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

In this episode, Jayme will do an introduction to demographics for startup practices. Demographics is the study of people and as a dentist, you serve people. If you get demographics right, you’ll enjoy serving your patients, your startup will grow faster and you’ll become more profitable faster. That’s how crucial demographics are and why you must get it right from the beginning.

In this introduction to demographics, Jayme will talk about how demographics in dentistry involve lots of data points. There is so much information to consider. Unfortunately, this whole process is simplified to a ratio of the number of dental practices to the population in a given area. This ratio ignores the millions of other data points, that’s why you shouldn’t pay much attention to it.

In this episode and the next two episodes, I share with you unique opportunities that demographics offer and show you how to look at the millions of data points to make crucial decisions. Tune in to this fascinating conversation and understand what demographics is all about.

Key Takeaways

• Why it is crucial to get demographics right in the start-up process (01:01)
• What exactly does demographic mean to a startup dentist (03:50)
• Why you shouldn’t pay much attention to the famous ratio of practices to population (06:38)
• Should you locate your startup in an area that is growing quickly (14:46)
• Demographics involve millions of data points and why you shouldn’t reduce them to one calculation (18:36)
• Capturing the unique opportunities that demographics offer (19:24)

Additional Resources

• 18 Vital Questions for Startups Demographics
• www.IdealPractices.com/Free
• The StartUp Crew Facebook Group For Associate Dentists
• Ideal Practices Website
• www.IdealPractices.com/13
• www.StartupDentistPodcast.com

Get a free copy of Jayme’s bestseller during this year’s 1000 Book Giveaway!

• “Choosing the Right Practice Location”

Contact Information and Social Media Links:

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

Introduction to the Topic: Welcome back, associate dentists! If you're on the fence about whether to pursue a startup or an acquisition, this episode is for you. Today, we're diving into the David vs. Goliath story of dental startups versus corporate dentistry, offering insights on how you can make your dream practice a reality even in the face of big corporate competition.

Key Points Discussed:

1. Doctor-Patient Relationship:
   • Importance of personalized care and building trust with patients.
   • How maintaining strong patient relationships can provide a competitive edge over corporate practices.
2. Choosing Your Patients:
   • The advantage of targeting and attracting your ideal patients.
   • How demographics play a crucial role in choosing the right location and patient base for your startup.
3. Community Impact:
   • Strategies for making a meaningful impact in your local community.
   • Examples of successful community engagement that builds loyalty and referrals.

Links and Resources Mentioned:

• Recent episode on the pros and cons of startup vs. acquisition
• Demographics insights and strategies
• Contact information for Rob Montgomery, dental-specific attorney

Calls to Action:

• Listen to the recent episode on startup vs. acquisition for more insights.
• Consider your ideal patient profile and community impact as you plan your startup.
• Connect with us for personalized advice on making your dental startup a success.

Contact Information and Social Media Links:

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

In this episode, Jayme will officially initiate the startup practice masterclass for doctors considering setting up their own practice, and he will start by diving into the first P of the three Ps he unveiled in episode one, which are, Practice, Profit, and Purpose. Practice refers to the act of opening up a practice and Jayme will share and discuss the 13 stage guide that it all boils down to. He will also talk through the biggest mistakes that startup practices make and reveal the three big promises that one must ensure they’re fulfilling.

The first promise is clarity, and it’s all about one being clear on which choices are the best for them when they’re setting up a startup practice, and what's actually working for startups in the industry (not theories or ideas). The second one is confidence, and it refers to a doctor’s personal confidence in themselves and their entrepreneurial capabilities as they start their practice. Entrepreneurial studies on successful business owners in and out of dentistry have shown that the top priority for an owner is for them to maintain and protect their confidence.

The last promise is good decisions, and Jayme’s core goal is to really empower aspiring startup practice owners to make good decisions by sharing hundreds of case studies of successful practice owners, and introducing the top minds in startup business in general. The 13 stage guide of starting a startup practice that Jayme will share include vision, financing, demographics, site selection, design and floor planning, equipment selection, construction bidding, permits, marketing/hiring/startup MBA, construction commencement, equipment installation, dress rehearsal, and grand opening. Succeeding in all the 13 stages and avoiding the major mistakes that startup practices make will define just how successful an associate dentist will be with their startup practice, and Jayme will gladly share all his wisdom on those topics. Stay tuned for more.

Key Points Discussed:

• Where to begin with a startup practice and the things to consider to succeed (01:05)
• All the plans, strategies, systems, sequencing, and concepts that one layout to open their startup practice successfully and cut out the risks (03:21)
• Increasing your level of confidence about which next steps are right for you (06:36)
• The number one mistake that most startups make that we must avoid (09:19)
• Standing in the building and seeing your name on the door (16:45)
• The biggest mistake that associate dentists make as they're considering opening startups (18:51)
• The ideas that we hear about in different settings are not relevant for startups (23:14)
• The financing problem that can be avoided in advance (28:52)
• Sailing with the family, having an awesome time, and what it can teach us about starting a practice (31:53)
• Joining the startup crew of just associate dentists who are going through the journey together (38:55)

Additional Resources:

• 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

**Introduction:**

Welcome to today's episode, where Stephen Trutter is joined by Steve Burns, a senior advisor with over 30 years of experience in dental equipment and technology. Together, they explore how dentists can make smart equipment purchases for their startups, ensuring that investments align with both their clinical vision and financial constraints.

- **Key Points Discussed:**

1. The importance of budget management when choosing dental equipment.

2. How to navigate promotions and avoid being oversold by vendors.

3. The benefits of phasing in technology over time, focusing on what adds immediate value.

4. How showrooms and vendor relationships can impact decision-making.

- **Links and Resources Mentioned:**

- Ideal Practices Startup Practice Blueprint course

- Manufacturer promotion websites

- Recommendations on internal scanners and phased technology adoption

**Calls to Action:**

Sign up for the **Startup Practice Blueprint** course to dive deeper into creating a successful dental startup, and explore more insights from industry experts like Steve Burns.

Contact Information and Social Media Links:

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

Welcome to the Startup Dentist Podcast! In this episode, we dive into three key elements essential for launching a successful dental practice: practice, profits, and purpose.

However, our discussion goes beyond the basics. We explore how crafting a robust profit strategy is pivotal for practice success. I share actionable strategies for ensuring financial viability, from effective marketing to implementing efficient systems and fostering strong leadership within your practice.

Yet, the true essence of practice ownership lies in its sense of purpose. Beyond monetary gains, real success stems from positively impacting your community and finding personal fulfillment in your work.

I share strategies for ensuring financial viability, including effective marketing, implementing the right systems, and cultivating strong leadership within your practice.

But perhaps the most fulfilling aspect of owning a practice is the sense of purpose it brings. Beyond financial rewards, I believe that real success comes from making a positive impact on your community and finding personal fulfillment in your work.

Throughout the episode, I share inspiring stories of dentists who have found fulfillment through practice ownership, underscoring the potential for personal and professional growth in this path.

As we wrap up, I encourage you to subscribe and engage with the podcast for continuous learning and inspiration. Your dream of owning a successful dental practice is within reach, and I'm here to help you achieve it.

Contact Information and Social Media Links:

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