Does the DIY approach lead to success in the dental startup world? This Monday Morning Episode launches into the realities of starting a dental practice with insights from Stephen Trutter, president of Ideal Practices. Throughout the conversation, Stephen dispels common myths surrounding DIY methodologies and unveils critical insights into building a successful practice from the ground up. He emphasizes the indispensable role of demographics, advising against relying solely on generic ratios when choosing a location. Instead, understanding competition, patient trends, and the unique characteristics of a community can create a foundation for lasting success.

Real estate considerations and marketing strategies also take center stage in today's episode. Stephen cautions against the temptation of skimping on real estate investments and stresses the role of thorough representation in negotiations. Moreover, he discusses how DIY marketing efforts often fall short, advocating for a balanced strategy that incorporates professional guidance to maximize long-term ROI. As the episode wraps up, Stephen invites listeners to deepen their knowledge with additional resources like his two-day "Startup Practice Blueprint" course and his insightful book, "The Startup Dentist."

What You'll Learn in This Episode:

• Why understanding demographics goes beyond simple ratios when choosing a location.
• The essential role of proper real estate representation for long-term success.
• Why DIY marketing may not suffice and how to execute a robust strategy.
• How Stephen's strategies balance short-term savings with long-term ROI.
• Resources to advance your journey with specialized industry education.

Tune in now to discover if the DIY approach is right for your practice!

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Learn More About the Ground Marketing Course Here:

Website: https://thedentalmarketer.lpages.co/the-ground-marketing-course-open-enrollment/

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You can reach out to Stephen Trutter here:

Website: https://idealpractices.com/

Startup Practice Blueprint Course: http://www.startuppracticeblueprint.com/

Stephen's Book - The Startup Dentist: http://www.thestartupdentistbook.com/

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Mentions and Links:

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Groups/Communities:

Dental Society

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People:

LeBron James

Michael Jordan

Elon Musk

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Publications:

Oxford Dictionary

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If you want your questions answered on Monday Morning Episodes, ask me on these platforms:

My Newsletter: https://thedentalmarketer.lpages.co/newsletter/

The Dental Marketer Society Facebook Group: https://www.facebook.com/groups/2031814726927041

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Episode Transcript (Auto-Generated - Please Excuse Errors)

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Michael: Hey, Steven. So talk to us. What's one piece of advice you can give us this Monday morning.

Stephen: The one piece of advice I give you, Michael, is DIY practices are cheaper. There you go. DIY do it yourself. It's going to be cheaper.

And I know that feels awkward because. Wait a minute. Like, I am the owner of ideal practices. And if most people don't know who we are, like we are one of the largest, if not the largest startup dental consulting in the country. What I'm saying is you don't need me. You don't need anybody.

You can do a DIY practice. It can be cheaper. Now I did look this up this morning. You and I were laughing a few minutes ago in the Oxford dictionary the Google Oxford dictionary, whatever there is one cheaper means inexpensive because of inferior quality. So can you build a cheaper practice on your own?

Sure. I think the challenge is that's kind of the undercurrent that's, existing today. So can you do it yourself? Absolutely. Can it be cheaper? Depends on if that's what your goal is and depends on if that's who you want to be in the community or are used to be known as that cheap dentist on the corner.

most people when they ask ideal practices, there's like 3 things that are on most associates mind. There's these 3 areas of. Their startup that they're most concerned about and it's demographics. It's real estate and marketing. These are three hot buttons

Here's what you need. You need space money and chairs. There is a practice you can start a practice tomorrow with space money and chairs, but there's a lot more layers that are there when I talk about these three layers of demographics real estate marketing These are probably the three biggest Components or probably the mosthot buttons that mostassociates think about now funny story.

I was just in one of the facebook's groups And doctor was asking about some questions about buying a practice he said, Hey, this thing is going to fall through. What do you think? And this and I responded and I gota DM from I'll call him Dr Jake Dr Jake said, Hey, that deal is going to fall through.

I was looking to do a startup. Can you help me? I contacted this company that does demographics and they said, basically, just best ratios are the best thing to go for. But that's what everybody says. Everyone thinks that demographics is about finding the best ratios. thing is, you could get a demographics report, find great ratios, and the best ratios are going to be somewhere maybe you don't want to be.

They could be rural areas. a lot of people say, go for, if you're a general dentist, a 3, 001 ratio. So that means 3, 000 patients for every one provider. of the almost 1, 000 startup practices I've been a part of, maybe less than half have attained that great industry standard, yet we have highly successful practices, million dollar practices in 12 months.

So you got to look beyond the ratios when it comes to the demographics. You got to look at things like, who is that competition? Is that my competition? How many other startups are in that marketplace? What are the travel patterns within the area? Here's a big one. Are my patients actually there? If you just chase a ratio, folks, because somebody on some forum said, chase ratios, then you're going to find yourself in an area that you don't love.

And I've seen a couple of posts even recently this week where doctor said I'm here. I'm making great money It's an underserved area, but my marriage is taking a toll My marriage is suffering because my wife doesn't want to be here. My kids don't want to be here. So If you just want to open your doors and find some high ratios, you can go do that, but it may not be the best area for you, for your vision, or not even have the patience there that you want to serve.

Michael: So that's number one. Demographics is the big part. And I've seen that so many times where they're like, hey, the demographics don't make sense. But this is, I love this town. Like I, this is where I grew up. This is what I want to do. Yeah. So they go against the forum, say, right. so there's a lot more to it.

Stephen: Yeah. And sometimes the advice is I see people out there say go rural. Not everybody wants to be in the middle of. Central Illinois, by the way, that's where I grew up. Like it's great. That's home. I'm surrounded by windmills and, cornfields and bean fields.

Is it underserved? Yes. But if that's not where you want to be and that's not where you want to grow up, or maybe that's even not the patient base you want to go for, then don't do that. So be aware when people say go find high ratios. It may not be the best place for you or don't skip over demographics.

A lot of DIY doctors, what they do, they chase the second big thing. They chase real estate So the second big topic is real estate. Most people skip demographics because they think it's expensive. Cheaper save money. Don't. Hold demographics, just go chase real estate. All right, real estate, big signs and visibility.

What most people say is, you'll be successful if you find the space with big signs and visibility. But, you could overpay for that real estate. Sometimes a DIY means, I'm gonna go negotiate it myself.

Unless you have transacted hundreds of commercial real estate associate dentist, don't do it because you may think you're going to get cheaper because someone told you somewhere That the landlord won't have to pay for the commission for your