Podcast Episode 78 – Bootstrapping Your Entrepreneurial Dreams – Dr. Mike Woo-Ming

bootstrap your entrepreneurial dream

Episode 78 – Have you wanted to bootstrap your entrepreneurial dream or start your own business, but haven’t had the time? Mike Woo-Ming MD MPH is a physician entrepreneur, multiple practice owner, investor, and marketing strategist, responsible for the development and success of several seven figure online and traditional “brick and mortar” companies. He co-founded, and later sold, two lead generation software companies which did nearly $8 million in sales in just a few years, and owns or co-owns medical practices that do in excess of $10 million in cash pay services annually. He is the founder of BootstrapMD, a consulting firm that provides resources and mentorship to entrepreneurial physicians to help turn their ideas into reality. Listen in as he and Dr. Brent talk about how you too can bootstrap your entrepreneurial dream.

Register for the Marriage and Money, M.D. Summit for free!

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Join us for this incredible free online event November 15-17, 2021!

Medical careers drain time and energy from physicians and their spouses, not to mention the crushing debt most doctors are faced with when they first come out of training. The Marriage and Money, M.D. summit is a free 3-day online event that will give physician families the tools, resources, and encouragement they need to strengthen their marriage and build wealth so they can have the happy family and financial independence they deserve!

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Free Resource: Medical School Mess to Residency Success

If you’re looking to make a change, you may be worried about the actual transition process. Are you worried that you don’t have the skills to make a successful career change?  If so, you’ll want to download this free resource.  It’s a free pdf guide called “Medical School Mess to Residency Success.” 

It’s a free pdf guide that will help you write a better CV, pick up some interviewing skills that’ll blow your interviewers away, start paying off student loans, and get on a serious plan to eliminate debt so you have freedom and flexibility to go after the career that you deserve. 

It’s not just for medical students and residents.  This guide is for anyone looking to level up their interviewing and CV skills, pay off debt, and get ready for a career transition.  

Just click on the link to download the guide for free.

Check out the additional free resources available at The Scope of Practice!

Meet Dr. Mike Woo-Ming!

bootstrap your entrepreneurial dream

Dr. Woo-Ming graduated from the Mayo Clinic in 1999 ready to conquer the world. Working as a family physician in Southern California, he truly enjoyed medicine but wanted something else in life. Work was becoming more of filling out paperwork as opposed to truly helping people, and he was looking for a way to add different streams of income. In 2003, an event occurred that really spurned his life and drastically changed his direction.

Dr. Mike discovered that his 4 year old child, Ryan, was autistic.  Dr. Woo-Ming was determined that Ryan have a life that involved parents who would always be around to nurture and love him. That would mean staying home more often.

And as a doctor working 60, 70, 80 hours of a week that just wasn’t happening. So he made the decision to go full-time into starting his own online business. And after three years, he was able to turn his passion into a successful 7 figure software business that he launched and sold, and he is the owner of a medical marketing company, a publishing company, He has even fell back in love into medicine, by owning or co-owning multiple health practices, in the weight loss and wellness arena. He can help you bootstrap your entrepreneurial dream.

Connect to Dr. Mike Woo-Ming

Join the Business and Personal Finance for Physicians and Dentists Facebook Group!

Most physicians and dentists come out of training programs with a huge amount of personal debt and little to no idea of how to actually run a clinical practice.  This Facebook community is for anyone who wants to learn more about how to manage their business more successfully and master their personal finances.

 

Listen to the next episode

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Access the Show Transcript here

Bootstrapping Your Entrepreneurial Dreams

2021, Brent Lacey And The Scope Of Practice Podcast
The Scope of Practice Podcast

Transcript

[0:00] If y’all aren’t from Texas you may not own any bootstrapping.
And if you don’t own calf-length boots in particular you may not fully appreciate the term pull yourself up by your bootstraps
the bootstraps are leather hooks at the tops of the boots that give you the leverage to pull up on your boots and actually pull them on it is really hard to pull on tall boots without them,
and I think business is kind of like that any entrepreneurial venture really is like that it’s hard to get things moving and it’s helpful to have some leverage to really get things moving sometimes that means using whatever tools you can find
sometimes that means creating your own Leverage,
well I guess this week knows all about bootstrapping it he’s taught hundreds of Physicians to follow their entrepreneurial dreams so if you’re ready to bootstrap it let’s get ready to listen to this week’s guest tell us all about how to do.
Let’s kick it this looks so good.

[0:53] Music.

[0:59] Welcome to the scope of practice podcast where we help busy Healthcare professionals learn to manage their businesses successfully in master their personal finances now here’s your host dr. Brent Lacey.

[1:12] Hey y’all thanks so much for joining me for the scope of practice podcast where you can get the knowledge and resources you need to grow your leadership skills your business and your personal finances welcome to episode 78.
If you haven’t already subscribe to the podcast please be sure you go ahead and hit that subscribe button right now
and also hit that button at the top of the podcast player to turn on the automatic downloads that way even if you’re in a place with bad cell phone reception it won’t matter you’ll already have these episodes downloaded and you can listen to them as you wish.
Hey listen if you didn’t get a chance to listen to last week’s episode first off you need to go it was an amazing amazing episode you’ll definitely want to check it out.

[1:49] I made a big announcement and I’m super excited to tell you all about it again.
I’m going to be hosting a digital Summit on November 15th 16th and 17th this year called marriage and money MD.

[2:01] You know Medical Careers drain time and energy from Physicians and their spouses not to mention the crushing debt that most doctors are faced with when they first come out of training.
Well the marriage and money MD Summit is a free three-day online event that will give physician families the tools resources and encouragement they need to strengthen their marriage and build wealth so they can have the happy family and financial Independence that they deserve.
Just go to www.marriageguy.com money m.com to sign up it is totally free to sign up so sign up today and even if you can’t attend live
go ahead and sign up anyway and you’ll get access to the replays of the talks for the rest of the week
if you want to get access to the 10-plus hours of bonus content from our speakers plus MP3 files of the talks to listen to on your phone plus exclusive access to join the live
Q & A sessions at the end of each night with our speakers you can upgrade to an all-access VIP pass for just $99
ticket prices go up to $149 once the conference ends so or once the conference starts rather so upgrade today and take advantage of those savings again the Summit is free to attend
so sign up today at www.marriageguy.com money MD.com.

[3:13] Before we get into the show let’s talk about this week’s sponsor Deputy at your practice what happens when staff Call out sick how much time does it take to find replacements who can fill in if you need to cancel appointments because they’re short-staffed what does that cost your practice.
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[3:51] My guest today is dr. Mike Wu Ming dr. Mike is a physician entrepreneur multiple practice owner investor and marketing strategist who is responsible for the development and success of several
seven-figure online and traditional brick-and-mortar companies he co-founded and later sold to lead generation software companies which did nearly eight
million dollars in sales in just a few years and he owns or co-owns medical practices that do in excess of 10 million dollars in cash pay services
annually is the founder of bootstrap MD a consulting firm that provides resources and mentorship to entrepreneurial Physicians to help turn their ideas into reality
I’m excited to have him join us on the podcast today to talk about entrepreneurship
you know before I started the scope of practice I never really had any entrepreneurial inclinations I mean not at all,
but like anything it starts with an interest and that grows into a passion and then you back it up with acquisition of new Knowledge and Skills,
and then pretty soon it just becomes a natural thing for you well dr. Mike is going to tell us all about how to do that in our main business or in our side hustles you don’t want to miss this one.
So here is my conversation with dr. Mike booming.

[5:13] Hey y’all I am so excited to welcome my guests today to the scope of practice podcast the founder of,
bootstrapping MD and many many other businesses a Serial entrepreneur dr. Mike Wu Ming dr. Mike thank you so much for joining us Brad I’ve been looking forward to this so good to finally have this chat with you today.

[5:33] Yeah we’ve done some collabs online doing some stuff last year with some redox and I know we’re kind of working in the same same sort of mission so yeah it’s good to finally have you on the show I’m excited about this is going to be fun.
Yeah it’s always good to talk to gastroenterologist to so if I wasn’t in primary care I was going to go into GI so I’m gonna,
live through you for the next 30 to 40 minutes very good,
so I want to talk to you a little bit about entrepreneurship so we’re on a kick of Entrepreneurship here lately because I’ve had a lot of people that have been asking.

[6:10] How do you start a business how do you grow a business how do you build business.

[6:15] It’s I think that there has been a lot more interest in the last year especially mainly because of the covid shutdown,
if you look at the surveys that are done at Physicians year-on-year one of the questions that frequently gets asked is are you an employed physician or are you in an employer,
role as a physician owner do you own your private practice that kind of thing and
in 2018 I think that was the first year that the percentage flipped to be majority employed physician I think it was the first year across the 50% threshold and
one of the reasons that is often cited is Financial Security Financial Security and less hassle they don’t want the the work of running a practice and they like the Financial Security of Justice.

[6:56] Having a steady paycheck coming in but I think we learned from the covid shut down last year that Financial Security is kind of an illusion,
so there’s been a renewed interest I’ve seen in people that are curious about how to grow a practice how to start a practice how to join a private practice,
and so I want to talk a little bit about entrepreneurship and you’ve been doing that for,
Galley 20 years or something so when people are coming to you for coaching’s I know you do a lot of the a lot of business coaching entrepreneurial coaching on the side why,
do people come to you in the first place is it is it burnout is it they’ve got some big idea that they’re just super excited to get off the ground I mean what’s
what’s the motivation there yeah I don’t know it really is a mix of things I’ve been working with entrepreneurs for about,
fifteen years in the last decade a primary just work with Physicians now and I think before it was just like.

[7:53] When they heard heard about this doctor doing some crazy online businesses it was a more like going to like a zoo or a museum and just like.
Who is this strange doctor what is he actually doing with the.
With these online businesses and it was more like I’m going to do what you do like I want to learn how to build multiple streams of income.

[8:15] And most of them had no as you know and you’re an expert and we had no Financial education in medical school.
And they had really no experience with a business you know maybe they sold lemonade you know as a kid but that was about it,
in a recent time since it’s been more open to get into online businesses I would say the last four to five years there’s certainly been more,
financially Savvy doctors out there more business savvy Physicians
and you know a lot of them are kind of like yourself but they have a full-time practice or maybe I said my full-time practice and they want to do some Consulting on the side and that’s I’ve always argued that’s the easiest business to start.

[9:02] Consulting or coaching business on on the side and so then they are getting some,
Financial experience they’re getting some money from this Venture and they want to learn how to scale like grow that business,
that’s what I’ve been seeing a lot more so a lot more Savvy doctors who want to do it besides that like hey I just want to do what you do and,
just let me just learn from you so when people are coming to you are they are they being bitten by the entrepreneurial bug in the realm of,
their clinical practice growing and scaling that or are they more typically looking for something outside of medicine like,
a side gig a Consulting business a coaching business a podcast,
something like that I think the ones who actually take me on as a coach or a consultant tend to be a little bit more advanced and I think it’s also because there are other entrepreneurial coaches out there.
Who you know have programs that are more I would say like more beginner friendly but they’re throwing some who are like hey I just want to learn how to do a podcast and I tend to get the ones maybe that are little bit more advanced they just like okay.

[10:11] I know I want to build this med spa and I’ve already you know sent the money to do that and now just help me learn how to scale and grow it.
I think also too because I’ve kind of changed my my Consulting I don’t take as many clients as I used to and really I’m working with more people who’ve got a business and they just want to grow it versus someone who says like I think I want a business.
But I’m not sure I also want to buy real estate I also want to you know do some
network marketing I want to do a podcast and they don’t want to do my thing is about getting results for the for the client and so we’re both happy when I’m able to to have the same goals that they do you know I think that
a lot of people are out there listening thinking okay well this all sounds great Doctor Mike but that’s not my thing I’m not really I’m not an entrepreneur it’s not who I am it’s,
it’s that’s for other people but.
It starts somewhere I mean for me I got started with the podcast and the and the blog and the business a couple of years ago because.

[11:12] Frankly I was just interested about teaching people I was just teaching people at my church teaching people at my at the hospital and just decided you know there’s got to be a lot more need out there and all of a sudden bam it just
it just hit me as I should I should really turn this into something and I think one of the great things about all the resources that we have today is that
anybody can do this stuff but there’s got to be some motivation there there’s got to be that spark that that influence that motivation so where did you get your motivation to start your,
consulting stuff because this is probably 20 years ago right and this is before podcast is before easy
you know this before YouTube this is before cell phones probably right I mean so how did you get motivated to start something,
you know it was funny I was actually on the Wayback machine lately if you know if you go into the Wayback machine
if you type in and out you will show like websites that are no longer in existence.

[12:09] And but you can go back to like the year 2001 2002 we can see what the website actually like looked like
back then so you can actually go on to put in Amazon lay back with you can see what Amazon actually look like where they were known as the biggest bookstore way back in the day before they sold everything right I looked for a site that I built and
I built a site called residency site.com in 1995 it was my senior year of medical school so.
Do the math I hold I know it and back to the name of the game was Yahoo wasn’t Google and Yahoo was known as a directory.

[12:46] Where the goal was to like create all of these directories on like all of the different websites that are out there.

[12:54] And I went to Mayo Clinic for my residency in family medicine and I got in charge of actually building built their residency website,
because if they learned that this guy’s a nerd,
you know he likes internet stuff and so on the side during my interview I built a residency directory and my goal was to like,
contact all of the residency directors around the country and just make a nice resource for medical students when they’re looking to see what all these different residencies are all about because back then.

[13:28] You know there wasn’t the internet when we we decided where we wanted to go for a residency we just like you know just like okay there’s like 26.
You know p.m. and our residencies I’ll just go and play the ones that I think are.

[13:42] Despite the country that I liked and now suddenly with the internet people were building these web pages where you can say oh look here’s a
picture of The Residency director and I get more information about their The Residency and the Michael was like I’m just going to you know Index this and just make it helpful and like you said I just wanted to be helpful.
I saw this this internet is a thing where he I can now communicate with all of these different people around the world and.
That’s where the kid actually came from now as gone into more of a business venture.
Was when I was in my intern year I my wife was pregnant with our first child.
She was at a Grand Canyon as a librarian Grand Canyon University and back then there was no.
Family medical leave so when she got pregnant she worked as long as she could and then she had to take.
You know time off to have our first child and then we started last half of our income.
You know so I’m working as an intern I’m too young to Moonlight.
And you know I did the exact opposite of what the white coat investor did I bought a house you know I can turn here and.

[14:57] I was just like Jesus I don’t know really what to doing and I’m maintaining this this residency website in the very spare time that I had you know we get so much time as an intern right and I started to get questions about,
knowledge about the residencies but like how do I get into residency how do you get how do you know you got a tomato how did you do that like how are you interview and.
And I didn’t I said you know what I’m going to create like an FAQ like frequently asked questions on how to get into The Residency of your choice and I said you know what.

[15:30] I got this financial situation here I’m going to create a guide and I’m going to go to Kinko’s if you remember a Kinkos is and I’m gonna.
Put like the answer all your questions and I’m going to type it up and then I’m going to create a guide and I said.

[15:48] If you want this information I’m going to sell it to you for $15 but there is no PayPal back then Brent there was no stripe there was no click Bankers nothing like that.
You need to write me a check in the first one the first things I learned is it’s not a good idea to put your home address on the internet but I did because I already but that was the only way that I could take payment was like get a check and then.
I will set I will send this to you and then I said this actually helps take care of a few things and I wasn’t thinking I’m gonna get rich I wasn’t think I was even going to get like thirty dollars out of it it really was just like.
Hey I can help you guys but you know I really don’t have time to answer all of your questions but maybe you can you can get this guide and.
Yeah it was a blessing I started to get checks in the mail and again I’m not gonna tell you got the rich on it but I got enough to realize.
That if you have information that people want.

[16:50] $15 was too cheap because I know you know what is what is the value of this getting into the residence of your choice it’s a lot more than $15 so I bumped it up to like I think like 50 dollars or something like.

[17:02] They started get these checks in the mail and.
What I did was I then started saying hey me back and create like additional programs on this my wife at the time was you know she was a librarian and you know she’s an eight months.
Waiting to deliver and she says you know I’m just sitting here why don’t we create like a business together.
I’m we’re getting these emails from not only medical students but we’re getting some from foreign medical graduates who want to practice in the United States.
But you know their English isn’t the best in the writing these personal statements that are you know I’ve got poor grammar I can help.

[17:42] 132 service where you can like correct their or proofread their personal statements help them,
that and then we’ll charge like additional services for it and it because there was a there was a company when I remember in medical school that kind of did something like that it’s okay well let’s do it.
And.
That was my first online business and we then offer different programs I created a course unlike how to interview,
it was an audio recording another one was you know how to write the perfect personal statement and then we had service like will do if you don’t want to just go through our course will do it well do it for you.
And we started a business and we were able to replace it exceed the income that we had lost when my wife was on maternity leave.
And we bought a truck all these different things that we’re doing and I realized that now this is cool this internet thing that maybe there’s something to it.
And I’m getting people paying me
for information all around not only the us but around the world and that was the first lesson learned is that if you have something of value you have some expertise in something people are willing to.

[18:55] Pay for it you know if you can you can do it and that that was a fort my first foray into the online business world.
Well and that’s a really basic premise to start from but it really is the foundation of all entrepreneurial Ventures,
is that you are trying to solve a problem for somebody somebody has something they need somebody has something that,
they’re confused about that they don’t understand and you can clarify it you can simplify it you can make it more efficient you can make it more accessible you can help them achieve their goals and if you can do that,
you have a business well and when it comes to starting a business a lot of times just you know like you said you’re not going to get rich off of $15,
half dozen checks it out in the mail a month or whatever it was but
sometimes it’s just about proving the concept and just saying okay I’m going to get something out there I’m gonna prove myself I’m going to prove that I have something of value and if there’s
something there then we’ll expand on it so do you find when you’re doing coaching that people tend to have a lot of limiting beliefs like
just feeling like they can’t do it or feel like who’s going to be interested or who’s going to care
you find that people have that says a baseline a lot of times all the time imposter syndrome is prevalent for Physicians and I think to you know one part of a story that I wanted to share that Maine
one of the reasons why it was successful that I don’t think often gets mentioned Is Not only was I providing value.

[20:23] I was also in a situation where I needed to make Revenue I needed to make income and that is where I often when I was first working with Physicians is yeah they want to do business but.
It’s not going to make or break them right if their code Consulting business on the side is is going to flop.

[20:43] They have a pretty nice that yeah we are pretty nice income that we could fall back to in case that that’s it.
When I work with other entrepreneurs who are not you know Physicians released in a situation where they have some source of height high-net-worth I do see the hustle.

[20:59] You know I do see it now there could be times where the it gets to the point where they’re so desperate that you know then.
Some things break down in terms of their business or cutting corners or maybe they should have we’ve all seen that but there is something being the entrepreneur and having that hustle is is kind of what you need,
to have a good friend of mine is.
Dad some of my listeners may know his name is Russell Brunson he owns a multi-million company called clickfunnels I knew him as a college student.

[21:33] And he was one of those who like I’m a college student.
Yeah and I want to make make some money and I don’t know where I want to go you know and I have a growing family and.
I’m going to hustle to do whatever it takes and that same hustle hustle of a principles that you has is probably what propelled him to where he is now.
He’s not second-guessing what how should I do this you know what would what my colleague think I see that a lot with Physicians now an exclusive fish this system but a lot of times the way they don’t want stupid start a business is like.
I don’t want my other you know,
shareholders to know that I’m starting this podcast right or you know my face is on you know this this website about making money or
I’m just worried that I’m not good enough and you know I’m not the expert at it and no that’s why I often tell you no Physicians is like.

[22:34] You know together in medical school that’s a tough thing right recording a little audio program you know with a tools and starting your podcast it’s not so difficult,
yet I know Physicians who are scared to death to start a podcast.
Well and it’s not just the the technical aspect of it right it’s it’s everything it’s just this overwhelming.

[22:58] Sphere of just almost like a void you know like what what is out there what what’s good what’s it going to take and almost.
It almost seems a lot of times like the fear of the thing is much bigger than the thing itself it’s very it’s very often that I hear people saying you know I can’t believe I waited so long to do X because once they actually take that first step and they get started,
they go okay that was a lot easier than I thought it was going to be I built it up to be this huge,
monster in my mind and it turns out it was actually a much simpler thing and I should have just gotten started sooner so sometimes it’s just a matter of,
just deciding okay I’m going to take that first step and we’re just going to see where it goes yeah I can actually you know my belief is you know I think Eleanor Roosevelt says you know you need to do something every day that scares you and I’m a firm believer of that.

[23:48] But not to the point where if you have imposter syndrome it paralyzes you.
And you get that analysis paralysis right and then you know they want to start a business and then like six months later,
they’re still like determining their Niche so entrepreneurial ship is not for everybody I that’s the first thing I say I actually tried to dissuade people’s like there is comfort,
getting you know a job at a nice company with 401k and health insurance and all that.

[24:18] Entrepreneurship is is going to have its highs and lows it’s your if you don’t like Risk.
There’s a lot of other brighter places that you can go to that you can make a nice living so it’s not not for everybody but,
if you’re able to take the risk it does lead you to some areas at least in my life that I have no regrets that that was a journey that took me so you mentioned Hustle,
being one of the things that someone needs if they’re going to be an entrepreneur what are some of the other,
starting criteria for someone who wants to be an entrepreneur yeah right like that like I said I think the first off is like.
Have you had any experience with an entrepreneur I was joking at the beginning you know the lemonade stand
entrepreneurs that that that I have admired I’m a big fan of like reading you know autobiographies and like you know like you know the Steve Jobs and the classic Elon Musk these you know these these ones who are just like.

[25:15] From obscurity and then they you know they have those things like that changed the world more often they were either had some type of experience,
and that they enjoyed or they were surrounded like you know with that that Uncle who you know had a hasn’t had his own you know restaurants and he saw the like every week it depended on,
what was coming in was depending on you know how many there are so many variables that it can influence his income you know you know maybe it was it was snowing that week and you know nobody could travel or you know a virus happens,
or you know the ingredients wasn’t delivered in time there’s so many things,
that are out there so some type of experience I think for me is.
My father was also is also a physician and he was a pediatrician.

[26:06] But on the side he was into network marketing he did like Amway back in the 70s and 80s he was not a success at it.
He was not a success of it I have but you had these like audio tapes that I would listen to in the car about like.
Being a personal development and just you know the success you know starts at home and and I think that,
that led me to for me in medical school I started to listen to guys like Tony Robbins and Jim Rohn is like Jim Rohn is like.
My personal development your Roux and and those things really resonated with me and.
It led me to just you know different crafts you know I know Dave Ramsey you you started him that was one that I listen to as well.

[26:57] About money management and I was like we don’t get any of this kind of stuff in medical school.
I would never want to be a doctor because it’s open so many doors but one thing that I don’t like being doctor is we don’t often.

[27:13] Teach people to rationally think rocket it often times we have you know the the.
This gets me in trouble sometimes but you know this this checklist medicine which is in good but it’s almost like a flow chart we we know,
in medicine the academy become a doctor we know what we have to do we have to go into pre-med and do well in our MCAT and going to medical school Etc.

[27:38] When you’re an entrepreneur there is no like roadmap became very everybody’s got different roadmap if you want to be an entrepreneur,
try to hang around other successful entrepreneurs first well,
I know a lot of people are afraid of being an entrepreneur because they’re afraid of failure because frankly there is a high degree of failure with startup companies with on with online businesses with.
Side hustles and maybe they’re not failures but maybe they just never become financial success or it could be even simpler than that they just,
don’t quite meet what we consider to be a good return on the time investment because any time that you’re going to spend on an entrepreneurial venture
you’re going to have to take from somewhere and if you’re not able to take it from your work because you’ve got a full-time practice or something then
you’re going to have to take it from somewhere you’re going to take it from sleep you’re going to take it from family you’re going to take it from your hobbies you’re going to take it from your TV watching something like that and I know a lot of people are just
worried okay well what if I just spend all this time and it goes nowhere.

[28:41] And it’s not like I have that much time to spend so what are some reasons why Physicians often fail,
when it comes to entrepreneurship and how can we anticipate those kinds of things I think the biggest thing is accepting failure if you have an attitude like everything has to be perfect,
this is not the right place to go into because sometimes it’s okay to be good enough and that’s hard as Physicians
good enough that won’t work if you’re like you know a neurosurgeon and you know hey you know what,
it was good enough when you’re telling me the patient but you know sorry sorry we lost her here.
But any of medicine wheel you know many of us we deal with life and death but if I’m going to be launching a you know.

[29:28] Of course we kind of know this right we were on a course it didn’t meet our expectations to put it mildly it wasn’t the end of the world.
And.
You could always learn from a failure you know Dom says and he says you know he’s One Step Closer To Success every time he would try to event another way to create the light.
And that’s how I kind of like to kick my philosophy I think another reason why they fail is they’re not willing to invest.

[29:57] Now in themselves and investing in themselves I mean it can mean a lot of different things but I think the friend of the first purse first things the investigate is if you want to do what someone else is doing.
You need to get the investor money.
And ask him if you could be a mentor he could be a mentor to you or he or she could be a mentor to you when I started at Cash based practice I didn’t read it.
From a book I didn’t go on YouTube video how to create a cash based practice,
I went and I network with people in the country around the country you had a cash based practice.
And I basically invested my time.
With them and learned the ins and outs of how to become successful what you did what kind of,
what you’re doing your practice where is your location what type of medications should you be purchasing but is what is the best way to you know all these different strategies that I wouldn’t get,
anywhere else and I think,
one of the things that kind of saddens me is you know a physician once said to me is like well I don’t need to pay for any coaching because I can just find it on the Facebook.

[31:06] And I go well maybe you can learn like.
You can get information on like you know how to create a social media graphic or maybe you’ll find something someone could tell you like how to put a.
Ebook on the Kindle and sell it on Amazon but no one is going to spend the time with you and,
everything that happens to have a successful business because there’s there’s so many different things that you can do there’s there’s a technical aspect but there’s also that mindset.
That you need to have that a lot of people you know often you know don’t put the importance to,
80% of it is mindset like when things are like turn into crap you know nothing’s happening.
What can you do next or how do you know having be able to get on a zoom call and talk to somebody you know I’ve been,
you know privilege to have some people who’ve got not only eight-figure businesses but nine-figure businesses that I can reach if I needed to and it’s like that in sight
is like just like one little nugget like that could could be tremendous to you and when you hang around like,
people like the level that you’re all beginners that’s not a that’s not a good way to start a business you know it’s like if you wanted to learn like how to like.

[32:26] You know perform a heart transplant would you hang around people at at the heart transplant Facebook group,
you would want to like study with the best surgeons possible and and learn from there as success so it sounds like mentorship plays a big role,
in someone who’s an early entrepreneur just learning from someone who’s been there done that,
and really getting to study at the feet of the master as you’re on your own Journey so what other kind of a support network might a budding entrepreneur need besides,
Mentor because it’s like it’s like they say you know it takes a village to raise a child I think it takes.

[33:06] Entire world so racing entreprenuer so how do we find that Network and what kind of support network do we need to be seeking out as young entrepreneurs well like you said you and I are in a network and we’re both members of the doctor podcast Network.

[33:21] It really is kind of like what I like is a mastermind where you have people who have had a success and they want to get them to the next level
you probably want to get much out of it if you were all at a group of podcast beginners right because the topics will be different,
the topics would be well like how can I get my audio in the right format and how do I create a feed and to get it on to Apple those are different questions right.

[33:49] Versus the questions that we talked about in doctor podcast Network we’re talking about advertising we’re talking about,
different rates to the end and how to attract the right advertisers because we’ve already at the same success and we want to go even further so it’s like,
you know the adage goes if you want to make if you want to go from like five figures you want to meet someone who’s done six figures if you let me go to seven figure,
you want to find someone who is done seven fingers in your attic Figures it’s really got being around the right people when I started my online entrepreneurship.

[34:24] Bread I would go to some of these conferences and maybe out of 300 maybe there is like two doctors,
in the room and probably half of them thought maybe they were at the wrong conference now because there was a you know
Urology Conference next door at the Radisson now and when I would be talking about things like you know personal development and some of the things that you talked about,
it was foreign to many of my colleagues when I was in,
group practice and now with the Advent of all these Facebook groups it’s a lot more out in the open but still.
In the grand scheme of things it’s still a small percentage of compare the amount of Physicians and other Healthcare professionals dentists and you also work with as well that are out there we’re sometimes she’s like hey.
Just like let me show you a different way of thinking about you know money management and stuff because it’s still we’re still in the minority here in terms.
What we’re covering its so.
It is gratifying you know when you’re you’re you’re working with someone you feel like finally gets it and they see the light bulb about what the opportunity is.

[35:32] The jesters the first step next comes the hard work so let’s talk about that a little bit so we’ve talked about hustle we’ve talked about hard work those are some really critical
personality traits really critical disciplines that we need to have in order to be a successful entrepreneur so let me ask from Doctor Mike’s Journey from Doctor Mike’s personal Journey what do you feel like,
are some of the really critical habits that you formed early on that ultimately propelled you to success so when I had my.
Residency business you know how to get into residency business I had that pretty much.
During my time as a resident and then when when I when I went into private practice.
I didn’t think I’d have to worry about that right because now I’m making the big time right and then I realize our will look
put all these like FICA things that they take out of checks and then no well here’s my paycheck okay and then I was when I was in private practice I wasn’t about five years and,
I loved you know medicine and I still love medicine but there were things that I didn’t love about medicine but the insurance I was you know basically,
again kind of a Gastroenterology.

[36:46] I was like oh you like gastroenterology well you’ll do all the flex cigs in her entire group okay and I would always say yes different things because you know I’m a people pleaser Les many of us are.

[36:58] What I learned it when I learned that I got a guaranteed salary what I learned quickly was that.
No matter how many hours you work you’re guaranteed to get the same amount.
It’s sort of worried about a guaranteed salary and I was increasingly getting frustrated with with that then that my second son was born and he had autism.
And I remember talking to my boss who’s not a physician.
If I could take time off and basically said Mike we can’t you know you know you’re too valuable and so hey.
It’s kind of like out of the gotta suck it up and I did but then he said.
Maybe I got to start thinking about additional streams of income we can’t rely on just one source of income and I didn’t know anything about investing in real estate I didn’t know anything about you know.
Because my dad’s failures and they were marking I didn’t know I didn’t want to do anything like that and I said well maybe that residency business maybe I can do something with that and so that what that led into was like.
Now I want to study online marketing I want to study online businesses I went to my first online business conference,
but I tell you I told my work I’m going to conference the court thought it was a medical Sydney conference but I was going to you know how to create a blog that and make money with a Blog and what I did was I just found someone
who was on stage was a multi-millionaire and.

[38:24] He had something that I wanted and and maybe it was kind of that thing is like I’m here as a doctor I’ve spent all this money and medical school and I’m seeing this guy who didn’t graduate college,
but why is he in a position that I would want to be in and maybe was that thing it’s like you know I’m a doctor I’m smart I should be able to do the same thing.
But what I did was I kind of like humbled myself and.
Would I came to him was I had an idea for something that his company that I could benefit from and I had an idea that I think could have helped his company and I approached him.
And.
I intentionally went into business with this this multi-millionaire and what it also involved was I did a lot of apprentice work,
for him.
Because I was learning like you know what he was doing and he was sewing courses on personal development and I basically worked with him for free while still working as a doctor.
Full time but you know at the times I devoted like 5 a.m. to 7 a.m.

[39:33] To work on my online business and then I would have to go and see patients and then the tide days where I wasn’t on call,
I would work on my business because I was motivated to like I want to learn what he’s doing and I eventually ended up purchasing his business and what ended up happening is that led me to.
Where were the guide me to where I am today so do you feel like the entrepreneurial Journey does it involve a lot of strategic planning or is it.
You have an idea but then you just have to sort of go where things take you and just adapt and be flexible and just go on the Fly I mean which is it or is it a mix of both there’s definitely things in,
in business that are are the same some people think it’s often like it’s a crapshoot when you want to start a business yeah.
But then it depends on what type of business you are if you’re trying to like create the next Uber well.
That’s a different type of business right it’s a lot harder business if you want to start a Content business where you are.
Coach or consultant where you are selling information well there are steps that you can take that.

[40:48] Historically have done well and you can find out areas in your business where it can work or where it’s not going to work and.
One of the foundation’s is having a sales funnel and that’s another time for another call but the idea is I want to create listing I want to create a course.
Of course I do I’ll just think of it as a niche I want to create a course on how to raise alpacas okay I want to create an alpaca farm and have an alpaca Farm.
Online course that I want to sell for like five hundred dollars well.

[41:23] People are going to go to your website and say hey I’m just going to pay five dollars a hundred dollars I want to know is this guy the real deal you really got to teach me the secrets of building an alpaca Farm.
Well what you need to do is you need to create a sales funnel you create an e-book where are you,
give them a taste of your knowledge that you give away for free on here are the 10 best tips to raising the perfect alpaca,
and so you’re going to create a an e-book where they’re going to give you their name and email address that put you them on a list and in that list you’re going to give them.
Over the next 10 days 10 tips on how to raise the perfect alpaca and then they’re going to consume that information.
You’re going to be monitoring it you’re going to have an autoresponder you know there’s so many different,
ones out there an email service I know you use active campaign there’s MailChimp there’s convertkit whatever it’s basically it’s sending an email to them for the next 10 days.
And what is going to happen is they’re going to get a taste of like how big an expert you are about alpacas and then guess what.

[42:33] Around the 7th and 10th day you’re getting these tips is like you know what I don’t have time to read these every single day I just want to get all the information right now but you know I’ve got this acre of land I want alpacas right now by the way if you don’t if you want to skip through everything.
I’ve got a perfect course for you it’s you know alpaca Secrets Wyatt my course that you can purchase it’s not going to be fifty percent or 20 percent but somebody might buy that.

[42:57] And that’s the start of a Content business and then during the line if it completely fails.

[43:04] You can decide where it’s at now oftentimes what people do when they when they do this is they track so let’s say there by a Facebook ad right.
And Facebook ad says I’m going to send a hundred people to this landing page okay.
And you’re going to pay so much money to show my website so if you go on that landing page and like you see how many clicks you get and like nobody like.
Enters our name and email address well you know what the problem is is because your copy that you wrote wasn’t good enough to like convince somebody that you’re an expert that they would give your name and email address okay.
So what will you need to do you’re not even working worried about the course you need to work on the copy of that.
To make it attractive to somebody give your name and email address then when you got enough then you just go down the line now with these companies you can track to see.
Where of is how a visitor becomes a buyer and I thought if I’m going in kind of to advance but my point is that there are points in a Content business where you can see like what you need to improve on.
Because a lot of that marketing is math it’s about I know how many people can go on my website and I know how many people buy and I can determine what that point what I need to improve on.
To like let’s say I show my sales page for my Elsa alpaca online Secrets online course.
And let’s say the background color is blue and one.

[44:30] The background color is red and I have software that determines fifty percent will go this way 50% will go the other way.

[44:38] What happens if you find like 221 you get more than buyers using blue rather than red.
Then you’re going to say well I’m going to now use a blue background right and then you test for something else maybe we’ll test the different headline maybe it’ll test a picture of it I’ll pack up maybe you need a Pap picture of 10 alpacas.
Whatever it is or you have different bullet points and that way you can get Kinley improve it’s not always just rolling the dice there are things that you need to learn.
That over time people have been using for for you know for the last 15 or 20 years that do work and,
if you don’t know that’s where you need to start and find and learn from those people and it’s a great place to for us to be thinking about,
is finding people that can coach us finding people that can help us learning from the people that have come before is reading books listening to podcast like this one listening to podcasts like yours,
building that strategy and then yes just throwing your chips down and to see where do they fall,
well dr. Mike this has been a fantastic conversation if people want to learn more from someone like you if they want to get more content from you if they want to continue the conversation,
how can people get in touch with you so I would say called physician coaches where we have a nearly a hundred and fifty of these experts that are out there and
my thing is I recently wrote on Kevin MD is that we need to be supporting more physician-owned,
businesses we need to be sporting more physician entrepreneurs and kind of like making it accessible to that.

[46:07] Hey we can start a business that’s why I created this site physician coaches is just Spotlight these these experts because,
there’s a lot of talent there’s a lot of expertise out there but there wasn’t like one central place to actually find you know these experts who are also Healthcare professionals,
and so that’s what my site does if you’re interested though in Consulting I have bootstrapping MD is kind of like my Flagship side B strep nba.com.
And I have some courses if you’re learning about cash based practices wanting to become your own coaching Consulting.
You know that’s where to start and go from there but now I think we’re an exciting time because 10 15 years ago,
you would not be able to talk about this kind of stuff you know you you wouldn’t be able to talk about starting up here on business bearing up here own
podcast yeah at least we’re around friends now and it’s become more accessible acceptable and it’s exciting I think this is exciting time.

[47:04] I think so too and I’m excited that there’s people like you out there that are excited and willing and able to help coach,
Physicians to do more and to achieve their dreams of some entrepreneurial venture I think that’s just fantastic so I hope people go out,
reach out and find you listen to your podcast connect with you continue that conversation
well dr. Mike booming when I thank you so much for joining us today on the scope of practice podcast will have the links to all of dr. Mike stuff in the show notes and we’ll be excited to have you back on at some point in the future thanks again for coming thank you.

[47:35] Music.

[47:41] Hope you are able to get at least a couple of concrete takeaways from that great conversation with dr. Mike you know entrepreneurship isn’t limited to the elite few.

[47:49] That’s one thing that’s impressed me since I started the scope of practice and have met tons of like-minded individuals,
anybody can be an entrepreneur the skills certainly aren’t any harder than the skills that you acquire during medical training if you could get through Medical School you’ve already got the discipline and work ethic that it takes to be an entrepreneur.

[48:07] Now all you need is a spark you know starting a new entrepreneurial venture can be exciting but sometimes you feel like the financial realities of the venture,
our little bit daunting well that’s why this week’s free resource is so valuable it’s a PDF download called three critical tools to level up your family’s finances it’ll help you create an easy budget that actually works set some reachable financial goals
and communicate with your spouse about money without ending up in another money fight
that way you can save up for your new entrepreneurial venture or any other big purchase and get there with your sanity and your wallet intact
you can download it for free by clicking the link in the podcast description or go to www.desktoplearn.com
/ no money fights also
don’t forget to sign up for free for the marriage and money MD Summit coming November 15th through 17th 2021 remember it is completely free to sign up and even if you can’t attend live
you’ll still get access to listen to the replays for the rest of the week so definitely take advantage of that and sign up today www dot marriage and money MD.com,
thanks so much for joining me on the scope of practice podcast today you can also find all those resources in the show notes at www.scopemonth.com episode 78 or just click the links in the podcast.

[49:25] Thanks so much for joining me.

[49:27] Thanks for listening to the scope of practice podcast at www.visaplace.com.

[49:37] Before we end here’s a quick reminder if you want to boost efficiency across your practice and make staff scheduling easier try the deputy.
You can try this award-winning technology for free by going to doctor podcast network.com slash death.

business, entrepreneur, side gig, side hustle

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