119. 5 Keys to Transition to True Business Ownership

When we transition from dental practitioner to dental practice owner, quite often we just create a job for ourselves. Our business ends up being key-person dependent and depends on us to keep the whole thing running.

However, that’s usually not the future we dreamed of when we bought or started our practice. We thought we’d get more freedom. More time to ourselves.

Where did we go wrong? And how do we fix it?

In this episode, I share with you the 5 key things you need to consider to transition from self-employment to true business ownership. These are things that I suggest to my clients time and time again. These 5 keys will help you finally change gears and begin a whole new journey as a true business owner.

In this episode, I discuss:

  • 2:41 The difference between true business ownership and self employment
  • 3:00 The risks of the self employment model
  • 4:02 How to change gears from self employment to true business ownership
  • 5:34 Transitioning from key-person dependent to team and systems dependent
  • 9:35 Why you need to be able to build and lead a high performance team
  • 10:38 How to find great team members
  • 11:35 How to ensure you have a structured training in place for new team members
  • 12:56 Secrets to appreciating and support your team
  • 13:57 Finding the people to outsource your low-end tasks to (asking WHO not HOW)
  • 16:30 Working out your effective hourly rate so you can use your time more wisely
  • 18:13 How to get an advantage in business with critical thinking (with guidelines on how to do it well)
  • 20:35 How to manage the messiness of business (and ditching perfectionism)
  • And more.

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