The EntreMD Podcast

Six Figures in Revenue in the First Month of Private Practice: Dr. Prem Tripathi's Journey

January 18, 2024 Dr. Una Episode 396
The EntreMD Podcast
Six Figures in Revenue in the First Month of Private Practice: Dr. Prem Tripathi's Journey
Show Notes Transcript Chapter Markers

Have you ever faced a setback that seemed insurmountable, only to emerge stronger and more successful than you ever imagined? This episode offers a riveting tale of Dr. Prem Tripathi's extraordinary transformation from job loss to launching a thriving private practice, demonstrating the sheer force of starting before you're ready. With my new book, "Visibility Formula," as a backdrop, we unpack the principles that powered Dr. Tripathi's pivot from being fired to creating a private practice that raked in $75,000 within the first ten business days—an achievement that shines as a beacon of hope for physicians embarking on similar entrepreneurial paths.

Drawing on the proactive mindset and astute business acumen that Dr. Tripathi honed in business school, this episode takes you through the steps of brand building and strategic visibility that are critical for success in today's digital age. Witness how leveraging social media, creating strong networks, and preparing for opportunities before they arise can lead to exponential growth and resilience. This narrative is not just a blueprint for financial triumph but a compelling reminder of the power inherent in embracing adversity as a platform for innovation and change—principles that have the potential to ignite a transformative journey for any physician ready to take the leap into entrepreneurship. Join us for a story of courage, strategy, and the undeniable impact of forging ahead, even when the path seems unclear.

When you are ready to work with us, here are three ways.

1. EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
2. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
3. EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here www.entremd.com/call

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Speaker 1:

Well, hello, hello, my friend, Welcome back to another episode of the Entremdi podcast and, as always, I am super, super pumped to be in your ears. I wanna make a little bit of an ask here. If you're listening to this and you have not left us a review on the on Apple iTunes, I wanna invite you to go do that, like you can actually pause this and, just you know, head over to Apple iTunes and say, oh, my goodness, this podcast is amazing. This is the difference that's made in my life and in my business, and I want you to go subscribe, like right now. Do not pass go, do not collect 200. And I say that because you are part of the Calvary, we are part of the people changing the narrative for the physician community and really leading this movement of change, and so leaving the review does help us, help the algorithm, help us reach more people and so we can help more physicians, cause, of course, we are on our journey to help 100,000. So, please and thank you and, if you like, dr Una, I already left a review that you can just share about this on social media. Let you know. The physicians in your world know this is the difference this podcast makes. You need to go subscribe, like right now. Okay, thank you, and do not underestimate the power of doing that, because you know we're gonna talk about a doctor's breakthrough right here. I want you to think about the ripple effect this has. The effect it has in the life of another doctor. So this doctor goes on, builds a multiple seven figure business, creates financial freedom, creates time freedom, creates transformation in the industry, creates impact in the lives of others, is a vision board for the rest of the physician community to see what is possible. And all of that was triggered by one thing you telling them to come listen to the podcast. So it is so powerful. I want you to really get a feel for how powerful what you do is. Okay, so this is really fascinating. I we just had the launch of the Visibility Formula book, which is the newest book in the Entremd Business School Library. That's what we're calling it and you know, phenomenal, phenomenal book. And, of course, this is a principle that I've taught for years the Visibility Formula. And we had a virtual launch party the day that the book was released and I got to interview one of the doctors from the Entremd Business School, dr Prem Tripathi. He is amazing. He's a facial plastic surgeon in the Bay Area and you know we I got to interview him and I told him at the beginning of it, like this is so much fun because we're really catching up, like I've been following what you're doing on social media, but I really do want to hear about how all of this played out. So the background of this story is that back in June you know he had posted something on Instagram about no longer seeing patients. You know where he was, that. You know people should stay tuned and get on his email list and stuff like that. So I immediately reached out. I'm like wait, you know what happened. And he said I got fired. And you know we live in this time where doctors being fired is no longer an unusual thing. It's very weird because I started off in a time where, you know, doctors almost had monopoly. The thought of a doctor being fired like you must be awful to be fired. We just didn't get terminated. There was always job security and all of that, but anyway. So he says he's fired. And then you know and I'm like okay, so what are you gonna do? And he's like well, you know, I've talked to somebody. I have this space I'm gonna use until I'm ready to set up my practice and all of that. And I knew, I knew that he was going to excel, he was going to thrive because of some of the things I'm about to tell you about. And I was like you know what? I suspect that you're gonna look back and you're gonna say one of the best things that ever happened to me is I got fired right. And he's like yeah, I think so too, right, so anyway, so fast forward. This is now, you know, six, seven months later. You know I'm like okay, so talk to me what. This is where we left off. So what's going on? And he says, dr Una, we started our practice on January, the 3rd, 2024. So at the time I was interviewing him, this was 10 days like. This was 10 days later. Right, like 10 business days later. And he's like and I did the math before I got on here and we have brought in $75,000 in revenue. I want you to think about that, right? So we're talking first 10 days in business, right? And he's like so, of course, we're on track to cross the six-figure mark in our first month in business and I'm super excited and all of that. But I want to you know, kind of walk you through why that happened. Right, how did somebody I mean, there are people who don't make six figures in their entire year how did somebody in the very first 10 days of business, do $75,000 in revenue? Like, how do they do that? Okay, and you know I've had the privilege of having a backseat. You know backstage access if you will. Of course, these are things that he's talked about openly anyway, but I just weaving it together to show you the reason for it. And the overarching thing is that he started before he was ready. He started before he was ready. One of the things I did a podcast episode called Dear Employee Physician. You may want to go look for that, especially if you're employed and you know he didn't wait until he was ready to start a business to start getting ready to start a business, because sometimes people say to me, for instance, like maybe we're having a conversation about the entrepreneur in the business school and they're like should I start now or should I wait until I start the business? And I'm like you start now. And sometimes people say, well, of course he would say that I'm like no, no, this is not no, I am saying this because starting a business does not make you an entrepreneur. Becoming an entrepreneur makes you an entrepreneur, right, like starting a business doesn't. It doesn't make you an entrepreneur, it just means you own a building. Maybe you own your own, you know, like like a service system that you want to offer, but it doesn't make you an entrepreneur. So this, the overarching thing, is, he started before he was ready. Okay, so, at the time when this happened, he had been in the entrepreneur in the business school for almost a year, right? So he'd been there a year before and he came in, and I'll talk to you about some. You know some of the things that he did. So one of the things he did is he joined the business school. He joined the business school when the private practice was a dream, you know. He didn't have a building, he was still working a job. He wasn't ready to leave his job like he wasn't going anywhere but he recognized this is the time to start working on this. Okay, so the first thing he did was he invested himself. He joined the entrepreneur in the business school and started acquiring the business skills and learning, and he was one of those people who showed up, who learned, who implemented and all of that. Okay. So that was the first thing. The second thing he did was, you know, he really went into a brand building. Now, in the entrepreneur business school we talk a lot about this concept, like you know, what is known now as the visibility formula. Right, same thing from the book, and he went all in on it. He was already on TikTok, he had already built a brand on TikTok, but then he learned how to weave that together to get people on his email list. He learned how to do calls to action. He was networking like crazy, building referral sources, doing all of those things. So he was really building this larger than life brand, even as an employed physician, right. And so he really went into that. Well, guess what that does. When you then go on to say I'm gonna start my own practice, you have an email list of people to tell, hey, you've been asking, here it is, now you can work with me at XYZ Place, right, he had the social media platform to tell people. He had the referral sources, he had all this goodwill he had built. So of course he started busy. Of course he started busy, right. So he did the work to build his brand and again it goes back to this recurring theme before he was ready, before he needed it, before it was a requirement, okay, so that's the second thing he did. The third thing he did and this was very impressive to see and I told him about this when we had the virtual launch party for the Visibility Formula book I was like sometimes, when you come back to talk about the things you're implementing, the things you learned from the Entremity Business School, I was amazed because I'm like, wait, you are employed. Like this is just so pretty to see and this is why I say it doesn't matter if you're employed. Like everybody has a business, build your business, but anyway. So we teach about profitable teams. Again, I have a podcast episode that is titled making your payroll and investment rather than an expense. So we do a deep dive of this in the business school and talk about how to make every role profitable. And the thing was he would have meetings with his team members. He would teach them the same things. He will monetize their roles, he will show them what revenue generating activities are, what to focus on, and all of those things as an employed physician. So he already brought his team to profitability. So that means he had practiced leadership. He had practiced defining the roles, defining what. Which of their tasks are revenue generators, selling them on how to focus and prioritize their revenue generators, like he did all of these things as an employed physician. So guess what, when it was time for him to then build his own practice, he was not learning to lead. Now, of course, he's gonna continue to up, level his capacity, right, because what he's learned is brought him to where he is and that he's gonna learn more things to go to the next level. But he didn't come in not knowing how to lead, not knowing how to monetize roles, not knowing any of those things. He came in ready. He came in absolutely ready. And so that's number three. Number four he did a lot of mindset work, and every time you listen to him I've interviewed him a number of times Every time you listen to him, you hear him talk about that, overcoming all the negative chatter of you can't do this, you can't pull this off, this is going to fail, all of those things. And I bring this up because, one is because he really did a lot of work on it, but also because mindset work is something that gets you know, bashed, in a way, right, like it's not that important. I don't want all this mindset stuff, I just want strategy. And strategy is very important, but the thing is like they're power twins, right? Without the mindset work, you're not gonna implement the strategy and without the strategy, it doesn't matter how much mindset work you do, you're not gonna see the result, right. And so he really did the work. And you know we do a lot of mindset work in the business school. We do a lot of books that line up with that. We do a lot of exercise and self reflection, all of those things. And he really did the work. He really did the work to pull that off. The next thing he did I think this is number five is that he really turned a step, a challenge, into a stepping stone. Right, because when he got fired I mean, this is not a new thing, I see this happen in Facebook groups, people talk about it and all of that and for many people it's a devastating thing. And I'm not trying to take away how bad it is right, but it's like devastation and I'm stuck and there's nothing to do. And some people year later, two years later, it's like this was that turning point that changed everything in my life for worse and he could have done that because, I mean, he was, he was fired. You know what I'm saying and this is a practice that he built a brand and the brand really helped the practice thrive. He works the team that helped the practice be more profitable, like he done a lot of work there, right, but his ability to immediately reframe that to see it as an opportunity, I don't know that. He specifically asked the question how is this working for me? But he took actions as though he asked that question like how is this working for me? And he turned it around and made it such a beautiful thing. So imagine this I was fired in June and I kind of sublet someone else's space and I was working there and then I set up my practice. You know, six months later, six months later and in my first 10 days we did $75,000 in revenue. Like just think about that, what a beautiful story, right, and so kind of flipped it and turn that problem into an opportunity, and which is a powerful thing. I'm not saying it's easy and if you're going through A trying time right now in your business, I don't want you to think that. You know, I'm not saying it's easy. In fact, virtual hugs, okay, but it's also an opportunity to up level, is an opportunity to evolve, is an opportunity to grow. It may not feel that way right in the moment, but if you can sit and just ask yourself, how could this possibly be working for me, what would need to happen for me a year from now to say, oh my goodness, I would not wish that on my worst enemy, but I am grateful for the person I become and what has happened because of that, like I wouldn't trade it for anything. I would not rewrite that part of my story. What would have to happen? Just allow yourself go there, because a lot of times there's magic on the other side, so it doesn't take away the pain, but magic can follow the pain. Right, like, don't waste the pain, okay. And then, finally, you know he did the work. He did the work, oh my goodness, he did the work. And so you know, he showed up. He showed up in class, he did the challenges, he did the exercises. And so, when the, when, the, when the time for the practice came I mean, he had, he had a you know, like to renovate a building, like you get an actual building. He had to do a lot of marketing right, like to keep his brand going, and all of these things I let people know he actually it was almost like reality TV, in the sense that he kept showing the progress of the building. This is where we are. You know, in the beginning just look like an empty shell and then you know like door started going up and frame started going up and all of those things, and he kind of you know, took people on that journey and told people this is where you can go to sign up to get on my you know my waitlist so that once I start, you'll be the first to know that. Once that you know they started accepting this high scheduling appointments, which is before they open, is like now we're scheduling appointments for January. Call my office. You know like he did the work, he did the work, he hired, he did all the things and here he is. Here he is on track to do six figures over six figures in his first month in business. And so I tell you this story because you know we can all have a very our version of this right and and I would really want you to leave with this concept of you know, start doing now what is required for where you're trying to go. Start doing now what is required for where you're trying to go. If he waited until he was, you know his doors were open. It would have been too late. When the opportunity presents itself, it is too late. So what is that? For you, it may be a hire. For you, it may be leading your team at a higher level. For you, it may be a new building you have the opportunity to buy. For you, it may be a new vertical. For you, it may just be, you know, like you're coasting because things are just working in your business, but you know you're not engaged in marketing, you're not engaged in sales, you're not engaged in any of those things. Whatever that is, don't wait. The time is now. This is the time right. If you know part of what is required is this evolution, so that you can become the person who can do what is required, then you know, maybe it's time to. Maybe your next thing is just to you know, book a call with my team on tramdcomcom. Or you can call and say okay, this is where I'm going. How can you support us? We have a number of ways of supporting physicians to get the results that they want, right, but the time to do that is now, don't wait. If he didn't wait, if he waited, this would have been a very different story, very, very different story. Okay, so I want you to imagine a situation, not just for you, but maybe as a physician community where, okay, solon is fired, or the insurance company does you know something that they do, or a major client walks away, or major team member walks away all of that, and you know like it's. It's it's rough, right For that to happen, but at the end of the day, it turns out being one of the best things that ever happened. Like, just imagine that being your reality, that being our reality, and we can have that. So, dr Prem, big shout out to you. Thank you for your story, because now your story is an inspiration to so many physicians and for everyone listening. I really want you to pay this forward and share this podcast episode with another doctor in your life, and I will see you, my friend, on the next episode of the Outro MD Podcast.

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