Posted on 2011-02-07 14:06:57
In our last post we talked about the idea of investing in your dental website's traffic, even if it is expensive. If spending $2,500 on traffic to get a single patient who pays $5000 over five years sounds uncomfortable, you're not alone. You want to make your money back right away, and not wait years to have a real profit.
The irony is that to any investor, doubling your money in five years is a great investment. That's about a 15% annual return, which is found with only very high risk stocks.
People who can't think like investors are stuck in the "hunter/gatherer" mindset. A long time ago, we hunted buffalo with spears. For fruit, we went into the bushes to find wild berries. This had to happen every single day or we'd go hungry. If you're running your dental practice like this, you will never reach a real level of wealth.
The "agricultural" mindset, however, is profoundly different. You plant good seeds, water them, and watch them grow over time. You harvest later on. This is how the investor thinks, and it makes even the lowest returns on investment comfortable if there's enough capital saved up for living expenses and operations. Having an aggressive savings plan is a crucial part of this strategy. You can't think about long term profits if you're concerned about making rent.
See how you can apply this mindset to your dental website marketing.