When it comes to your dental practice, does realizing your financial goals feel overwhelming and out of reach? Do you have fears around your dental practice reaching the level of financial success you desire?
We all like to think that we are a YES to achieving our financial goals yet so many of our mindsets, beliefs, and decisions prevent us from taking our dental practices to the next level.
Typically, when we want something we don’t have yet, there is work to be done around our mindset.
If you are wanting more financial success in your practice and have been working hard to acquire it, but aren’t getting results, it’s time to examine what fears you have around money and wealth.
In this blog, we share 8 of the most common fears and limiting mindsets that people face, dental practice owners included.
We also provide questions and strategies to help you shift these fear-based mindsets to those that empower your actions and behaviors so that you can ultimately increase your wealth and create the dental practice of your dreams.
#1 Fear Of Being Uncomfortable
All human beings naturally prefer staying in their comfort zones. We understand it there, it’s comfortable, and we know we can manage anything that our comfort zone’s throw our way because we’ve handled it before.
Here’s the catch though, when it comes to wanting more of something, whether that’s up-leveling your dental practice or expanding your team, we must do something we’ve never done to achieve that new goal. To do that we must be willing to be uncomfortable and take risks.
Examine where you might be playing it safe, hiding out and saying no to opportunities in your dental practice that could increase your success simply because you’re afraid to stretch outside your comfort zone.
What feels uncomfortable about that? How can you get more comfortable with the discomfort and stretch outside your comfort zone anyway?
#2 Fears Based Money Story
We all have a money story. Often these money stories are handed down from our families, society and more. When we want to acquire more wealth and aren’t, it’s time to get honest about your money story and check-in around where you might be operating from a scarcity mindset and how that is affecting the success of your practice.
What are you believing about money? What story do you tell yourself about how much money you can earn? What story do you tell yourself about what might happen if you were to reach your financial dreams in your practice? Where did you learn this story? How is it preventing you from being more profitable in your practice?
Once you have reflected on these questions and zeroed in on your money story, begin to think about what new story you can tell yourself instead that will support your financial goals and help you uplevel your practice’s profitability.
Write it down, post it everywhere, and adopt this as your new belief to help you move forward.
#3 Fear of Debt
To tap more into the abundance of all things, we have to look at our relationship to money and the strategies that are working in your practice and those that aren’t. This requires humility, courage, and deep breathing. Money is energy and if we avoid, deny or judge any part of money we can’t access our power or the powerful energy that money possesses.
If student loan debt or a past financial mistake is hanging over your head, it’s time to take an honest look and create a strategy to clean it up and/or let it go. Expecting to attract wealth without taking ownership of your current money situation, is like asking to win the lottery without purchasing a ticket.
Start where you are. Have the courage to get honest about your current financial situation and make a clear action plan to start cleaning it up.
You will feel better, more empowered and create space for a more successful practice as a result!
#4 Fear of Missing Out
A fear that many people have around wealth and making more money is who they might disconnect from or upset if they were to reach the financial success they desire.
Perhaps you come from a family that lives paycheck to paycheck. Will your family treat you the same if your practice is wildly successful? Will more be expected of you?
Maybe other dental owners in your family have always struggled to keep their dental practices afloat. Will your success create a disconnection in that relationship? Will you not be on the same playing field as them and therefore not relatable anymore?
Maybe it isn’t your family but your circle of friends or colleagues. If you make more money than them, might they judge you or treat you differently?
When we fear we might lose something we value by making more money, we unconsciously hold ourselves back from receiving the very thing we say we want.
Examine what relationships, if any, you think might be negatively affected should your dental practice thrive? Next, imagine how they might be positively affected?
Invite in more choice as you shift your mindset from a place of losing in your relationships to a place of winning both in wealth and in relationships.
#5 Fear of Failure
To increase wealth and attract more success inside your dental practice, we have to be willing to take risks and put ourselves out there. Perhaps that means learning about new ways of providing care to your patients, stretching outside your comfort zone to better network with other top dental professionals, etc. If we are afraid of failing, we hold ourselves back from the opportunities that are essential to our professional and financial growth.
Where are you letting the fear of failure hold you back? How can you replace that fear with courage?
#6 Fear of Overwork
Do you fear that you have to work harder and longer hours to grow your dental practice? Does making more money, in your mind, mean less freedom and time with family?
You’re not alone. Many dental practice owners have this fear and believe that to grow their practice they will have to sacrifice their personal time and freedom to do it and that just doesn’t feel worth it.
In some opportunities, this might be the case but often we assume this to be true when it isn’t. There are thousands of ways that you can increase the profitability in your practice by working smarter, not harder. We teach this very thing at NextLevel practice!
What fears do you have around #6? What other possibilities are there other than “to make more, I have to work more”?
#7 Fear of Follow Through
Perhaps you have a track record of starting something and not finishing it. Maybe you are afraid that if you make a plan to uplevel your dental practice and increase its profitability that you will not follow through, fail and let down your team and family. This is a fear and limiting mindset that keeps you and your practice stuck!
Identify your WHY for following through.
Why is it important to follow through? What might be possible when you do follow through? Who might you impact when your dental practice flourishes? What lives might change?
Create a strong why and vision for how following through not only impacts you but everyone around you.
#8 Fear of “Making It”
For a lot of people, it isn’t the fear of failure that is paralyzing but the fear of actually succeeding that stops them in their tracks.
Does the idea of realizing the dreams that you have for your practice scare the heck out of you? Do you worry that if your practice reaches the next level of success that you and your team won’t be prepared to manage it?
Often this fear isn’t conscious but after some exploration, it can bring powerful awareness and connection. If we are afraid of having the wealth we say we want, we won’t be committed to taking the actions necessary to become who we need to be to attract it.
What needs to be true in order for you to feel safe having the level of wealth you desire for your practice? What strategies can you put in place to better trust that you and your team are equipped to manage success well?
Mindset is a powerful thing. It can help us grow a thriving dental practice or it can keep us stuck where we are.
Which of these 8 fears and limiting mindsets resonated with you the most? What small steps can you take to help shift those fears into more empowering beliefs and stories that will serve you and your practice?
Give these steps a try and witness the small (and big) shifts that happen within your practice, financially and otherwise!
When we change your mind, we change our practice!
Want to feel more empowered around the profitability in your dental practice TODAY?