Why Online Courses Are BETTER Than Medical Practice

dr temple asks um how is the essential essentially how is the brick and mortar practice set up different from an online course business because you've had the unique perspective of running both and now i'm very excited to hear that you're saying that you can actually replace not just your you know clinical practice but your entire um private practice so i'm actually curious to know how you would compare these two business models yeah that's right i've done both right so i have two businesses now uh and uh well i have multiple but uh between just these two um the brick-and-mortar one takes ten thousand times more work than this one so uh you know i would say you know if you're just getting started if you let's say you don't currently own your own business you don't own a private practice like i do right you're just an employee in a hospital or what not um if i want to start one the one that's much easier the one that's ten thousand times easier to get going with less headaches work you know lawyers and paperwork and hiring fire employees and all that stuff insurance panels by far it is doing the online business it's not even close and um because you can set this up in like i literally set this up in the last few couple months you know it where is it to take to claim and break up one location and actually get profitable learning hiring employees to get to a level where um you know it's doing well it can take years and ten thousand times more hours of work so it's not even close between the two wow wow i wasn't expecting that i mean because you've actually you're actually doing both simultaneously right how big is your um how big is your practice actually so um we have i so the group practice that i started called so when you start calling it means you know you you have zero cases on day one no one even knows you exist but you just created the business and you open open it up like you had a grand opening party and all that and so now we've got 17 employees or three doctors and i'm actually booked uh solid every day at that practice seeing patients and so i i'm busy you know i'm not uh i'm just i'm not someone that um you know had to do this online course because i wasn't succeeding like that no i'm doing quite well um but um but again between the two the court the online business is much easier to get going and you started this by yourself basically yeah by myself yeah and uh so just the overhead is um the overhead the hiring you do this by yourself you don't need a film crew like you talked about you don't need people following you around you don't even need the expensive camera um and uh that's one of the amazing things and uh i was actually gonna go somewhere with that but um yeah it's just uh it's just kind of crazy that you're able to or we were able to you know just have a computer internet connection computer just get started just right away um some people might still think that the brink and motor setup is is uh is better though um uh so i was actually very very i actually chose this question because i was actually really curious um on how this was actually different um i've seen i've seen like the in terms of business models i kind of see the brick and mortar setup like starting a restaurant in chinatown not necessarily like a private practice but i'm talking about just brick and mortar stores in in general um yeah i you know i i have a lot of immigrant family friends uh you know uh they would come across to america and they would start up a restaurant a chinese restaurant of course in chinatown and in terms of just a business model it's you can't go more homogenous and undifferentiated than that you're literally in a town called chinatown where literally every single restaurant is chinese food so yeah there's no possible way to compete and on top of that um you know the profit margins are hairline hairline and um the staffing costs the product cost food is also perishable so just thinking about the accounting it gives me a headache and an aneurysm already um actually that without rambling too much that was actually my question so what would the profit margins actually look like from the brick and mortar setup versus the online course setup yes i don't know how it is in everything but in optometry at least or eye care and ophthalmology it's usually um the margins are you know not the gross margin not the gross product but the net income because it ranges between like 20 and 30 um so 20 30 so let's say you make a million dollars you make 200 300 000 right uh now whereas this online course right now the margin is more like eighty percent um for me it's actually more right now but i i suspect it's because i'm just getting started and it's early i think my margin will go down but i'd be happy with like 70 60 50 compared to what i'm what i've had in the past and so it's much easier again the reason why is because no overhead uh i i didn't need to buy anything i already have a laptop you don't even need a mic you can just use your laptop you know use your macbook it's fine that's all you need and then um zero employees and so um yeah this is this one's much easier it's not even close i have to manage 17 employees when i go into my my practice yeah that was very interesting uh because um you know i'm always curious to know the business side of things and like you have a very unique perspective so that was a very interesting answer um another question that the community asked and is dr sid williams she asked what was the experience like with our support so the q a the community i don't think we talked too much about that in the last interview yeah one thing i'm really happy about is that um right now i'm really happy how much i want to be careful saying this because if this video goes on people are watching it but i'm really happy how much um how much access i have to you talk to each other you know and i don't think that is always the case uh because you're the principal you know you're the you're the owner and founder of chesapeal.com obviously it's not as if i'm talking to someone you hired and you have farmed after work i'm going to you as the owner and founder of the work in a way and anyone that knows this whenever you're working with an owner whenever you're working with someone that it's you know it's their own business um that's usually the best person to ask questions too so i'm always impressed that i have that access to you and i'm always impressed by the fact that i can jump on a saturday call and ask a thousand questions and you'll answer every single thing if i want to uh luckily i haven't done that to you but uh but the good is that you should i shouldn't need to at the same time because most of the information is already in the course but um i'm i'm i'm basically been very happy about how much access i've had and uh if you if you get stuck you don't need to do it by yourself you can just ask and uh and a chance to shoot yeah help you that's amazing thank you for saying that i mean that that really you know warms up my heart but um i think that's one of the benefits of having to be being able to work less so you can serve more um i remember like it wasn't always like this when i was still working at the hospital burned out each i mean we only have 24 hours a day and there's only so many patients that we have to take care of and if your time is stretched then the patient care and patient attention that you give to each individual is also going to be shrunk and i never really felt like this because i felt like i could get more i could serve more i could help more people um but i was because of the constraint of time and because of the constraints of my own energy levels it was always like just trunk i couldn't give the people the attention that i wanted to give them and i'm really quite happy with this setup actually because i get to work with people that are committed like yourself um they they enter the program they want to serve more people their intention is in the right place um and uh i help them cross that chasm by simply packaging the expertise that they already have in the online world onto the internet and i think i take great pride in helping them my team and i take great pride in helping them cross that chasm and so like personally i feel i feel like this is this is really my call i find this much more fulfilling and um i can serve more people uh without having to basically stretch myself thin um and uh so it really warms my heart when you say that uh because that's what i was planning on like all along that's excellent exactly and for me it's been check check i think uh it's uh it's been a complete win-win you know we worked we worked together and in a way and uh i feel like you feel that my success is you're part of your success and that's why it's nice to have someone rooting for you and but one point someone that's actually achieved um that level as well it kind of helped kind of baby me through it and uh literally like spoon feeding me as i go along and so it's been quite easy in a way i've had to recreate the wheel i don't feel as if i'm going to hit a wall because i know that i've got some help it's just terrific you i think you also said like we should get matching goodies right and take a selfie together that's right yeah yeah exactly yeah it's gonna come i i will eventually fly to hong kong someday once my kids are older and then we'll meet and then we'll hang out we'll have a meal we'll be fine we'll get some dim sum or something 100 yeah looking forward to that day um i actually might come to california as well next year oh hey yes come on buy it yeah hope you're in southern california