Let me start by telling you the story of Alison, a therapist who is married to Stan. When Alison and Stan reviewed their financial situation, they realized they needed a savings plan for the future. They looked at what they wanted their lifestyle to be, and ways to get there. After this, though, Alison felt a lot of pressure. You see, Stan made an annual salary, so he had no way to earn extra income. Alison felt a lot of pressure to make her practice produce enough extra income to allow them to have the lifestyle they wanted. Alison asked me (as her coach) for help with this. When we went through the Therapy Business Finance exercises, we found that Alison was actually very close to making enough money!
She was making enough to support their current lifestyle, and if she needed to make more and save more, it would not require a lot more work to do that. She is now making thoughtful plans to increase her income, perhaps through adding VIP days to her practice. She is much less fearful and knows now that she is on the right track.
Isn’t that wonderful?
And she’s not the only one. What about Janet, who is a therapist and a chronic under earner? She had great ambitions and ideas but didn’t do much implementation. Her actions just did not bring her the level of success she wanted.
When we went through the TBF exercises together, we realized she was under-earning. We looked at why, and instead of continuing to believe that ‘marketing doesn’t work’, she realized that SHE was not doing enough marketing. And she was really in debt. She then had to decide what to do. She took a fulltime job, began paying off her debt, and did some marketing to build a part time practice. She is now saving money so that one day she will quit her job and do fulltime private practice.
Now that she knows the real numbers of what she needs to live and to run a practice, she feels more confident, her clients are getting the best from her – and she doesn’t feel so ‘deprived’ anymore.
Oh, and the $5000 profit? Well, that’s my story…
When I am having a bad day (or when income is down) I tend to buy something that I think will be a ‘self-improvement’ or ‘business-improvement.’ When I did the exercises in this course, I found $5,000 a year of expenses that I purchased just because I thought it would help me in some way.
These were recurring expenses like $30 a month memberships to cartoon sites that I might use in newsletters…or old ‘to do’ list memberships that I never used. I decided to do something Amber and I call ‘decluttering.’ We looked at what would we need to minimally run the business. (Usually that is me, her, and the online hosting of our websites.)
Then we look at every expense and say ‘Does this bring in income?’ If it doesn’t, we ask why not? Sometimes we just aren’t using it and it would bring in income if we did. If we cannot find a way for it to pay for itself, we cancel it. This resulting in $100 a month off my phone bill….and all in all we added it up – $5,000 a year. That means my profit went up by $5,000.
Just from one simple review.
No additional work.
Pretty powerful, huh?
And now it’s your turn. If you want to make more money, save more money, and feel more at ease with your finances- please do join me for the June 29 start date of Therapy Business Finances.
I want to help you have a similar experience. More Income. More Ease. More Profit. Let’s take the mystery (and fear) out of our finances. You can do this!
Register here: http://BeAWealthyTherapist.net/TBF2015
Together, let’s make this year profitably amazing!