About This Episode:
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)
“Sailing is in some ways, a little like looking into doing a startup practice”
“We need to get clarity about what’s actually working for startups, not theories, not ideas”
“A lot of times those ideas for marketing that sounds so good from some guy and some podcast, a lot of times, they’re not relevant for a startup”
- Ideal Practices Website