Dreams give us something to shoot for, and keep us going when things are difficult.
Many of you dream about owning an optometry practice. You imagine yourself putting your name on the sign and people around town talking about you as though you are some superhero. Maybe your dream is being introduced at a cocktail party to all of your spouse’s friends and they ask what you do. You feel your chest puffing out as you proudly say, “My name vision.”
To further crystallize your dream about your profession in optometry, you should ask yourself an important question: Do I want to be an owner or investor in the practice? There is a big difference between the two.
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Owner
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Investor
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Makes or delegates all the decisions
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Not part of day-to-day operations
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Works all day Saturday should an associate be ill
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Can count on having weekends off
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Requests his or her family to be flexible with schedule
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Goes home at the same time every night
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May go a day or two of the week not seeing the children
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Will most likely see the children everyday if desires
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Financially benefits the greatest from the risk and sacrifice.
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Financial benefit has no upward limits
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Makes up the difference should the bills exceed the production.
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Protected from downside limits of losing only what was invested.
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Double stress of clinical responsibilities and day-to-day operation responsibilities.
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Clinical stress
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Don’t stop dreaming and working to realize your dreams. However, be prepared to count the cost and walk into your dreams with a strong sense of reality. If you are considering ownership, visit with owners who will give you the real-life truth about the benefits and sacrifices of ownership.
Do yo have to be a doctor to have ownership in a practice?
Thanks for the question! It depends on the state, you’ll have to check with your state board.