I worked as a homeopath for 7 years through my 20's and early 30's. I loved the work and the income usefully supplemented my salary from my part-time job.
In the whole of those 7 years I never once thought of myself as running a business. I had a Homeopathic 'Practice'.
During my four year training in Classical Homeopathy we had just one afternoon session on how to run a practice, i.e. how to attract patients, manage notes, store remedies etc.
The course was amazing and totally relevant and professional in every other way. I left feeling deeply inspired and passionate about using my skills to heal. The fact that people would pay me was really a happy coincidence!
Seven years later I was financially burnt out and frustrated. I was tired of never making enough from my practice to pack in my other work and I was so disappointed not to be able to attend any of the great PD events.
When I look back now I realise how much I've learnt since then and how much money coaching wisdom would have supported me.
Here is some of what I would have said to the 1990's me so you can apply it to your own work and avoid a few large holes and the bruises that result!
Step 1: Get Connected to Your Money Honey!
Using the work 'business', instead of 'practice' for example, has a powerful effect.
It supports you in feeling professional and helps you see that no matter how enjoyable, creative or worthy your work is, if it is to continue then it needs to generate money, make a profit, pay you a wage.
So when your resistance is up around, visibility or upping your charges, you can come back to your need to make a profit and it seriously eases pain.
Step 2: And Stay Connected to Your Money, Honey!!
There is so much now being taught about goal setting and business planning. It literally retrains the brain and yes it really works!
But creating a plan for the year doesn't keep you in touch with your money.
You need to be planning monthly and reviewing and updating at least every 2 weeks.
Nobody builds a successful business by ignoring their money.
If you want to survive and thrive you must face any fears and blocks and get up close and personal with your income and outgoings.
And most importantly PLAN AHEAD and PLAN REGULARLY.
Step 3: Build a Fire Wall
So you had a client pay you cash and then your teenage son needs $40 for social event. Out comes the cash from your client, along with your financial clarity and your plan to use the money to buy a business book you've been considering.
It's sooooo easy to do! And you don't need to have kids for things to get very complicated very quickly!
If you're serious about your business you need systems in place to prevent personal and business money from becoming entangled.
THIS WILL CHANGE YOUR BIZ AND YOUR LIFE!
You get paid cash? You bank the cash, transfer to your personal account if you need to and then the teen can access the money.
More complicated, yes, but the key here is about maintaining financial clarity at all costs!
So look at anything that gets paid from your business that should be paid from your personal money and vice versa and unravel any mess bit by bit.
Once its all clear you can then pay yourself a wage from your business.
And think of how simple things become at tax time!!
The priority here is to avoid the fog that causes you to avoid your money. Keep it clear and trackable.
Old Habits Die Hard...
And new habits can be hard to create, no matter how simple they seem.
So go easy and make adjustments to how you do things as you go along. It may be a while before you realise you need to change some direct debits around or get an new PIN for your business bank card. It's often the little things that make the big difference here.
If you get stuck with anything get in touch. I've got loads of great tips and insights up my sleeve!