EP134: How Dr. Betty Murray Runs a Seven-Figure Nutrition-Based Practice

In this episode, Sachin interviews Dr. Betty Murray

 

Key Takeaways:

[1:02] Sachin introduces Dr. Betty Murray, the CEO and Founder of Living Well Dallas, a functional medicine center. Betty is a nutritionist and researcher who has helped hundreds of people to feel their absolute best, so she has had great success and prosperity.

 

[2:08] Sachin and Betty will focus on Betty's methods for success and prosperity to help you succeed and prosper in your practice and life. Sachin welcomes Betty to Perfect Practice.

 

[2:52] Betty started her practice 20 years ago. In 2004, she did not find many clients for functional medicine. She bootstrapped her business with her part-time job. She didn't have enough runway to make a lot of mistakes. She had to be more resourceful with her resources.

 

[4:58] In Betty's clinic today, there are internal medicine, psychiatry, hormone replacement, clinical nutritionists, life coaches, counselors, and diagnostics. At first, her clinic was fee-for-service, and nobody was using coaching because they didn't know its value.

 

[6:40] Betty had to let go of her belief that if she educated someone, they would find value in her program, and instead, create the value proposition and give it to them so they would find value. If the market is not buying your strategy, your strategy is wrong and you need to rearrange it.

 

[8:44] Always add value for your client first. When you give value to your customers, patients, and clients, you get rewarded. When you're driving toward a value, and you're giving people what they need and helping them understand what they need, people will value that.

 

[9:47] When you're starting, the narrower you get with what you're doing, whom you're serving, and what problem you're solving, the easier it is to stand out in that market. Don't go bigger, faster, better and think it's going to be more money. It's complex. Betty has to spend more on marketing than others because she has more avatars. She has to spend more time on staff.

 

[13:45] Sachin says to keep it simple. Betty adds that if you have this burning desire to have a multi-disciplinary team, recognize that you'd better be a good business person or hire a good business person, which requires a runway of cash flow. It's not a low-paying job. 

 

[14:57] Most of us in healthcare never had business training. Betty had a business degree before she came into healthcare. It's still a concept until you get it into action. Being a 30,000-hour expert comes from experience, not from a book or an education.

 

[17:09] The Mosaic of Autoimmunity, by Dr. Yehuda Schoenfeld, is a textbook Betty has been studying. It's probably the best textbook to explain the underpinnings of autoimmunity. Regardless of who our avatar is, all of us are going to be in the immune system.

 

[18:07] 10X is Easier than 2X: How World-Class Entrepreneurs Achieve More by Doing Less, by Dan Sullivan is the business-building book Betty recommends. It is easier and more effective to leapfrog from where you are to where you want to go than it is to make small changes.

 

[18:52] Betty recommends two personal/financial development books: Disruptor: How to Challenge the Status Quo and Unlock Innovation, by Alex Gonzalez, about innovation. The second book is Die with Zero: Getting All You Can from Your Money and Your Life, by Bill Perkins. It's about not amassing money but using it to do good as you go.

 

[24:11] Betty tells how she grew her money mindset. As a child, she was determined to work and she falsified her birth certificate to get a job underage. She sees the world as abundant and if she lives in that abundance and does the right things, she will be rewarded for it. She doesn't hesitate to spend money. He husband is cautious so she asked him to handle the finances.

 

[25:55] Sachin also has a story about going after what he wanted at a young age. He learned to cut hair by watching a barber and then opened a barber