The Startup Dentist

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: [email protected]
• 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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme and Stephen will do part two of financing for startups. They are going to cover three topics including the twists and turns of how to rank banks, whether it’s a good, safe and sound idea to buy a house, and how to identify the fastest path to paying off student loans. When it comes to ranking banks, there are a number of criteria that one should consider when they start to look through things regardless of whether their bank is large, regional, or local. Some of the criteria is the loan requirements which includes the kind of collateral they ask for (if they do ask for collateral) and whether one may be required to make a down payment. 

The other things one should look into in financing for startups are the repayment structure the bank can offer, the funding amount, and whether the bank understands the market one is in because some banks lend differently in different markets. Other considerations include the rate of interest and when all these factors are sorted out wisely, a startup dentist ends up on the winning side where funding for their startup practice is concerned. The question of buying a house comes up a lot from associate dentists because they can’t always tell whether they should buy a house first or build their practice, and Stephen advises them to build their practice first for a number of great reasons that he will dive into in detail.

Student debt is a widespread societal problem and it’s one of the biggest stresses and concerns for associate dentists in their startup practice ownership journey. Stephen will then share the fastest way for an associate dentist to pay off their student loans, and talk about associate dentists who have had up to $500,000 and $1 Million dollars in student debt, who still managed to get funding for their startup practices. He will dive into the 100% pay-off concept that can help any associate dentist begin working on their future practice ownership, starting today. You won’t wanna miss this episode, because you can’t possibly find the kind of actionable practice ownership advice that you will get here. Stay tuned!

Key Points Discussed:

• Your own financial preparation and things that you need to consider on a personal level as well (02:16)
• Ranking banks based upon their approvals (04:08)
• Looking at a bank’s loan requirements and the repayment structure one can get (08:23)
• The importance of a bank understanding the market one is in (10:42)
• To buy or build a home or start a practice first (16:32)
• Laying out strategies for the fastest path of paying down student loan debt (22:18)
• Some optimism for everybody that has student loan debt (26:25)
• Accelerating your debt repayment much faster through practice ownership (29:34)
• The benefits of staying on the income based repayment options for as long as you can (31:56)

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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme will welcome back Stephen Trutter, the President of Ideal Practices and an experienced startup dentistry expert who has been a part of 650+ startups. Stephen has helped raise half a billion dollars in dental funding, and together they will dive into stage 2 of the 13 stages startup journey which covers financing for startups for associate dentists. Their discussion will be based on the structure and strategy of dental financing. Under structure, there will be three parts including rate-and-term, the approval myths, and the silver platter method. In the strategy part of the discussion, they will talk about ranking banks, personal strategy to attain the needed funding, and whether one should focus on home or practice.

While rate-and-term is important in choosing the right funding for any startup dental practice, one cannot really look at it from an interest rate and loan term point of view because they can both fluctuate any time based on the market conditions. For example, one might get a great rate on a short term loan, but they then force themselves into a higher monthly payment. The best way to go about it is to focus on the cash flow aspect of it because cash flow is everything. It determines whether a dental practice grows or fails, and Stephen will share tons of actionable advice on what to look at before taking a loan.

Jayme will talk about a great numbers strategy in his financing for startups arsenal that demonstrates that an associate dentist can afford a startup practice by just doing six crowns a month. From the math, it’s very clear that an associate dentist can comfortably service a $500,000 loan if they did just six crowns a month, which proves that starting and growing a startup practice is not as challenging as it seems. Stay tuned as Jayme and Stephen cover the rest of the topics in the structure side of financing and banking negotiations (including business planning) so you can have the tools you need to approach startup practice ownership wisely. Enjoy!

Key Points Discussed:

• Sharing dental financing wisdom and insider banking information to the tune of half a billion dollars of funding in dentistry (01:36)
• The best rate-and-term for a startup dental practice (04:48)
• Having a repayment structure that mirrors what your growth pattern is going to be (10:02)
• The company that has more cash on hand than most countries (14:46)
• How to afford a start up practice as long as you can produce six crowns per month (17:04)
• The things that need to be inside your financial budget planning (22:27)
• Loan approval doesn't mean the idea for your startup is a good one (28:21)
• Being prepared to underwriters by understanding what's in your own financial statement (40:04)
• No debt is not the path or the solution to getting funding (47:02)
• Reverse engineering the strategy or pre-planning it and building it for your custom situation (51:04)
• The five factors that need to be in every business plan (53:07)

Additional Resources:

• 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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme will share the backstory of the GIVE secret and his own personal backstory to give us a deeper insight into what GIVE is really all about and the power it wields in ensuring a higher level of success in dental practice ownership. A lot of dentists have attempted the GIVE secret but they’ve not had any results, while others are willing to do it but they feel like it’s a costly endeavor. Jayme’s backstory will serve a great resolution to that. It all started when he and his cousin started a company (unrelated to dentistry) that went to grow very quickly and was doing a million dollars within the first year.

One day as Jayme and his cousin were looking into real estate opportunities, he found out that his brother had passed away in a road accident. In the difficult moments of coping with his brother’s passing, he sold his share of the business to his cousin because he didn’t feel like it fulfilled him in any way. He enjoyed the fact that the business was making him money but he just wanted to do something that made more of a difference in the world. 

While trying to figure out what that business would be, he started doing real estate with the proceeds of the business sale and it’s in the process of engaging in that business that he was introduced to a dentist who needed help finding a suitable piece of real estate for his practice. That’s where he learned a lot about dental practice oriented real estate and it was actually the inception of Ideal Practices. But it wasn’t until he figured out the positive impact he could make with Ideal Practices that he actually started it. Stay tuned to learn more about the GIVE process and why it would be such a powerful force in ensuring your dental practice’s long term growth and sustainability. 

Key Points Discussed:

• How Jayme came up with the GIVE process (05:14)
• Why he wanted to start a business that also served a great cause (06:39)
• Helping startups and doing it in a way that matters and changes people's lives (11:46)
• Is the GIVE process necessary for a startup practice to thrive? (13:23)

Additional Resources:

• 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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme will continue his conversation with Stephen Trutter, the President of Ideal Practices and an experienced startup dentistry expert who has been a part of 650+ startups. Stephen has been instrumental in the acquisition of half a billion dollars in dental financing for dental startups all over America. They will dive into the R in the KRG framework which represents what a practice is Known for, Remembered by, and what they Give. 

Figuring out the KRG is the single most important thing an associate dentist can do when they’re trying to set up a dental startup because it helps in shaping their entire private practice ownership career. The R is crucial in determining how a dental startup owner will be remembered even after they’re no longer in the industry. It's about focusing less on equipment, flooring, and operation size, and more on the impact a dental practice can make on a community, because people don’t remember equipment and flooring, they remember community  leaders who better the lives of others. 

In terms of the G in the KRG, an aspiring dental practice owner should ask themselves what they want to give their community. This is something that goes beyond the walls of a practice and a dentist’s clinical skills, because it’s about what a practice owner supports in their community. A great example of that is TOM Shoes and how their business supports people in need by giving away a pair of shoes for every pair of shoes that is bought. It’s going to be another resourceful episode as Jayme and Stephen cover everything about the R and G of the KRG framework that will help any aspiring dental practice owner become a success in the industry.

Key Points Discussed:

• Establishing balance for startup practices (01:02)
• The things that make practice owners happy in their ownership (03:00)
• What are you going to be remembered by within the community? (08:40)
• All the decisions you make for the rest of your career should be aligned with something (15:10)
• The value of being known more for your values than your products (20:35)
• How Nike loses when consumers understand the values of TOMS Shoes (23:00)
• Aiming for a cause that matters to you on a personal level to promote your practice (28:48)
• If it’s not authentic, it will crash and burn (31:04)
• Aligning your gifts with something that doesn't look good to others when they visualize you, but what makes you feel good and authentic in your community (36:22)
• Demographics, proper funding, and real estate 101 (43:09)

Additional Resources:

• 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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

In this episode, Jayme will welcome Stephen Trutter, the President of Ideal Practices and an experienced startup dentistry expert who has been a part of 650+ startups. Stephen has been instrumental in the acquisition of half a billion dollars in dental financing for dental startups all over America. The two will start off by diving into the two things an associate dentist should avoid when they want to start a dental startup, and that is banking and real estate.

A lot of consultants in the startup space advice potential startup dental practice owners to engage their banks for financing and look into the real estate opportunities available to them, but these are the last things that an aspiring dental practice owner should be looking at because they amount to “Putting the cart before the horse” Jayme and Stephen will share the proper first steps one should take to start a dental startup, and how one should focus mainly on vision. When it comes to dental practice ownership, vision is critical for success. And there are both tangible and intangible aspects of vision. 

The tangible aspects refer to the real estate (inclusive floor plans), the equipment, the money to be made, and others, while the intangible aspects refer to the fulfillment that a dentist will get from the practice. The intangible aspects are what one should focus on first, by first of all envisioning the kind of reputation they will want to have in their town (where the practice will be located). With that, they can be able to plan out everything else with regard to the successful operation of the practice and the positive impact it can have in the lives of patients. Jayme and Stephen will also share real-life examples of dentists who applied that and succeeded in building million dollar dental practices. Stay tuned for that and more.

Key Points Discussed:

• The two pieces of advice that are horrible for a startup (01:19)
• Pointing your compass down a customized path for you (04:44)
• Guiding half a billion dollars of dental financing into dental practice startups (09:21)
• Having a practice that is fulfilling to get to the top of the Mount Everest that is your startup (13:37)
• The intangible vision foundation for your first step (16:45)
• Pre-planning your reputation and writing down what that looks like (26:47)
• The danger in leaving things to chance and not getting clear on the vision (29:55)
• Getting the clarity to get from the idea to the grand opening (39:02)
• Having potential clients understand what you stand for even before you have a sign on the building (40:08)
• The importance of having a team that will mirror your reputation (43:16)

Additional Resources:

• 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: [email protected]
• 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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices

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: [email protected]
• Facebook: Ideal Practices
• Instagram: @idealpractices