25 Money Habits for a Healthy Private Practice
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I made myself go to class that week.
It wasnât easy. Iâd taken a bad fall on a hike the week before, and was hobbling around with a pulled muscle. I wasnât at all sure what I could actually do.
But Iâd only been trying yoga for a few months. And as bad as I was at it (the whole thing felt like a game of Twister to me) I could tell it helped.
I also knew I had to take care of myself, or Iâd never be able to keep up with my business â so I didnât want to lose that new self-care âhabitâ.
Habits are the backbone of any successful business.
Once established, they will keep you sane when things get crazy, and support you when your business grows and overwhelm threatens.
And no where does this matter more, than in how you manage, think about and relate to your money.
So in no particular order, hereâs a list of money habits worth cultivating for a healthy private practice (and REAL financial success.)
And some of them are a lot more about whatâs in your head, than whatâs in your wallet.
1. Set up separate accounts for your business â savings and checking â that are completely separate from your personal accounts, and never ever mix the two.
2. Set aside 20-25% of every dollar you make for taxes. Youâll never worry about making quarterly payments again.
3. Set another 10% or so aside for business savings, and leave it alone. Youâll be surprised by how fast it grows.
4. Track your mileage (business mileage can shave thousands off your tax bill), and keep your business-related receipts. You never know when youâll need them.
5. Know your numbers. Whatâs your gross income for the year so far? How does this year compare to last? How about your net? What do you need to be taking in weekly or monthly to meet your goals?
6. Pay yourself some kind of regular salary â no matter how small it may be at first.
7. Donât be the bank for your clients. Set a limit on how much credit (if any) youâll allow a customer to carry before they need to pay you, and arrange credit elsewhere.
8. Donât offer too many discounts. Instead, add value (like a new bonus) when you want to encourage a buyer.
9. Get paid in advance whenever possible, or at the time of service.
10. Add packages to your offers, and move away from dollars for hours.
11. Charge what youâre worth, for Peteâs sake. And charge for the difference it makes, not the time it takes.
12. Create a money mantra, like âI love money and money loves me!â (One of my faves from Jen Sinceroâs new book.)
13. Say it out loud every time money flows through your life. Someone pays you? Say it. You pay a bill? Say it. Find a quarter on the sidewalk? Say it. (And smile!)
14. Create prosperity prompts. Write powerful quotes on index cards and hide them everywhere so youâll find them when you least expect it. Hereâs one to get you started: âThe key to abundance is meeting limited circumstances with unlimited thoughts.â â Marianne Williamson.
15. Watch movies that make you feel like anything is possible. Because it is. (Start with The Pursuit of Happiness, with Will Smith.)
16. Read books about how to create a positive money mindset, like this one, or this.
17. Set a specific number you want to reach next in your business. Then, write a check to yourself for that amount, from âYour Ideal Clientâ and post it somewhere that youâll see it every day. (I have a whole stack of these pinned to my bulletin board, every one of them having come true.)
18. SEE that number. Put post it notes up all over your house with that number, and visualize it coming to you in surprising ways. Get in touch with the joy youâll feel when it does.
19. Aim higher. When you get that amount (and you will), set a new number, and write a new check.
20. Carry cash in your wallet. Even a stack of ones will feel abundant every time you look in there, and thatâs powerful energy.
21. Pick up the tab from time to time, even when you feel like you canât. The energy rush youâll feel from being able to âpractice abundanceâ is powerful.
22. Round up. When a monthly bill is an odd amount, like $142.35, round up and pay a little extra. Or pay ahead. Youâll feel downright wealthy.
23. Write thank you every time you sign the check at a restaurant, and add it to the memo line when you pay a bill by check â even if youâre paying bills on line.
24. Say good morning to your money, by checking your bank balance every day. Send love to your accounts â whether theyâre where you want them to be or nowhere close. Work on a healthy, loving relationship with your money.
25. Invest in your learning. Even though it may seem counter-intuitive, you have to surround yourself with the expertise and training you need to reach the next level in anything you do. Take your growth as a business owner seriously.
There are many more, but thatâs a good list to get you started.
I did go to yoga, and it was hard. But the next day, I felt better. Much better.
Habits (a practice) are like that. They build muscle, even restore it.
Build your financial muscles with each of these habits, then let out a little grin when your bank account begins to rise.
Because it will.
You may also like:
How to Stop Losing Money in Your Private Practice
Money is Energy (and Why Yours Matters Even More Than You Think)
3 of the Best Kept Secrets for Powerful (Joyful!) Success
How to Make More Money â & Do More Good - for Your Clients