Brent Lacey, a Doc Who’s Helping Other Docs Thrive – Smart Passive Income

brent lacey headshot

As a senior in school, Brent Lacey had already been accepted to medical faculty, and he was scheduled to start out within the fall. However he didn’t know what sort of drugs to apply, or the way to put his forthcoming schooling to greatest use.

“I actually felt like I simply wanted some route.”

So he drove to Yellowstone Nationwide Park and spent per week praying and meditating on his personal. The time left him feeling “like I used to be being known as into army service,” one thing that stunned Brent. Nobody in his household is army, and he hadn’t thought-about this path in any respect earlier than that time. 

He felt a robust calling, so he known as up some recruiters, who advised him the Navy was desperately in want of individuals.

A Navy scholarship supported him by medical faculty on the College of Texas in San Antonio. After that he did his inside drugs and gastroenterology coaching by the Navy in San Diego, adopted by excursions in Florida and North Carolina.

“And, now it’s 15 years later, and right here I’m.”

Brent’s time as a Navy physician—a gastroenterologist for adults, to be exact—has been “extremely rewarding,” however a job supply at a non-public apply in Texas means his service time is coming to an in depth this summer time.

It’s the beginning of an entire new chapter for Brent and his household—however it’s not the one factor that’s taking his life in thrilling instructions.

From Discipleship to Entrepreneurship

Brent’s enterprise started as a ministry at his church, the place he taught courses primarily based on Dave Ramsey’s Financial Peace University. After a few years, Brent realized there was an enormous want for monetary literacy in the neighborhood, so he created a “monetary discipleship” program and began doing one-on-one monetary teaching—all at no cost.

Then, nurses and medical doctors on the hospital the place he labored began asking Brent for assist with their funds. “I began getting the identical questions over and again and again. And I believed to myself, it might be good if I had one thing written down someplace the place I might simply level somebody to.”

In mid-2019, Brent determined {that a} weblog can be a good way to sort out that goal, however he didn’t know the place to start out. And so, a humble Google search: how do you begin a weblog?

That led him to lots of completely different assets, together with SPI. He pored over the supplies, studying blogs and listening to podcast episodes. “I believe I went again and binge listened to one thing like half of the Smart Passive Income [Podcast] episodes, beginning with episode 1.”

Fortunately, Brent had at all times been a author, so he knew what it took to churn out a good weblog put up. However he wished to verify his concept was viable earlier than committing lots of time or cash to it, so in Might 2019 he took Pat’s Build Your Own Brand (BYOB) course.

He determined to put in writing twenty-five weblog posts as a check, “as a result of if I can not get by a minimum of one per week, then it is not value it.” He completed all twenty-five in simply six weeks.

“Okay, that is enjoyable,” he thought. So he took the subsequent steps: registered a website, arrange a fundamental WordPress website, and launched his weblog, named The Scope of Practice, in October.

The weblog started with a “monetary discipleship” focus—a extremely saturated house that features enormous names like Dave Ramsey and Suze Orman. Brent realized “it was going to be exhausting to compete… a minimum of on the outset.”

“However possibly I could make myself actually worthwhile to a smaller group,” Brent thought. “Like Pat at all times says, ‘The riches are within the niches.’”

“And the medical world, the healthcare area looks like a fairly logical place to start out.”

Refining the Area of interest

With extra analysis, Brent noticed that there have been only some individuals writing, podcasting, and talking about private funds within the medical house. He estimates that the variety of entrepreneurs targeted on this area of interest is fewer than 100, and doubtless someplace between sixty and eighty.

Brent knew from Pat’s steering that it was potential to have a thriving enterprise with a small however devoted following. So he got down to construct one by specializing in the Venn diagram intersection of enterprise and private finance mastery for physicians.

Including a enterprise administration part appeared like a good way to differentiate himself from the opposite private finance “gurus” on the market—particularly as a result of it’s one thing physicians typically usually are not superb at. 

“They undergo medical faculty or dental faculty and so they’re actually nice at their craft on the finish. However abruptly, they are a small enterprise proprietor and so they’ve been skilled for that by no means.”

Specializing in enterprise administration and monetary mastery permits Brent to attach and work with individuals who want assist in one or each of these areas—and typically even help them past the scope of their unique want.

“If there’s somebody who desires to know extra about management, and apply administration and issues like that, then I can supply that—plus the private finance arm. And the identical factor if individuals are coming for private finance: I can pivot that and say, ‘Nicely, lots of people have bother with enterprise, too.’”

One other factor Brent did on the outset was begin his e-mail listing. “One of many greatest regrets that I heard from individuals who began on-line companies is that they need they’d began their e-mail listing quite a bit sooner. And so I did that proper out of the gate.”

He has an “energetic” listing of about 700 individuals proper now, which he’s grown by a mix of visitor posts and podcast appearances. Within the course of, he’s gotten to know lots of the opposite bloggers and podcasters in his area.

One of many issues he’s grown to understand about this neighborhood is “everyone’s actually trying to assist different individuals. Everybody’s type of in competitors with one another. However solely type of—I imply, everyone’s actually prepared to assist out.”

A Podcast of His Personal

As soon as the weblog was buzzing, Brent started to department out, launching just a few small promotions to widen his viewers. He additionally accepted a number of invites to hitch individuals’s podcasts “and realized that I actually loved it quite a bit. It’s far more enjoyable than simply sitting down and banging out a weblog put up.”

So, he thought, why not begin his personal podcast? 

He took the Power-Up Podcasting course in February and March 2020, after which in mid-March he set a launch date of Might 18. He would use the time in between to document a backlog of episodes.

With just a few episodes within the tank, the COVID-19 shutdown hit. With nobody scheduling elective procedures within the hospital, Brent abruptly had lots of time on his arms. He determined he would use it to document as many episodes as potential.

“Unexpectedly I felt like I had license to simply begin reaching out to of us.” He began emailing different doctor private finance bloggers with first rate followings and asking in the event that they’d be a part of him on the podcast in trade for selling their stuff.

“They usually had been all very blissful to do this,” says Brent. However he began to surprise, what would occur if he upped the ante? He went by the archives of the management and enterprise podcasts he’d been listening to for a number of years and picked out his favourite twenty-five episodes from each. He wrote down the names of the visitors on these episodes, and reached out to them.

“I used to be amazed on the sorts of those who stated sure.” They included presentation design skilled Nancy Duarte, whose TED talk has millions of views, Ken Coleman, whose show is a high 10 enterprise podcast, JJ Peterson, the chief of teaching and facilitation at StoryBrand, and Scott Parazynski, a physician and former astronaut who’s also climbed Mount Everest.

All for a podcast that hadn’t even launched but.

brent lacey and family
Brent, together with his spouse, Catherine, and sons Drew (left) and Grant

Brent factors out that he did have lots of proof to share with potential interviewees, together with his e-mail listing and his Fb and LinkedIn followings. However past that, when individuals ask Brent how he’s landed all these visitors, he says, “I simply requested straight up. That was it. I simply requested.”

“I am no one from nowhere. I am simply reaching out. I could not imagine it,” he says.

“I’ve gotten loads of ‘no’s—do not get me flawed. And loads of those who have simply not responded. However hey, in the event you ship out seventy-five emails and also you get 9 again, then abruptly you could have a world-class lineup.”

After only one week post-launch, The Scope of Practice Podcast was as much as 1,161 downloads, and had climbed to the #1 medical profession podcast and the #33 career-related podcast nationally. Brent’s e-mail listing grew 15 % over the identical interval, and he already has individuals asking him to educate them on the way to begin their very own podcasts and construct their very own web sites.

Constructing His Personal Model, With a Little Exterior Assist

Brent hasn’t tried to monetize his enterprise but, as a substitute specializing in constructing his weblog viewers and getting his podcast off the bottom. He’s extra desirous about “gaining a degree of credibility, constructing some belief with of us first, and determining what individuals really need earlier than I simply attempt to begin randomly promoting stuff.”

However even as soon as The Scope of Observe begins producing earnings, Brent is fairly positive he desires to maintain it as largely a facet hustle. “I do not see this as being one thing that replaces my main earnings, mainly as a result of I do not wish to quit being a doctor. I can not think about—even when I constructed this factor as much as be one thing tremendous enormous—not having the ability to deal with sufferers. I find it irresistible an excessive amount of.”

As an alternative, he’s blissful utilizing his platform to succeed in as many individuals who need assistance as potential, and a minimum of break even with the enterprise—“so it’s not only a tremendous costly interest.”

He hasn’t employed anybody to assist with the enterprise but, aside from an online designer—and for that, he additionally has to thank Pat’s BYOB course.

BYOB gave Brent one thing actually worthwhile: “a framework of the way to get began. As a result of it simply appeared like such a gargantuan process.” Each query he encountered generated three extra, and BYOB helped him pull again from the rabbit gap. The course offered a “good step-by-step walkthrough of the way to take an concept from scratch after which create one thing from that.”

BYOB additionally ready Brent for the way a lot work it might take to create a well-designed, practical web site. After briefly attempting to place one collectively by himself, he determined that his restricted time can be higher spent on the issues he was greatest at: “content material creation and writing and talking and issues like that.” As an alternative, he employed another person to design the positioning for him, which was “tremendous useful” and an enormous weight off his shoulders.

To date, that net designer is the one particular person Brent has employed to assist with The Scope of Observe. As soon as his podcast begins bringing in some sponsorships, he would possibly think about hiring a digital assistant who can tackle administrative duties so he has extra time to put in writing, however proper now his enterprise is a one-man present.

He’s began constructing some affiliate internet marketing relationships that he’ll lean on “as soon as the podcast will get rolling a little bit bit. However he’s been working on a sufficiently small finances that he can wait some time earlier than monetizing, and give attention to constructing belief and credibility together with his viewers first.

In terms of the model itself, from the start, Brent says he “wished to construct a model that might be larger than simply me.” That’s why his enterprise known as The Scope of Observe and never Having a model that’s not tied to him personally means it’s one which “is extra capable of soak up folks, or different avenues to succeed in individuals.” 

On the similar time, the entire expertise has “opened up some cool doorways. I’ve gotten to satisfy lots of completely different individuals. And I’ve been invited to talk at a few conferences.”

Brent says he might see himself doing that a couple of times a yr and actually having fun with it.

“The Reality Is, There’s At all times a Want”

In addition to giving him extra free time to line up podcast visitors and document his pre-launch episodes, how has the COVID situation affected Brent and his enterprise? For one, it’s proven him “that the world goes to go more and more on-line, and so having a web-based presence, having a web-based model, or by the airwaves with podcasting, goes to be more and more necessary.”

He believes that we’ll begin seeing the “ripple results” of issues going digital in plenty of industries, together with healthcare, meals service, and schooling.

In the end, he says, “It’s simply strengthened my resolve to press ahead with the enterprise.” 

The pandemic has, in Brent’s eyes, additionally amplified the state of private monetary administration amongst his audience. “This explicit disaster has uncovered some weaknesses in monetary plans for particular person individuals. This occurs each time there is a disaster, even when it’s a minor one. However the reality is, it is happening even when there’s not a disaster.”

“I believe it has introduced extra individuals out of the woodwork to understand that they only want some assist. However the reality is, there’s at all times a necessity.”

Function, Preparation, Execution

The most important problem he’s encountered alongside the best way is “seeing the sheer quantity of labor that it takes to get one thing like this shifting. There is a very excessive activation vitality.”

Though he says he “ready for it moderately nicely, simply from listening to podcasts and studying what individuals had stated,” he was nonetheless amazed at what it took to get his enterprise off the bottom.

On the similar time, his need to serve propels him onward. “I really feel an incredible—I do not know if burden’s the best phrase—however a way of urgency to assist individuals. I simply see lots of want. And so, each time somebody reaches out and says, ‘Hey, pay attention, I would like some assist,’ that form of drives me ahead.”

Having the help of his spouse has additionally been tremendously worthwhile. “I do not suppose I might do that if I did not have good household help at residence. She’s at all times been my best cheerleader.”

Though Brent has been on his entrepreneurial journey for lower than a yr, he’s gleaned three huge insights that he thinks others can study from:

#1: Have a Why

“Do not simply say, ‘I wish to be an entrepreneur.’ That you must have an issue that you just’re fixing or somebody that you just’re attempting to assist, or a gaggle of individuals you wish to serve. That you must have one thing that you just’re aiming for. Not simply, ‘I wish to have a small enterprise,’ or ‘I like the concept of passive earnings. That sounds neat.’ You want a function.”

#2: Put together

“I listened to a bunch of podcasts from completely different of us, together with Pat’s. I learn by lots of tutorials. I learn lots of blogs. I discovered quite a bit concerning the medium that I used to be going into.”

#3: Execute

“So typically what I’ve seen and heard individuals say repeatedly on podcast episodes is, individuals simply spend all their time making ready and making ready and making ready and by no means really do something. I consider the quote from Basic Patton that claims, ‘A very good plan, violently executed now, is best than an ideal plan subsequent week.’”

About Brent

Brent Lacey is a gastroenterologist who additionally runs The Scope of Practice, a web-based enterprise that serves physicians within the areas of apply administration and monetary mastery. He grew up within the Dallas, Texas, space, went to Texas A&M College for faculty, after which medical faculty in San Antonio, the place he met his spouse. His wider household nonetheless lives within the Dallas space, and his spouse’s household hails from Austin.

Brent can be an avid mini-golfer who’s performed the US ProMiniGolf Affiliation’s Grasp’s course in Myrtle Seashore, SC, together with roughly ninety different programs. His actual dream is to sometime personal his personal mini-golf course.

brent lacey in his office

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