As the owner of a practice, you should be no stranger to hard work. However, if you’re not careful, you may end up burning yourself out with little to no money to show for it.
Generally, there are three huge mistakes that sole practitioners make that cause them to burn out with little to no money in their bank account and an empty patient list.
1) Operating from sun up to sun down
One way many sole practitioners burn themselves out is by running their practices from sun up to sun down without giving themselves a break.
Often the mindset of most sole practitioners is they must continue working nonstop with little to no breaks or else they may end up missing out on a potential client. While you might very well miss a client or two while you’re on a lunch break, that’s much better than running yourself ragged day in and day out.
Therefore I recommend taking a look at your hours of operation and make sure you take adequate breaks during the day. It’s also important to know when you’re at work and when you’re not at work.
That means when you’re at work, you take care of business, but when you’re at home, you set aside all work matters and spend time with your family.
2) Undercharging your services
Another mistake that many sole practitioners make is undercharging their services. It’s understandable that when you’re first starting off, you want to keep your prices as low as possible as you’re building up your client list.
However, the challenge begins when you mix in lower prices with a relentless work schedule.
Not only will you end up burnt-out and fed up with no energy to spare, but you’ll also end up struggling financially. Always know your worth and charge accordingly. That’s why you should create a service so amazing that you can justify charging more than you think you should.
3) Regulating the amount of time you spend with each patient
Sometimes a service can be so amazing that you only need to spend a few minutes with a patient to solve their problem. Unfortunately, many practitioners fall into the trap of feeling guilty for running a patient in and out of their practice in an expeditious fashion.
I once spoke with a fantastic chiropractor who was on the verge of burnout. One of the contributing factors of his burnout was the fact that he spent a very long time with each patient.
When I delved into the issue, I learned that he could have been done with most of his patients in half the time.
The other half was spent on what I like to call guilt time. He didn’t want to be seen taking someone’s money and not spending enough time with them.
I had to explain to him that it doesn’t matter if you spend five minutes with a client or an hour, it was all about delivering a fantastic service to his patients. Keep this lesson in mind for your practice. You shouldn’t be spending time with your patients for time’s sake because that’s a great way to burn yourself out.
Burnout is real and it can happen to you if you make these three major mistakes. Many sole practitioners end up joyless, burnt out, fed up, and frustrated.
We see many, many sole practitioners (who work with us) who end up in this way and we would hate to see the same happen to you. Make sure you’re not making these mistakes so you don’t end up burnt and broke at the end of the day.
If you’re looking to grow your practice, then check out the latest episode of the Blue Cow Podcast. We’ll show you the way to grow your practice faster, and with fewer headaches.