Today I’m wrapping up my 3 part series on Banking Basics for Private Practice. If you’ve been following me for the past few weeks, then you know that, so far, we’ve talked about the 4 (really 5) type of accounts you need to have set up in your banking system so that your money knows exactly where to go and what to do.
We’ve also talked about how to prepare for your quarterly taxes, so that you don’t get caught off guard like I used to do.
And today, we’re tackling what was - for me at least - one of the trickiest bits of all when it came to practice banking. This training, more than anything I’ve said so far, is really going to save your sanity. :)
So here, as we do each week, you’ll find one video, one quote, one idea, and one thing you might want to try.
This is your 11:11 for today.
One of the hardest things to learn when starting a private practice is how to deal with an irregular income. In fact, of everything I had to learn over the years in my own practice, this was one of the hardest.
But you’re in luck, because I’m going to make sure you know what to do.
In today’s video, I’ve laid out a simple 4 step formula for exactly how you can set up and enjoy a regular paycheck, even with irregular cash flow.
Either you run the day
or the day runs you.
– Jim Rohn
You’re hardwired as an entrepreneur. For many of you, that means that you are especially gifted with an ability to roll with things as they unfold.
Got an idea? Let’s try it. Got a problem? Let’s solve it. Got a course you want to teach? Let’s launch it. Got a hunch? Let’s explore it.
Yeah. You’re bright, creative, expansive - and you’re really good at thinking on your feet. In fact, your friends often wonder how you do all the things you do.
But that same creativity and special spark that gives you your entrepreneurial juice, can also keep you spinning in circles without ever really creating the sustained success you want.
No where does this show up more than in how you manage your income. Are you spending $ in ‘drips and drabs’ as my bookkeeper, Susan Penner, mentioned in this episode?
Or are you treating your money in an intentional way, by paying yourself a regular paycheck?
If you are, that’s fantastic! (And you’re way ahead of your friends, for real.)
If you’re not, why not? Hmmmm???
In today’s video, I laid out a pretty specific formula for figuring out a simple, no frills, conservative way to make sure your business is giving you what you would expect from any employer: a regular, predictable paycheck.
The thing I want you to try is what I suggested in this mini-training.
And if it’s NOT super clear and you have questions, hit reply and ask! I’m here to serve.
Have a productive, and profitable, week, and I’ll see you next time!
P.S. If your cash flow isn’t flowing, and - as Dave Ramsey always says - there’s too much month at the end of your money, check out the free guide I’ve created exactly for folks like you. You’ll find proven strategies to boost the bucks, some easy to implement right away, others not so much - but every single one of them are strategies I’ve used with success in my own practice. You can get that HERE.
Loved this video - especially the 5 questions. I’ll be sitting down and journaling this evening - there’s some gold in there. I’m bummed that I’ve had to miss some of the Thursday Cafe’s. Hope to be back in September!
- Ania Scanlan, JD, LMFT