As with any big life decision, owning your own dental practice comes with both advantages and disadvantages. If you are considering owning your own practice, there are a few things to consider before going all in. However, the good news is, the pros of your own practice are pretty enticing and there are a lot of benefits to forging your own path.
The Pros Of Owning Your Own Dental Practice
Owning your own practice brings with it a lot of career freedom. You will have the ability to set your own schedule and you will have the flexibility to run your practice your own way. There is also a feeling of security, being your own boss. You don’t have to worry about getting fired or working in an environment that you don’t enjoy.
Another benefit of owning your own practice is the uncapped earning potential. You are not bound to a salary or earning cap, you have unlimited growth capacity and can expand, open new locations, and scale. And not only are you building wealth now, but you are also creating a future income for retirement. When you are ready to retire, you can sell your practice and enjoy a comfortable rest of your life without financial stress. If you are not sure how to scale your dental practice, I offer 1:1 coaching to help you grow your business in a way that aligns with your goals and future plans.
As a business owner, you can also enjoy the benefits of tax benefits and can deduct education, your pension, insurance, travel expenses, and more. It is also common to feel more job satisfaction when you work for yourself, and owning your own practice gives you the space to have a better work/life balance.
The Cons Of Owning Your Own Dental Practice
While there are many benefits of owning your own dental practice, there can be a few disadvantages depending on how you look at it. For one, you are more than a dentist. You are a business owner, boss, marketing professional, and wearing many hats to keep things going. While hiring can help ease this balancing act, it does take extra effort to run your own practice.
Another con to owning your own practice is the financial pressures of overhead costs, especially when you are just getting started. While owning your own practice can bring with it many financial growth opportunities, there are fleeting moments of fear as you try to grow your business. The good news is, the benefits far outweigh the disadvantages of owning your own practice.
While there may be some challenges, working with someone who has already been through this process and came out the other side with success, can help you navigate the growing pains of starting your own practice. I offer many different coaching programs to help you transition into being your own boss and running a dental practice that makes you proud and allows you to have a healthy balance and financial growth.