Dental Coaching can help you step up to the plate if you are a female professional that is balancing a busy practice.
In our Dental Coaching practice we see female professionals who are challenged with balancing a practice, a family and a life. As women gain strength and money in the workplace, households take a whole new vibe. More couples are recognizing the female as the family breadwinner and husbands are accepting a shared role. We are seeing The Big Switch where the father switches roles with their breadwinning spouse. This is your family’s version of role reversal where the father, who may also be a professional, runs the home and family.
The Big Switch is occurring in many professional areas like Wall Street and larger corporations. In our Dental Coaching consultancy we see bright women who want a challenging and rewarding career choosing dentistry. In 2020, females will count for 30% of practicing dentists who are mainly under 40 years old. The question, even in dental school, is how can I have it all or make it work with a practice, a family and a life, plus student debt?
We are not advocating a single solution for professional women. Rather, each couple finds a way to make life work. Each couple is unique in their solutions.
What would your grandma or mom say about The Big Switch? It is unique to Millenials and the older generations would question the gender switch. Yet, it is estimated in more than 50% of American households, the female is the breadwinner as in making more money then the male.
The reason for this Big Switch primarily is females earn the majority of college and advanced degrees. Hence, dentistry is rewarded with bright females making that choice for very good reasons:
The fears and concerns female dentists have are the same for any professional. There is concern about student debt and family choices. They are waiting longer to be married and their spouse usually is a niched professional, also. Thus, both may need to be in a metropolitan area to flourish. Their choices are more limited and family may not be present where they need to locate.
Let’s discuss the options for dentists who are concerned with debt and family life. We are noticing dental school professors are encouraging students to work corporately because of student debt. Some dental professors discourage private practice choices. We do not feel this is honest about encouraging a young dentist to go corporate to pay off debt. Let’s do some math:
Student debt is $300K. Corporate dentist salary with two weeks vacation might be $150K. Taxes on net at 33% would be $50K. Student debt has interest of $7500 a year and could be paid off in ten years at $30K a year. This leaves the corporate dentist $62,500 to live on and in ten years, there is no ownership equity built up as she is still an employee.
Contrast this opportunity with becoming an owner from the start by purchasing a $500K practice netting $300K. Banks are willing to make these loans. Taxes on $300K net will be $100K. Annual practice payment is $50K plus interest of $12,500. The student still has $300K in debt with the same 10-year payback of $30K a year with $7500 in interest. She now has a net of $100K and in ten years, owns a practice, and is ready to find another practice nearby to merge. This is family security.
A female with family can make private ownership work. We see articles discouraging females from being a principle owner and a mother, saying it is not possible to have it all. Reasons they cite are time demands of being an owner and working five days a week, some Saturdays. Really?
With Dental Coaching, you can be the leader of a stable private practice working three days a week. American is built on entrepreneurial mentality. A $500K practice can be accomplished in three patient contact days and half a day of admin time with solid systems in place, scripts for team members, team costs at 20% plus time off to rejuvenate and educate.
America has traditionally been on the time and effort mentality. Many feel a job should be five eight-hour days. In this model, we are paid by the hour and the more hours we put in, the more reward we will have. That is how grandpa did it so it must be right. Look again at dentistry.
As the owner, you are on a different reward system. Dentists are in the results economy. Being at the office more hours does not equate to more profit. If you and your team can organize your schedule around a block booking system and accomplish the larger treatments pre-paid in the mornings with nothing else to distract, you can collect much more in less time then fixing whatever comes in. You pay your team for four days a week and we will bet you a steak dinner at the nicest restaurant in your town that your team can figure out how to produce the same or more in one less day a week while being paid for four days. We have young female dental moms who are producing $1M to $1.6M in three very productive days.
The Big Switch can take unique forms for you. Perhaps each spouse can work three days a week with an overlapping day, have a delivered grocery system, a mix of grandma care or a family nanny. A Blatchford Dental Coaching recommendation is to do the task analysis on your home life every six months to accomplish by delegating or hiring others. Another must is hire a dental business coach from the start. You and your spouse are solid on technical skills and many expensive mistakes can be avoided. Click here for task analysis.
See if the Big Switch can be an answer to female professionals who want a life, children and a rewarding practice. You deserve choices!
The entire Blatchford Solutions team looks forward to helping you build the dental practice of your dreams with Dental Coaching. Call or click today.