I came to the US as a 13 years old refugee and had overcome multiple challenges to become a dentist with 2 multi-specialty group practices. I am now also a business mentor who is dedicated to helping business owners and entrepreneurs succeed through exceptional leverage, to win back their time from work so they can spend it with family, children and loved ones.
Through the 23+ years being a dentist ,I have made several investments and I want to share with you 4 should asked questions about business investments
- Should I rent or own my space?
As a client-based business professional, you most likely have a space or suite that you rent out. The rent money is accumulated over the years but it does not build any equity, such as your house. You should find an opportunity to buy your own building, so you can own the building and rent it back to the business, and you are paying yourself the rent income to build equity.
- How I can afford all the difficult and expensive tasks for my business(such as major tenant improvement , hiring consulting services)?
The question you should ask is how much does it cost for you not to do it? Tenant improvement improves the look and feel of the business, making it pleasant for the clients, and the right consulting services help you shortcut your path to success.
When you are involved in something you do not have expertise on, invest in team of experts who can help you. If you are doing tenant improvement, get the help from architect, CPA, contractor, equipment company, etc. I never try to do it all on my own, because it was not my expertise. I listened to the experts’ advice and sought out the help that I needed.
- How important is it to grow a team? Especially if I do everything better than my team?
Growing your team is very important in scaling your business.
In order to grow a team, you must invest in the team by spending the time training them. You explain systems and procedures. You take them to conferences so they are exposed to new ideas and meet people, who are in “the same boat” so they can share experiences and gain new perspective. In order to grow your business, you have to grow your team, not just by the number of the team members, but also intellectually.
- I already learned a lot in school and very comfortable with where I am, why should I invest in a business mentor?
The investment in yourself is the most important one. From the perspective of personal growth, you cannot be the same person five years ago. For a business, if you are not growing, you are going backwards. And for me, personal growth is a joyous journey. I have different mentors who help me go through “bumps” and set backs in business. I can share goals and celebrate “wins.” I also meet like-minded people in small groups called masterminds, where we hold each other accountable and support each other in attaining goals.
So, the points I’d like you to take away are:
Decide and commit to invest in whatever it takes to achieve success in your business.
Invest in real estate, especially the one housing your business, is especially rewarding.
Investing in your own business is much better than the stock market.
Investing in educating and growing your team is a wonderful way to grow yourself because you leverage other people’s time and effort
Investing in a coach or mentor is a key to success. You need the guidance and support of someone who has done it, understand your frustration and will still cheer you on!
Now go rock the world, and may the floss be with you!