With the number of businesswomen in dentistry declining, Anushika Brogan looks at the factors behind this and her advice to women considering starting a dental business.
A recent study found that the number of registered dental practices increased by 26% in 2022 compared to 2021.
However, a concerning trend accompanies this rise – a marked decrease in the number of practices owned by women. Last year, fewer than one in ten new dental practices were started by women.
This discrepancy raises a serious question: Why are there fewer businesswomen in dentistry?
The emergence of COVID-19 took the world by surprise, and so followed a period of unprecedented stress and uncertainty. One aspect that requires exploration is the role of risk tolerance, particularly among women aspiring to become entrepreneurs or business owners.
While most people harbour a degree of positivity towards risk, the additional weight of unforeseen challenges can breed apprehension, especially in the context of fluctuating economic variables like rising interest rates.
In these instances, doubts can surface regarding a woman’s decision-making abilities, often fuelled by external influences, including concerns from family or partners. This is exacerbated by traditional gender roles where men historically took the lead in decision-making, contributing to existing barriers and challenges faced by women in entrepreneurship.
Moreover, the dental profession is enriched with diversity, featuring a significant representation of ethnic minorities where men often take charge of financial matters. This dynamic can further complicate the landscape for aspiring dental businesswomen.
A blip in the road
There are only a few female corporate owners I have come across who oversee more than five practices. In fact, when I first entered the field 20 years ago, there were no female corporate owners at all.
However, the landscape is evolving, and we are witnessing a shift in mindset among women who are now striving to become business owners. Much of this transformation is attributed to the support women receive at home, which plays a pivotal role in this change.
As mentioned earlier, this transformation is also closely tied to one’s attitude towards risk and the ability to effectively manage stress. These two factors are essential for individuals engaged in my line of work.
I firmly believe that the number of businesswomen in dentistry will see a resurgence. The current situation is, in my view, just a temporary setback. Women will eventually regain their confidence and assert ‘I can do this’ because they most certainly can.
However, it’s important to acknowledge that we are passing through a period of uncertainty, with looming challenges such as an impending recession and the rising cost of living. Despite these hurdles, I remain optimistic about the future.
It’s all about being positive
We must shift our perspective, turning what may seem like a daunting period into an opportune one. While times might appear unsettling, they also offer unique possibilities due to lower prices. This could be the ideal moment to pick up a bargain or two.
Maintaining a positive outlook and being resolute about your actions is key. Regardless of the circumstances, the mindset should be, ‘No matter what, I’m going to make this a success.’
However, it’s crucial to exercise caution. I’ve encountered associates who ventured out to acquire their practices, only to encounter setbacks and return to me for guidance. It is indeed a risk, but it’s a risk that should be meticulously calculated. This involves ensuring that all financial aspects align and that a thorough due diligence process is conducted before purchasing a practice.
It’s important to remember that agents may exaggerate figures, as they are, after all, salespeople. Initially, there’s a tendency to trust these figures naively, only to realise discrepancies once you’re already involved.
Once you’ve diligently checked all the factors and it appears to be a well-considered risk, my advice to any woman contemplating starting her own business is simple: Go for it. Wholeheartedly embrace the opportunity. It’s one of the best decisions I’ve ever made.
Catch up on Anushika’s Balancing Life in Dentistry column:
- Advice for the next generation of businesswomen
- A week in the life of a dental businesswoman
- Balancing work and motherhood as a corporate owner
- The journey of a female corporate owner.
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