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How do I “Start” a Dental Startup? (Part 2)

About This Episode:

In this episode, Jayme will continue his conversation with Stephen Trutter, the President of Ideal Practices and an experienced startup dentistry expert who has been a part of 650+ startups. Stephen has been instrumental in the acquisition of half a billion dollars in dental financing for dental startups all over America. They will dive into the R in the KRG framework which represents what a practice is Known for, Remembered by, and what they Give. 

Figuring out the KRG is the single most important thing an associate dentist can do when they’re trying to set up a dental startup because it helps in shaping their entire private practice ownership career. The R is crucial in determining how a dental startup owner will be remembered even after they’re no longer in the industry. It’s about focusing less on equipment, flooring, and operation size, and more on the impact a dental practice can make on a community, because people don’t remember equipment and flooring, they remember community  leaders who better the lives of others. 

In terms of the G in the KRG, an aspiring dental practice owner should ask themselves what they want to give their community. This is something that goes beyond the walls of a practice and a dentist’s clinical skills because it’s about what a practice owner supports in their community. A great example of that is TOM Shoes and how their business supports people in need by giving away a pair of shoes for every pair of shoes that are bought. It’s going to be another resourceful episode as Jayme and Stephen cover everything about the R and G of the KRG framework that will help any aspiring dental practice owner become a success in the industry.

Key Points Discussed:

  • Establishing balance for startup practices (01:02)
  • The things that make practice owners happy in their ownership (03:00)
  • What are you going to be remembered by within the community? (08:40)
  • All the decisions you make for the rest of your career should be aligned with something (15:10)
  • The value of being known more for your values than your products (20:35)
  • How Nike loses when consumers understand the values of TOMS Shoes (23:00)
  • Aiming for a cause that matters to you on a personal level to promote your practice (28:48)
  • If it’s not authentic, it will crash and burn (31:04)
  • Aligning your gifts with something that doesn’t look good to others when they visualize you, but what makes you feel good and authentic in your community (36:22)
  • Demographics, proper funding, and real estate 101 (43:09)

Quotes:

“If we’re not aiming for something, we’re literally aiming for nothing”

“All the decisions you make for the rest of your career should be aligned with something”

“Before I was allowed to touch the product, I was invited to experience the values”

Additional Resources:

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