I’ve been reflecting in the past couple of weeks about what I wish I had known at various stages along my business building journey. (wow I’ve just used the “J” word in the first sentence). If you are like me, you have probably ready a lot of blogs, or books or white papers where business owners tell you the things you should/shouldn’t do when you are in business. I don’t want this blog post to be another one of those lists of do’s and don’ts that gets lost in the beige of everyone else’s, so I have written myself a letter, and created a short video to give you a snap shot of some key things I wish I had taken more notice of, or done differently when I just started out..
Well here you are, just off the phone from Mum and have come up with this great Business name for your private practice. Purple Co – that’s really cool and doesn’t sound like anything to do with Rehab. It’s all so exciting and fun right now isn’t it? You are a bit shocked at how easily you have been able to build a full time case load, and if you are really honest, the only reason you have come up with a clever business name is because you need to become a PTY LTD (this is company structure for non Australian peeps reading this blog) for taxation purposes. Right now Jo, you still don’t think of yourself as a business owner, and that’s OK.
As your older, wiser business self I want to let you in on a few things that I would prefer you to take notice of in your beginning stages. I trust Jo, you will take this advice and do something with it.
- Take this business thing seriously. Right now this is just a means to an end because you still think you are working out what you “really” want to do. Being in private practice, having your own business is THAT thing! Don’t waste the next year thinking that the bigger, better thing is on its way, because this is the thing that brings great joy, fulfillment and allows you to lead the lifestyle that right now in the beginning feels like it’s almost wrong to want.
- STOP double handling so much information. My goodness girl, you waste so much time and effort double handling information. You need to develop systems and start thinking more strategically about how you use information and the purpose of information. Map out how information comes into you practice and what you need to do with it; because you will be amazed at how you can use 1 piece of information 5 ways and cut down your admin time by HEAPS (give yourself back at least 3 hours a week)
- Right now you are the most highly paid and least qualified bookkeeper in the country. Do you really need to learn how to do you own tax reporting – I don’t think so. Its time to recruit and use a bookkeeper and pay them to do this for you. Do what you are excellent at, and outsource what you don’t need to do.
- Understand you are selling your time for money. Understand this is what you did as an employee. Yes you have freedom and flexibility that you didn’t have as an employee but watch out. You really need to invest in getting to know yourself and your expectations of time, resources and your energy because selling your time for money is a limit to building your business.
- Practice saying NO to the clients and services you don’t want to provide. You will always have a full practice and a waiting list. Don’t keep saying yes and feeling overwhelmed by all the client’s you have. Practice saying “NO”, and only work with those clients you can add the most value to. I am serious Jo, you need to get good at this. This issue will plague for the next 24 months if you don’t.
Most of all Jo, I want you to now that it is all going to work out. This is one hell of a personal development journey you are embarking on so all that “stuff” you think has been dealt with – well it hasn’t, and it will need you to work on it. Be patient with yourself honey – you are much loved and people want to know you and work alongside of you. I know right now that’s hard to believe but it’s the truth – this is your future self talking to you.
Love Jo ( your future self)
PS I’m letting a heap of other wonderful people read this letter I have written to you because I know you will not be the only one needing to read or see this today. So be prepared because people will want to ask you so questions and that’s fine!
PPS – if you are not Jo and would like to know more about the pitfalls and things to avoid in the beginning of a private practice. Let me help you. Feel free to take advantage of a FREE 30 minute consult where I can help you to identify and stop making the mistakes you don’t need to make. To claim this FREE consult, click here
Here’s to your success