Learning to Maximize Your Business
My goal for Real Estate Investing for Professional Men and Women is to help professionals from all walks of life make and keep more money and grow their wealth. That’s why I bring in guests from all sorts of backgrounds who have great knowledge and incredible strategies that can help you do just that. Sometimes my guests will be real estate experts, and sometimes they will specialize in other areas of investing, finance or the business world, but they will always have some remarkable wisdom that you can implement in your own life to further your financial growth.
For this episode of Real Estate Investing for Professional Men and Women, I had a fascinating conversation with Dr. Howard Farran, a prominent Phoenix, Arizona-based dentist and an expert in business development. Howard is the author of Uncomplicate Business, the founder and owner of Dentaltown.com and the Dentaltown magazine, and he has been practicing dentistry for more than thirty years. He has been ranked as one of the 32 most influential people in dentistry by Incisal Edge magazine and has spoken internationally on the business of dentistry since 1990.
Howard recognized early that the skills he learned in dental school weren’t adequate to prepare him for the realities of owning and running a business. Being a practice owner is about more than just helping your patients, it also involves critical financial and leadership skills. As a business professional, I know you will find great value in my conversation with Dr. Howard Farran that can help you make smarter business decisions in your own professional work.
Learning to Run a Business
Whether you’re a doctor, lawyer, dentist, teacher, first responder or in the military, it’s probably safe to say that you weren’t taught practical business skills during your career training. However, owning your own business requires more than just an understanding of your field of expertise. There are financial considerations like how best to control your spending and how to reinvest your money into your practice. There are leadership concerns, such as how to align your staffing with your needs and goals and how to ensure that everyone is working to their full potential. Owning your own business requires you to not just master your field but to master business management as well.
After Howard finished dental school, he realized that he hadn’t been taught any of these critical skills he would need to own his dental practice, and so he looked to his father’s work as a Sonic fast-food franchise owner to learn important business management lessons. This widespread lack of business education in professional training is why Howard has spent so much of his career helping business professionals identify and master the skills they need to be successful business owners.
Knowing Your Numbers and Recognizing Opportunities
One of the key points Howard made during our discussion is the vital need to understand the numbers behind your business. Understand where your expenditures are and understand why they are (or aren’t) necessary. Be clear on the cost of advertising your services and understand the return on investment. Know your options when it comes to getting tax deductions on your business income. A good, trusted financial advisor can help you make sense of it all, and by better understanding your numbers you can make more informed decisions and better control your expenses.
Another key business skill every business owner should develop is the ability to recognize opportunity. During our discussion, Howard explained that he has experienced four major economic downturns over the course of his career and has always been able to survive and even thrive, by recognizing the real estate investment opportunities they created. Howard also shared his thoughts on Airbnb and how it is completely disrupting the hotel industry by allowing property owners to turn the homes they already own into highly lucrative short-term rentals, often paying for the property’s mortgage after just one or two weekends of rental.
Dr. Howard Farran is a true expert in helping professionals become exceptional business owners. I hope you find much value from his business acumen and wisdom. If you would like to learn more about Howard Farran, you can visit his website at www.howardfarran.com or find his bestselling book Uncomplicate Business on Amazon at https://amzn.to/2LWzZkC. And for more episodes of the Real Estate Investing for Professional Men and Women podcast featuring other informative guests from across the business world who can help you create wealth, please visit me at www.myinvestmentservices.com/podcast/.
Want to hear more? Listen to this podcast here.