Stephen Trutter, President of Ideal Practices, explains the unique nature of this season as it pertains to startup practices, and how there will be opportunities available to new practices that may never be available again in our lifetime.
This crisis is not fun for anyone, and many are experiencing unfortunate consequences of this. Despite all the negatives, there are still opportunities for startup practices that are already on the runway to a new practice or just now looking to start.
“There are going to be opportunities that exist maybe this one time in your lifetime.”
Some associates that may have been furloughed or laid off due to this quarantine may want to consider whether this is a nudge to begin that startup you’ve already been debating launching. Since startups take 12-18 months to get off the ground, Stephen explains this is great timing with some opportunities to give your new business a helpful boost.
“This is not about being opportunistic… I’m saying there are opportunities.”
While there are certainly some that would look at this time to take advantage of the misfortune of others, that’s not the type of opportunity Stephen has identified. Rather, there are some natural outcomes in this season that provide a helpful leg up for new practices.
Real Estate Prices
Unfortunately, due to some businesses having to close their doors, there will be an influx of new real estate available at a lower price. New businesses have the opportunity to rebuild out of the ashes of those that came before them.
Construction Costs
With less businesses having the capital to afford construction projects, the demand will decrease and subsequently drop costs. If you’re wanting to invest in a new building, this is a great time to do so.
Displaced Patients
Some patients will come out of this without a dentist to return to. New patients that never belonged to a practice at all will be unable to find a place on the busy schedules of practices now seeing existing patients that have been delayed for 7-8 weeks. Displaced patients will be calling around looking for somewhere to get seen. Thankfully your open schedule will provide the margin necessary to treat them in a reasonable time frame.
“We’re not building strategies for the next 2-3 months… we’re trying to build strategies that can last multiple decades.”
In addition to the opportunities available, you also have the luxury of observation. You can take this time of limbo to develop strategies for sustainability and durability that are capable of surviving future crises. If you need help building out processes for your startup, Stephen and his team at Ideal Practices just launched a new podcast to serve as a mastermind for startup owners.
