffice.com
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme will have a conversation with three of the country’s leading startup demographics experts to share some startup demographics strategies and theories that have created some of the most successful startup practices. Just about everybody would agree that demographics have a significant role to play in the success of a startup. They can either positively or negatively affect a startup. But here's the problem. Most startup practices that struggle know how powerful demographics are, they know how to read the numbers on a demographics' information report, and most of them have even attempted to get a great demographics' ratio, but they still struggle.

That’s because they don’t know what strategies they should focus on or the theories that actually work for startup practices. There have been a lot of misconceptions about demographics and Jayme admits, for example, that a lot of it has been based on the demographics ratio and how it can help a startup practice grow. In his book, “Choosing the Right Practice Location”, he talks about the safest ratio for a startup practice being 2000:1, but he will highlight that an associate dentist cannot rely solely on the math equation around that because it doesn’t refer only to the population in an area.

Jayme’s guests will share the framework and guidance on what associate dentists should look for beyond the ratio including who is an area, who the competitors are, who the potential clients are, the kinds of patients one would actually enjoy to serve, and the kinds of procedures one likes to do. They’re also going to talk about demographics studies versus reports because understanding the difference is very critical. There are plenty of associate dentists who go to expensive courses, get tons of information about startups, and buy expensive demographics reports thinking that they can open a start up practice based on the idea that the ratio will keep them safe, but a few months into the practice, they end up bankrupt. That’s the kind of experience Jayme hopes to protect every associate dentist from going through, so take your time to ingest the resourceful information in this episode, and then go out and implement it for your success in startup practice ownership.

Key Points Discussed:

• An entirely new perspective on how demographics actually work for startups (01:50)
• Misconceptions that have led associate dentists down a very dangerous path (05:23)
• Even doctors who get into good demographics ratios and areas have incredible financial struggles (10:30)
• Demographic reports versus studies, and their real impact (14:51)
• A great example why the demographics' ratio is not enough (21:00)
• Eliminating options by not eliminating opportunities and the pool table demographics (24:48)
• Looking beyond the ratios at who the competition is and what they’re doing (31:46)
• The concept of the pajama dentist and what it all means (34:23)
• How false positives in demographics mislead a lot of associate dentists (38:32)
• Getting the decision right so you can be empowered for the next few decades (44:41)

Additional Resources:

• www.IdealPractices.com/Free
• The StartUp Crew Facebook Group For Associate Dentists
• Ideal Practices Website
• www.IdealPractices.com/13
• www.StartupDentistPodcast.com

Contact Information and Social Media Links:

• Website: Ideal Practices
• Email: hello@howtoopenadentaloffice.com
• Facebook: Ideal Practices
• Instagram: @idealpractices