EP096: Why Only 4% of Practices Survive After 10 Years

I moved to Australia in 2011 as a poor student without any connections, no job, money, or family and friends—just two suitcases and more than $100,000 USD of student debt from my MBA program in the US.   I started out sharing a room with another student, living in a tiny old house with 8 other students, with no heater and just one bathroom to share.   Every night, I could feel the cold, high-pitched whistling winds blowing through the rattling bedroom window, keeping me awake at night. Life didn’t look so promising back then.   But I had this dream on the first day I stepped foot in Australia of creating a leading digital marketing agency for medical practices, and that dream has kept me going until today.   Shortly after I have arrived and when I was still was working on my web design and development degree, in early 2012 I started OMD.  Today, OMD has turned 10 years old and I can’t be happier to see how many practices we have helped grow over the last 10 years.   I can remember the first time I heard that 96% of businesses fail in ten years. I was shocked and upset. How can this be? what’s happening if only 4 out of 100 businesses survive past the 10th year mark?   If your practice is a decade or more old, then congratulations, you’re one of the 4%! If your business is less than 10 years old, then I would like to share some of the most important lessons I learned over the years.   So check out our latest podcast “Why Only 4% of Practices Survive After 10 Years” Thank you for checking it out!   =============   Links mentioned in this episode:   Discovery call booking link: https://onlinemarketingfordoctors.com/discovery-call-booking/ 7 Figure Samurai Sword Sales Guide For Clinics: https://onlinemarketingfordoctors.com/samurai-sales-guide/   Doctor Referral Marketing: https://onlinemarketingfordoctors.com/referral-marketing/ Video Marketing For Medical Practices: https://onlinemarketingfordoctors.com/videography/   🟢Videos How to Drive Unlimited Traffic To Your Clinic: https://onlinemarketingfordoctors.com/drive-unlimited-traffic-to-your-clinics/ 3 Marketing Questions You Must Answer: https://onlinemarketingfordoctors.com/3-key-marketing-questions/ How To Generate More Predictable Revenues: https://onlinemarketingfordoctors.com/generate-more-predictable-revenues/   🟢Podcasts 3 Creative Ways To Boost Existing Patient Referrals: https://onlinemarketingfordoctors.com/podcast/boost-existing-patient-referrals/ How to Drive Unlimited Traffic To Your Clinic: https://onlinemarketingfordoctors.com/podcast/drive-unlimited-traffic-to-your-clinics/ 3 Marketing Questions You Must Answer: https://onlinemarketingfordoctors.com/podcast/3-key-marketing-questions/ How To Generate More Predictable Revenues: https://onlinemarketingfordoctors.com/podcast/generate-more-predictable-revenues/   We’ve talked a lot about similar topics in our previous episodes, here are the links to check them out… https://onlinemarketingfordoctors.com/video-category/grow-scale-your-practice/ https://onlinemarketingfordoctors.com/video-category/smart-marketing-advice/ _________________________________________    🔝LEARN MORE ➡️         💡About Huyen Truong: https://onlinemarketingfordoctors.com/about-huyen-truong    💡About OMD: https://onlinemarketingfordoctors.com/about-us        📖Get a Copy of our latest 🆓FREE eBooks: https://onlinemarketingfordoctors.com/resources        📞Book a 🆓FREE 15-Minute Discovery Call with OMD: https://onlinemarketingfordoctors.com/discovery-call-booking            👇STAY UPDATED! 👇        ✅Website: https://onlinemarketingfordoctors.com    ✅Videos: https://onlinemarketingfordoctors.com/omd-tv    ✅Podcasts: https://onlinemarketingfordoctors.com/podcast    ✅Be Our Guest: https://onlinemarketingfordoctors.com/podcast-guests    ✅iTunes Subscribe: https://podcasts.apple.com/au/podcast/online-marketing-for-doctors-podcast/id1372615660    ✅Spotify Subscribe: https://open.spotify.com/show/4pwmKjLDFJiX6vL8kbd1Xs    ✅Stitcher Subscribe: htt