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Are You An Entrepreneur?
As a therapist small biz owner in the wellness field, are you an Entrepreneur?
Or, as I like to call us, a ” Thera-preneur”?
Do you consider yourself a “small business” owner?
If you’re in business for yourself, even as an independent contractor providing services for an other business, you are in biz for yourself. (Many therapists, practitioners, coaches, service providers, and trainers don’t realize that, in fact they are a business owner, and instead think of themselves as ‘just a …” fill in the blank.)
Treat Your Business AS A Business:
This means making biz decisions that will move you ahead to more success.
What Is YOUR Definition Of “Ahead” In Business?
Success by moving ahead means different things to each of us.
- more money
- more freedom
- more control over your schedule
- more prestige…
(Leave your comment below on what you define it to mean, ok?)
Invest In Your Business:
How do you know how much money and time you should invest?
You’ve probably heard of the ROI. This stands for Return On Investment.
everything you do (or don’t do) has an effect on your business in one way or the other.
When you invest in a training, product, marketing method, or even time spent reading and posting blog posts or comments on FaceBook — it has an effect on your business.
Obviously, you want your time and money to pay off for business improvements, right?
Every action has a result.
What I’ve learned over time, is time cannot be replaced, but finances can.
(I’ve spent waaay too much time thinking I can figure it out on my own. Somethings, of course I did figure out, or I re-invented the wheel with blood, sweat, and many tears!)
And, once I decided to invest in learning from other people who had already ‘figured it out”, I recognized there was an advantage to paying for short cuts.
I saved a ton of time, which got me ahead faster, which ultimately, saved me (or made me) more money.
Paying for a short cut is a different way of thinking, and one I had to train myself to learn and adopt.
Over the years (as my kids and I get older, I see how much more valuable time is over money.) We can all learn how to make more money when we really put our heads to it.
As the saying goes, “There is always enough money, you just need to have more money-making ideas!”
This is the key to getting ahead in your business.
I suggest you learn from the best to see how you can make more money to free up your time. This will allow you to do the things you LOVE & are good at, while you can pay other people to support you. This is the key to getting ahead in your business.
Business Example Short-Cuts I Pay For
(So I Can Do What I Love & am Good At):
- Business coaches & mentors (to teach me what I need to know)
- On-line, virtual assistants (to help me with customer support, and online web-site stuff that drives me crazy!)
- Office manager at my wellness center (so I can be working with clients or making connections with other businesses)
- Cleaning person for the wellness center (so I have more time to play)
- Tax accountant (so I don’t have a heart attack trying to do it myself!)
Take some time today to see where and what makes the best choice for you to invest your time and finances that will truly get you ahead.
Think of this Choice:
If you spent 1 dollar and it brought in 2 dollars, would that be a good ROI? Simple, right?
But what if you could invest $100 to get back $200?
or
What if you had the opportunity to invest $1000 once to learn about growing your business that could generate $5000-$1000 back for you each month for the rest of your biz career?
That’s a hard thought to swallow, isn’t it?
But it is a solid business question I want you to answer.
(Even if it means juggling other things to find the money and time to invest — it makes good business sense and would be a solid ROI.)
Of course, just investing time and finances won’t always give you the results — UNLESS YOU PUT IT IN ACTION!
If you want my help as your business mentor, and are looking to have a 5-10 times your investment return, there is still a little bit of time to apply to 
DesignYourDreamPractice event. Take a look at this link and jump in fast so you can join us and learn how to really propel your practice to where you want it to be!
Leave your comment below on what YOU invest in to get your business ahead. What gives you a solid financial or time ROI as a Therapreneur?
About the Author Irene Diamond
Business mentor, Educator and Inspirer to Clinic Owners & Solo Practitioners. Love to hear from you ~ Please share your thoughts in the comments below!
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Wow Kimberly — so proud of you first on so many levels!
Not only did you tow the line for so long for the other business owners, but you were going above and beyond what was expected legally and ethically of you for their biz.
It must’ve been a really tough decision to make the change and go out on your own but obviously it paid off for you and getting compensated fairly for all the work you’re putting in plus you probably have a lot more energy and drive now to be even more successful.
Thanks for adding your comments to this blog post because you’re exactly right, sometimes the best ROI comes when a small business owner takes full control of their business.
Woo hoo for you!
Thanks for the article, Irene!
It is a good reminder that we ARE business owners…and keeping that in mind helps us make the harder (or easier) decisions when it comes to making a decent income. We are called to this career by our hearts, we want “to help everyone, no matter what their problems or financial circumstances,” which is impossible! Not if you want to have any kind of time off, health, time with family, control over your schedule, besides bringing in an income.
I made the decision to invest in my business by leaving a very dysfunctional spa. The owners had “checked out” of their business a long time ago and expected me to not only see all the clients, but take care of marketing, day-to-day business practices (bookkeeping, reception, cleaning), client retention and be there 12 hours WITHOUT any kind of compensation. I was “hired” as an independent contractor several years ago, with the understanding that I would work and they would keep a % of each treatment in lieu of rent. When I started, I was getting 35% of my commission and slowly worked my way up to 60%. You may be saying, “that’s pretty decent.” Well, let me tell you, I was the top therapist, bringing in alone over $1,500.00 per month! I worked 6 days per week and as I said before, was not compensated for my extra time I invested running their business.
When I came on to information on what the IRS considers an IC, I brought it to the owners’ attention and requested to change my situation to that of a renter, offering to pay rent of $300 per month. They rejected it saying that they “just couldn’t justify it” and “they couldn’t afford the pay cut.” WHAT??? My husband had lost his well-paying job and was attending technical college, which made me the main breadwinner for the next 2 years (he graduated this past May with honors and is now employed — whew!).
I stuck around for a bit longer, but in the end decided to make a break and take care of myself and my family. I am starting on my 3rd month away from them. Not only has my health improved, I am BUSY!
So I would add as part of an ROI, BREAK THE CYCLE — drop situations that do not help your business to grow.