Dr Godfrey Obaigwa Maronga is a Dental Surgeon with a Specialty qualification in Restorative Dentistry, doing consultancy in restorative dentistry and lecturing. He’s a co-director at Smiledent Dental Centre, where he practices general dentistry and Advanced Restorative Dentistry.
Smiledent Dental Centre is located at CDN Plaza in Nakuru. I started the practice in November 2020 during the pandemic. I used some savings I had at the time and a loan from the SACCO to set up. Since it took some time to set up, I was also putting in money from my monthly earnings.
I also got some amount from a long-time friend who lives in the USA. By the time I finished setting up, I had spent slightly over Sh. 3 million. Sometime in 2021, I got a colleague and friend who bought 50% stake into the business. We are both directors and run the practice jointly.
It took about 2 years to break even. We only broke even towards the end of last year. One of the challenges we have faced is unpredictable business especially with the local and global economic meltdown late last year and this year.
Some days are good, others not so good. We also face a perception issue since private professional dental services are perceived as expensive. We have also faced a big challenge with empanelment into some insurance panels which insure some of our patients.
Some of those we serve also give very low rates and delay payment for services rendered to patients under their schemes.
I hope these issues can be addressed by the Kenya Medical Practitioners and Dentists Council (KMPDC) as well as the Insurance Regulatory Authority (IRA). Otherwise the ultimate loser is the patient.
Starting a business and leaving it to be run by a family member while I travelled abroad to study wasn’t a good decision. It was a transport business. I lost close to Sh. 2 million in the business and a further Sh. 1 million in SACCO savings as I paid up what I had borrowed to start the business. I had to shut down the business to avoid further loses.
I learnt to never invest in an industry or business that I do not understand. I also learnt to ensure that I should never leave a business in the hands of managers without proper oversight.
I had this patient who had been treated elsewhere. She wanted treatment redone since it had not been done well. The treatment became a success. She asked if we could replace some front teeth she had lost earlier due to a road accident, and we brought her lost smile back.
Not only was she happy, but she paid us close to seven figures. This showed me the essence of putting good service first. Excellent service and customer satisfaction will always pay back.
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If I could start all over, I would probably reconsider the business location and model. The location being in a relatively secluded part of town means that we work mostly with referrals. More and more, the business has come to be centred on us as directors.
On the model, it sometimes feels as self-employment rather than an entrepreneurship venture. This is something we are working on and trying to manage the transition as he business grows.
I save up in the SACCO. It helps me to not only leverage on my savings to borrow, but it earns interest. I have an emergency kitty that I save up in a difficult to access bank account. Saving money in a current bank account previously proved a futile since I would easily access and spend it.
Entrepreneurship is better in the long-term. However, in the professional services industry employment comes first as it earns one the experience and resources to get into entrepreneurship. One only needs to determine when and how to make the transition.
In business you don’t fail, it is the business that fails and you learn from every attempt. In the journey, you need family and friends who believe in you, guide, and push and encourage you. My wife and my friends Steve, Eugene, Alex and Antony have been part of my journey in the business.
What I have learnt from seniors about business and money is that you have to keep up to date with what is happening in you industry to maintain relevance. I have also learnt that in life and business, it is people who matter and not the money that you make.
