Transcript: 

Cameron Hemphill (00:01.368)
Hey, what’s up, everybody? Cameron Hempfield here, your host for Medical Millionaire. Thank you so much for taking the time to tune into the podcast. Our goal is to give incredible value and insight for practice owners. So if you’re thinking about opening a med spa, thinking about scaling your med spa, think about going to multiple locations, maybe you are a dentist bolting on aesthetics.

You are a derm practice, plastic surgery practice, and I’ve looked at the data and realized, holy cow, I need to attach a medical aesthetics practice to my existing practice. All of these episodes that we create guys, they are 100 % designed for you and to help take your practice to the next level. Guys, I have worked with some of the most well-respected brands, practice owners, names in the industry for over a decade.

I’ve seen practices thrive, I’ve seen practices close, I’ve seen practices get acquired for significant checks. And I’ve met a lot of really cool people in the industry, very talented people that have done incredible things. And I’m just honored to to be here and to help share any piece of information that I can help you take you to the next level. Okay, that’s the entire purpose, guys.

And I’m on a mission to help as many practice owners as I possibly can through these episodes of having guests on or just me speaking and helping you guys just fine tune any area that you can. And what I want to talk about today is I’m going to get into mindset. We haven’t talked about mindset in quite some time, and I’m going to go through eight specific key areas of mindset that is going to take you to the next level.

I don’t care if you’re thinking about getting into this industry, you’re thinking about going from 500,000 to a million, a million to 2 million, 7 million to 10. I don’t care where you’re at in your journey. You are going to be able to get valuable information from today’s episode. Okay, so let’s jump into it. I want to talk about the CEO mindset in the MedSpot industry. And I want you guys to start thinking about shifting

Cameron Hemphill (02:22.146)
from the technician to the business owner. And I want to drill into that. What do I mean by shifting from the technician to business owner? A lot of us go to education resources, we advanced our skill sets on our skill set, okay? Your skill set. So if you are a world renowned injector, or you want to become an injector, or you want to become an esthetician, or you want to like dive into wellness, like whatever it is,

You by nature are a technician. You are an expert and you need to start thinking about becoming a business owner and what that looks like. So if you’re going to open up a practice, yes, you have an area of expertise. Yes, you need patients. Yes, you need a location. Yes, you need marketing. Yes, you need, you know, all of the tools that are going to help you fulfill the need to serve as the patient.

But if you find yourself just being stuck as the technician of the one that’s actually conducting the craft. You’re going to put yourself in a position to where you’re to have these golden handcuffs and put you in a spot where you’re not able to grow. So you need to start thinking about it from a business owner standpoint. You need to zoom out, analyze your business, analyze your situation. Where can you make improvements to make sure the business is running effectively?

highly productive, know your numbers. We’ve talked about this many times before. What technology are you using? Are you reaching out to the industry to get expertise? Are you going to conferences? Are you taking the time in your early days before the sun comes up to focus and operate your business versus just be the technician in your business? Right, you need to zoom out, remove yourself from day to day operations.

and look at your business and analyze it and where are you taking it? Do you have the right staff? Do you have the right comp plan? Do you have the right people? Do you have the right location? Do you have the right services? Are you in the right area? Where are things falling behind in every single business? I don’t care if you’re Apple computers. I don’t care if you’re Amazon. I don’t care if you’re Nike. And I don’t care if you’re the best med spot in town. There is always an area that can be improved upon.

Cameron Hemphill (04:47.85)
And this is what the best CEOs do. They continuously look to see where they can make improvements. And that’s what’s going to be your job. The CEO mindset, become the business owner, understand leadership versus management. What is the difference between being a true leader versus being a manager? You have to be able to have both. Being a leader is somebody that has a vision.

has a mission, has a purpose, and have the, like people want to follow you. They want to join your squad because they look up to you. They will listen to you. They know if they surround themselves with you, they become a better person. They feel good operating under your rooftop. They trust you. They trust your voice. They trust your vision. They trust your expertise. Do not let them down.

continue to lead by example, continue to be the leader in your practice day in and day out. And your job is to help people that are within your sphere, your staff, your influence to help level them up. So if you’re front desk person, if you don’t know who they are, get to know them, get to know who they are, what their goals are, what their aspirations are, what their objectives are. If they want to be the front desk person for the

rest of their life, great, help them become the best one out there possible. But if eventually if they want to become an esthetician, maybe a practice owner, like help them in their journey, it’s going to be so fulfilling to you. And they’re going to want to stay with you because they believe that you are the leader, you’re the mentor, and they can learn a lot from you. And it’s your purpose and vision to help lead them and put them in a position of success.

Okay, and then understand versus management. Management has to do with process. Management has to do with hierarchy structure, right? Know to delegate things to specific people on your management team. How to build out an org chart, right? So leadership versus management, extremely, extremely different. And make sure to understand those objectives. The importance of vision and long-term strategy.

Cameron Hemphill (07:06.57)
I think as a practice owner as an entrepreneur, I’ve been guilty of this as well, is you get stuck in the daily emotional objective. Some days are great. Some days are bad. You have to know what your purpose is, your mission, your why. Like if you ever find yourself overwhelmed, and you’re like, you know what, I’m going to throw in the towel, I’m going to sell it. In fact, I was on a call recently with a practice owner, very successful practice owner. And they hit me up, they said, can’t I

Do know anybody that can help me sell this thing? like, why are you wanting to sell? You guys are crushing it. Your utilization rates low, you know, improve your marketing spend and you’re going to look utilization, utilization rate is going to go higher. Like we talked about this like two weeks prior to me receiving this phone call and they’re just kind of burnt out. And I said, dude, go like take a 30,000 foot view, zoom out. Sounds like you had a tough day or a tough week or a tough month. Zoom out. Are your patients happy? Are the patients coming back? Like

Being an entrepreneur is hard, right? And if you don’t understand your why in your long term vision, and you’re able to truly articulate that personally, and to your team, take the time to do that. It’s extremely important. Being an entrepreneur is not for everybody. And as a practice owner and business owner, entrepreneurs are what you are. There’s going to be very difficult days, dark days, lonely days, sad days, gloomily days.

And then like everybody that looks at you through social media thinks you’re just crushing it and you’re happy and your, you know, life is going on and your family’s great and your practice is great. And you, you’re running this ad and you’re that special. And you know, you’re in your car doing this, like you’re doing all these incredible things, but I’m telling you, let’s be real here. Being an entrepreneur and a business owner is lonely. That’s why they make convertible sports cars with two seats. It’s just you and maybe one other person along for the ride. Right? So like.

I get it. Understand what that looks like and have a long term strategy. If you’ve been in business for a couple years and you’re doing a couple million bucks, awesome. I love it. But what does this look like in year three, year four, year five, year six? What is your exit strategy? You need to become more sophisticated every single day as a business owner. Study the experts, study the people who have done it. They want to help you grow.

Cameron Hemphill (09:31.618)
So make sure to focus on a long-term strategy. Okay, moving over to number two, overcoming fear and imposter syndrome. How to build confidence as a MedSpot owner or injector. How do you build confidence guys? You build confidence by doing hard things, doing things that you didn’t think that you could do. Remember before you could ride a bike and then all of sudden like hopefully you had a, you know, a parent or friend or someone who taught you how to ride a bike and now you just get on the bike and you just ride it.

It’s because you’re confident that you know how to ride the damn bike. Before you were scared. It’s the same thing with everything, right? Like I go around, I speak at various conferences. And there’s a you know, it’s, look, you can get nervous, or you can get happy or whatever, but like I’m telling you, you have to overcome fear. There is a true fear of like public speaking, there’s a fear of failure. There is a fear of doing like taking too much risk.

Right? You have to overcome that. You have to build confidence. What I’m trying to say is you have to do hard things. You have to continue to advance your skill sets. I say it all the time. Go to conferences. Understand your network. Your network is your net worth. No joke. The people you know can open up so many doors. There is consultants to help you in finance, in digital marketing, in consulting, in M &A, in…

laser procurement and location design. You lean on the experts, they want to help you, right. And so also, like, don’t be afraid to fall in your face. And everything when you do fall in your face, I hope you do fall in your face, because it’s gonna knock some people out of the game. This is a game it’s gonna but the ones that get up and keep marching and like take it on the chin. And they’re like, wow, that was a learning event. I learned from that.

Those are the true winners, right? And that’s what builds like a true solid, confident person is somebody who’s been hit on the chin time and time again, and gets up and continues to march forward. Right? So, so deal with industry competition without comparison. I think that’s a big one. There’s always competition. And I see like, you know, as practice owners, we have a tendency to get on Instagram and like,

Cameron Hemphill (11:56.266)
see what each other is doing and that’s fine. Like you gotta be aware, but be comfortable with who you are, right? And know that competition is always gonna be there and that’s fine, but demand is also there as well. And it’s up to you to continue to march on your mission instead of compare, right? And just learning from those failures and setbacks.

There isn’t an entrepreneur in this world that hasn’t had a failure or a setback. And some people can’t take it. And I think the ones that can’t take it are the ones that gave up on their dream. They’re the ones that, maybe they had somebody in their ear saying that you can’t do it or it’s already been done or someone else did it or so and so is here. Why aren’t you there? It’s like, there’s a lot of naysayers out there. You know, like what’s super interesting guys is a lot of people want to see like close people want to see you successful.

but they don’t want to see you more successful than them. Have you ever experienced that? I have for sure. Like I’ve had true family members hate on me that like once back in the day, like they love me. But then once I got a little older, once I became a little bit more successful, a little bit more successful and I kept working on my goals and my ambition kept working and working and working. They’re kind of developed a little bit of a.

a couple, you know, just, just, I won’t mention names of family members that all of sudden like, would tease me or would, you know, have developed this weird hate syndrome towards me. And ultimately it was because they’re jealous. And they’re not jealous of me, they’re jealous and they’re mad at themselves. Cause everybody in this world is great, but maybe those are the people that gave up on their dreams, right? And so you’re going to be faced with that.

As you start to post on social media, your videos, right? Of yourself, your face, your body, like people can judge who gives a shit. Literally who gives a shit. You are who you are and you’re on a mission. And the more you put yourself out there in situations that scare you, the harder you become.

Cameron Hemphill (14:17.55)
Like truly is the harder you become. then you eventually, you just become unbreakable. You you become unbreakable and that, and like this industry is cutthroat, a $17 billion industry competition, moving fast. Um, things are changing, things are adapting. You know, you, you gotta be, you kind of have to be a bad-ass right now. And, um, and, and I know some of the ones that are tuning in, like you, you get it.

Right? Like you truly get it. you know, and so continue to fight, continue to keep going and build that confidence. All right. Let’s pivot for a sec. Let’s talk about growth mindset versus fixed. There’s some great books out there on this guys. And, it’s very important to continue to have a growth mindset in this category, because it’s moving so fast and it’s still so early.

Some of us think like, don’t, know, opening up a med spa right now or a medical aesthetics practice, it’s saturated. I’m too late to the game. So-and-so has already done it and built 10 locations. There is so much demand out there. So much demand that you need to understand we’re still very early and you need to be very open to the industry trends that are changing. Very open to that. Imagine if

GLP-1, semi-glutite, drosepatite, this whole wellness thing took off and you decided like, know, fixed mindset, I’m not gonna do it. I’m not gonna do it. I’m not gonna do it. And there may be people that are out there for various reasons that haven’t, whatever, that’s on you. That’s totally up to you. I don’t care. But for the ones that adapt, what I’m getting at is the adaptability to trends. The ones that adapt quickly are the ones that are going to rip the rewards.

And they’ll fail. They’ll fail fast. And then they’ll get, they’ll get up. And that goes back to your, your, your confidence boost. Okay. So be super open to industry trends. And this is why I think it’s so important for people to continue to go to conferences. Technology is changing. Treatment types are changing. products are changing. Like things are advancing quickly and we have to be on top of those trends, especially like on the digital marketing side and artificial intelligence side. Like AI is real.

Cameron Hemphill (16:36.91)
It’s not going anywhere. And there is a lot of people in this world that are have a fixed mindset on AI. It’s, AI is basically like the new internet. There’s this new change that’s going to take place. For those of you that were born between, know, 1980 and 1990, I was born in the middle of there, turned 40 in a couple of days by the way, geez. But for the ones that were born,

there. You know, we went to high school without iPhones. You know, we didn’t have iPhones, we didn’t have social media. Texting was annoying and weird. And you know, imagine when the internet came out, when Amazon came out, when the iPhone came out, if we didn’t adapt, we would be well, well behind. This may have massive change of AI that’s here. Get used to it. Get used to the tools. Go Google, learn how to use AI. Like

There is courses available now. In fact, I’m thinking about building a course, but there are some wonderful tools out there. Like I was exploring one there today called gamma. Gamma is amazing. Claude is amazing. Perplexity is amazing. Obviously chat GDP, but I think everybody thinks AI is chat GDP. Gemini is another one like a lot of content creative is out there. You can build products now like there’s some super, super cool stuffs coming in. That’s another thing I want you guys to just have a growth mindset on.

and obviously like to the, to the patient needs and requirements, you know, you need to have a growth mindset to make sure you’re not getting stagnant and stale. think about brands that become stagnant and stale. Right. let me see if I can come up with one really quick in my, in my head. something that just becomes stagnant stale and then just disappears. geez, remember, remember the, if you guys are back when I was born.

Remember gerbose? Remember those those jeans? I don’t know why this one’s coming to my mind, but gerbose like they were the coolest things as I spread these jeans, we’d all wear them. Where’d they go? You know, like, I don’t know how fast how far you can take jeans, but like, the jeans that I wear now are like stretchy, you know, they’re like comfortable and they’re like, they’re great cool technology. And they almost like feels like joggers. It’s like, feel like the jeans I wear now are like a combination of like, lulu lemons and jeans. They’re like super comfortable. And maybe that’s a

Cameron Hemphill (19:02.452)
a lame example, but you get where I’m getting at to where, you know, some people like, okay, let’s look at PowerPoint. PowerPoint is going away. PowerPoint was pretty damn cool. PowerPoint’s going away. Like it already has like Canva basically replaced PowerPoint. But now you bolt on AI. Canva, you know, they could be, you know, gone here soon too. Right? And things are changing very, very fast. So embrace innovation, especially on the marketing and services side.

The other thing I want to touch on is building a very resilient med spa. Hire with intention and set team culture. Your team needs to be excited to come to work and know what the mission and objective is. If your mission and objective is to do injectables all day, you’ve missed the mark, right? It’s got to be bigger than that.

Like we’re changing lives, we’re changing lives, we’re helping people build confidence and become happier and actually make more money. Like you know what I mean? Like that’s way more important than just the daily activity is different than the mission. They need to know why they’re there for the mission. Okay, so hire with intention, be slow to hire and quick to fire. Okay, train and empower your employees with success.

Make sure you understand their goals, finance, health, hobbies, know who they are, and train them with the core understanding of what the mission is. So everybody’s on the same page. Do not give somebody a shitty comp plan that’s not going to fit within their lifestyle. will never work. It’s a waste of everybody’s time. Okay. How to handle difficult clients and situations professionally. Emotions can come to the like

Emotions can get high in certain situations, right? Learn to respond versus react. I see this on Google reviews sometimes. Oh, I got a one-story view. Like, yeah, I want to attack and kill the lady. Take a deep breath. Learn how to respond versus react. Okay. Big, big one there. Build a resilient team. Okay. Let’s shift to money for a second. Pricing, profitability, abundance, charging what you’re worth and avoiding discount traps.

Cameron Hemphill (21:29.558)
Charge what you’re worth. You went to school, you’re the expert, you have studied your craft. You’ve invested countless hours and money and travel and my gosh, charge what you’re worth. I had a really awesome mentor once that always told me, Cam, you’ll always get paid what you negotiate, not what you’re worth. My gosh, that’s brilliant. And I think about that a lot. So something I can pass on to you guys, right? So charge what you’re worth, avoid discount traps. Hey, so and so we’ll do it for cheaper down the road.

Well, I’m telling you, maybe they’re a better fit than we are. Like responding with that puts you in a position of expertise and obviously you can build on that. but you know, also investing in your business without fear. If you believe in yourself and you bet on yourself, you should invest in your business without fear. Some people ask me, is it worth it to build a new website? Is it worth it to invest in SEO? Is it worth it to run ads? Is it worth it to be present on social?

It’s like my answer to that is like, dude, it’s more expensive to not do than to do. If you are not doing that, you’ve mentally decided to say that you want to give patients to your competition. So yeah, it’s, it’s definitely worth it. And if you want, if you’re trying to invest in yourself and you trust yourself, then you need to invest in your business, in your business without fear, period. End of story. Understand your numbers, revenue versus profit cashflow. And then I want to build on that for a second. Like

I don’t think there’s enough talk about investing. And I’m not a CPA. I’ve studied finance and money for a long, long time. But if you own a business that’s spitting off profits, you it not only is it your responsibility to understand finance, I’ve talked about that in other episodes, you need to understand money. What is the purpose of money? Money is a tool.

And if you’re spitting off like more profits than you need to, maybe you should lower your EBITDA and you should go look to invest in more tools to give yourself more time back. But if you’re spitting off profits and you’re comfortable with the profits, what are you doing with those profits? If you’re just putting them in like a piggy bank and like a bank that’s like paying you no interest, like that’s a bad place to put money. If you’re putting them in like a high yield savings return, that’s, think it’s spent like money markets, like anywhere from four to 5 % has dropped a little bit.

Cameron Hemphill (23:56.454)
Okay, that’s decent. But like, in the past, you know, 50 years, the S &P 500 has produced a 15 % return. Okay, so you’ve now decided that you want to take 10 % less on your money. Right? Maybe it’s time to buy a building, maybe it’s time to buy a piece of real estate that produces income, right? Because there will be an end date on your journey here. Whether it’s a year from now, 10 years, 20 years, whatever it is, there will be an end date. And if you’re spending off profits,

you, it’s your responsibility to understand money. And where are you going to deploy those profits? And I’m a big fan of producing income assets that produce cash. Right? And maybe that’s a laser. Maybe that’s something that’s going to produce you high margin, like, yeah, let’s take the profits by that laser, that’s going to like, produce a 30 % cash on cash return, like, those numbers. Let’s go. You know, study money, study finance, very, very, very important. Okay.

Study your clients mindset. Understand consumer psychology. How do you overcome objectives without feeling salesy? Educating clients versus like pitching them. You know, build trust in long term relationships. So understanding your clients mindset like, like go read a sales book, go read how to negotiate, go to Terry Ross’s 4S summit. You’re you are the

expert, people want to be educated versus sold. You know, very important to understand consumer psychology. Time management, this is like one of the biggest ones to avoid burnout. Setting boundaries as a med spa owner, you’re not always working, you’re not always texting your clients, set boundaries, when are you open, when are you close? You know, delegate and automate, you know, certain tasks and objectives and responsibilities. Very important.

prioritize self care to prevent exhaustion. You need a break as a business owner. Take the vacation. Go sit on the beach, go for a walk, go get a massage. Go sit in the sauna, go workout. Go take a nap. You know, like, you have to recharge in order to produce a sharp brain. Yeah.

Cameron Hemphill (26:13.934)
And last one, last but not least of course is the marketing mindset, how to stand out of a crowded market. This is a crowded market guys, but there is demand. Demand is outpacing the competition. So you need to have an authentic brand that attracts your ICP, your ideal customer profile, authentic brand and drill in on that brand identity like you wouldn’t believe.

You need to do that every single day. Your social, your posts, like all of that stuff, who you are and what you represent, what you stand for. You will build your exact clients that you want to see. Content creation, storytelling, build authority. If you have credentials that people don’t know about, you need to tell everybody through the social channels. You need to put on your website. Like people need to know who you are, how long you’ve been in practice, how many patients you service, what your retention rate is, what you stand for.

Talk about your journey. Talk about your expertise. Have your customers talk about how much you have changed their lives.

Build a proof, social proof, proof social testimonials, before and afters, photos. I see lots of before and afters and they’re great. I do not see enough video testimonials. I would do that so hard this year if I was a MedSpot owner having my clients like give me, if my goal was to get like two stories a month, you’ll have 24 before the end of the year. So I’ll leave it at that.

This is mindset driven today, guys. Thank you so much for taking the time. And if you found this content valuable, this episode valuable, please share it. We wanna touch as many practice owners as we possibly can or potential practice owners. Share it guys. I appreciate you, I love you. Until next time, happy injecting.