Kathryn L asked:
I know how to manage and consult but I have never started a business for myself. I’m not sure where to start aside from buying a book. The practice I work for has grown so tremendously, largely through my efforts, I would like to have a contract in place that will secure some longivity and work for my retirement not solelyf or someone elses. I don’t want to take my show on the road I just want to maximize the potential where I’m at. The practice I work for continues to want to purchase smaller practices with me taking all the responsibility of acquisitioning them. So I think if I have the managment contract I can be better compensated when times are good and willing to take the hit if things aren’t so good. What do you think?
Alicia
I know how to manage and consult but I have never started a business for myself. I’m not sure where to start aside from buying a book. The practice I work for has grown so tremendously, largely through my efforts, I would like to have a contract in place that will secure some longivity and work for my retirement not solelyf or someone elses. I don’t want to take my show on the road I just want to maximize the potential where I’m at. The practice I work for continues to want to purchase smaller practices with me taking all the responsibility of acquisitioning them. So I think if I have the managment contract I can be better compensated when times are good and willing to take the hit if things aren’t so good. What do you think?
Alicia
Andrea
Without putting you through the MBA curriculum, the right starting place is to come up with a business plan. I believe you have the experience and knowledge of “Dental Management”. Please remember that running the business is different than doing the operations aspect. They have hired you, “the expert”. At the same time, the folks running it are taking on the “head-aches” and financial risks. When your company is buying up the smaller practices, they are buying the potential for future business.
When someone buys into a franchise, for example, they are really buying the “business plan” and “operational day-to-day procedures” to run it. Other aspects include marketing, advertising, and managing.
Also, don’t overlook carving a niche for yourself. Are you good at acquisition and implementation, and moving on to the next gig? How do you feel about doing the day-to-day running of the Dental office.
Take an inventory of your skills and preferences. Do you need to partner with someone that’s very good at bringing in the business, for example?
Here are some starting places to look into. You want to talk and network with others that have been successful at doing just what you’re thinking. They may be able to make you aware of opportunities that you may have not considered.
GOOD QUESTION!