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Many people believe that becoming an entrepreneur is the best way to generate wealth and get on the path to financial freedom. But the reality of running a business is often very different from the picture portrayed in magazines. If it were easy to become a millionaire and retire at 40 by founding a company, then everybody would be doing it.

The truth is that running a dental practice involves a lot of sleepless nights and worry about money. Dental business owners have to be concerned with how to motivate their team to excel, how to attract new customers, and how to manage money problems, like cash flow and paying taxes.

Did you know that the main reason for dental practice owners taking out loans is because they need to pay a large tax bill?

For many owners of dental practices, the reality is very different from the dream. If you want to earn money, you have to be at your surgery working to make sure that you continue to get paid. The idea of generating a passive income almost seems laughable because you know that your entire operation hinges on you being able to continue to provide services to patients.

Many dental practitioners get stuck in a rut. They believe that there is no way off the treadmill and that they are chained to their practices forever – or at least until they can retire in twenty or thirty years. But it doesn’t have to be like this. The moment you start treating your practice as a business, that’s when you can finally begin extracting value from it without having to work all day long. Your income shouldn’t depend on how many hours you spend in the office but should instead be generated by the people around you. As the owner, you should eventually be able to sit back and wait for the money to roll in.

Building Wealth

Dental business coaching is all about teaching dental professionals like you that there is a difference between building income and building wealth. Building income is about charging clients more money or working longer hours – things that aren’t sustainable over time. Building wealth, on the other hand, is about creating a business that can support you, even when you’re not there. Great dental practices build brands and serve the local community. They don’t rely on a single person to be there all the time dealing with patients, creating marketing material, and cleaning the premises. All of that gets done by other people, and the practice still makes a healthy profit. Wealth, therefore, is the ability to receive an income without having to do any work yourself. It’s something that takes time to achieve, but with the help of a specialist dental business consultant, you can make it happen.

As an entrepreneur, you were promised a pot of gold at the end of the rainbow. But reality and circumstances got in the way of that dream. We’re here to tell you that you can still generate fabulous wealth from your dental practice, so long as you treat it like a business.

Getting the process right can be a challenge, and there are no set rules for making it work. But there are thousands of dentists up and down the country who no longer have to spend hours in their practices to secure their income: their businesses do that for them.

Mindset: The Key To Success

As with so many things in life, the key to growing your dental practice and generating wealth is mindset. Improving your mindset is a primary goal of business consultancy for dentists. Yes, you will encounter problems along the way, but it’s nothing that other people haven’t overcome in the past, and shouldn’t be something that gets in your way.

All businesses go through difficult times, but it’s how you address those problems and see issues through that is the difference between dental practices that succeed and those that fail. Practices, just like regular firms, experience cash flow issues, employee tribunals, and demanding clients, but the key to creating wealth is to put systems in place that help you side-step those issues and focus on the bigger business picture.

Once a business is humming along self-sufficiently and making money at the same time, that’s the point at which you can kick back and finally start enjoying the fruits of your labour. When you’re no longer wedded to the office, you can branch out and make new investments, finding productive ways to use your time, all thanks to business coaching.

Is it time you asked the experts how to turn your dental practice into a wealth-generating business opportunity? Check out our business coaching services.

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Mike Hutch at The Peloton illustrating if dental associates should be a limited company