Hey Fabulous Health Professionals,
Welcome to the first part of our private practice mastery series: where we talk about more than just finding new clients… this is about learning how to leverage your time and your expertise to make sure you’re actually living the life of freedom you were dreaming about when you started your practice.
So. Where do we start?
We start with the basics: your finances.
Because the quickest way to feel like an out of control crazy person is to lose track of your finances (or avoid looking at them completely).
Let’s get one thing out of the way: this post is NOT about money mindset. While there is a time and place for woo-woo, this post is not it.
I want to help you with how to think about managing your money differently. Here’s how to go about it:
1.Determine if there is a problem with how you’re managing your finances.
If you’ve been feeling:
- Out of control with your spending
- Constantly worrying and checking that you still have money left
- Outright avoiding looking at your finances in case it confirms your worst fears
- Like you have no idea where your money goes each month
- That you’ll never have enough left over to do the things you want to do and invest in yourself and your business….
… Then I’d argue that there’s something you’d need to address there.
No shame, no guilt. But let’s get real about it:
The truth is that how you approach your finances and money in your whole life is likely going to be reflected in how you manage the finances of your business…
And one is likely affecting the other.
So if you know there’s something going on… What do you do about it?
2. Take time to think about how much money you actually need to run your business and live your life – this is also known as your minimum viable income.
At its core, your minimum viable income is how much money you need to pay all of your bills – and it’s usually much less than you think it is. This way, each month, you know exactly how much money you’ll need to survive. It keeps you focused, and it keeps you from spiralling out each time you’re worried about how much money you really need each month.
3. Realize that it’s going to be hard and you might need some help:
I know that you will not want to do step 2. Step 2 is not sexy or fun – but it is a total lifesaver. It’s completely normal to want to avoid this stuff – kind of like when you have a weird symptom, or you’re not feeling well… and after 45 minutes with Dr Google you determine that you do, infact, have incurable cancer.
Instead of going to the real Doctor – lest he confirm your fears for real – you accept your fate, wallow in self-pity and continue to make yourself suffer.
Managing your finances is the same. You won’t want to look – and you’ll be scared that the information will confirm your worst fears – but information is just information, and no matter what, it will help you get unstuck and move forward.
Give yourself a couple of hours this weekend to review your minimum viable income.
If you’re truly feeling stuck, it’s OK to ask for help – from a friend, a family member, or a consultant or coach you trust.
If you would like some help – you can click here to book a consult with me to see if we’d be a good fit for each other.
Over to you: have you got your head around finances in your business yet? If you do – what’s your system for managing your money and staying on track?
Here’s to your success,