Setting Up Your Business Banking?
Hey there,
How’s your week been?
I won’t lie. Over here, it’s been a little tough. We’ve had some deep sadness with the serious illness of a dear friend. And I’m hearing that many of my clients have had a tough week for all kinds of reasons too.
Sometimes it just feels like things are a little off kilter. Yes?
At the same time, there have been a ton of small joys and silver linings. For that, I am grateful beyond measure.
Wherever you are, I hope your week has been a little easier. And if not, I hope you’re finding ways to stay grounded, and remind yourself of what matters most: that we live in an abundant Universe, and there are joys all around us when we take the time to see them.
And, even on the tough weeks, we still have a business to run, clients to serve, and important work to do. So here, as we do each week, you’ll find one video, one quote, one idea, and one thing you might want to try, your 11:11 for today.
ONE VIDEO.
I learned a ton of clinical skills in grad school, but no one told me a thing about how to run a private practice.
For example:
How do I pay myself when my income is so crazy?
What are quarterly taxes and why should I care about them?
And how do I manage the money I make?
If you can relate, then you’ll enjoy what I’ve got on tap for you next.
Today’s video is Part 1 of a series on Banking Basics, simple principles and strategies for setting up your practice finances that may SOUND obvious when you hear about them, but really aren’t! (They certainly weren’t to me, anyway!)
This will help you get your financial foundation in place as you get used to your role as healing arts expert AND private practice business owner.
Check it out through the link below.
ONE QUOTE.
A good system shortens the road to the goal.
-Orison Swett Marden
ONE IDEA.
Many of us who go into the healing arts tend to be super intuitive. We often have an innate ability to feel our way through our work with a client.
But that same creative, intuitive approach that works so well with your clients, may NOT work so well with your finances. In truth, your money - like your practice as a whole - will struggle or thrive depending on the systems you put in place to support it.
Like water, money will follow the path of least resistance. Setting up systems that tell it where to go, and what to do, will keep it from running all over the place - including down the drain. ;)
Do you have clear systems in place that tell your money what you want it to do? Or do you try not to think about it and just trust that things will somehow always work out? 🤔
ONE THING to TRY.
In the video, I’ve recommended at least 4, and optionally, a 5th, basic account that you should have in place for your business finances. If you don’t already have these, I encourage you to be about getting these set up, and using them as I described here.
Above all else, follow the primary principle I spoke about at the beginning of the video. Do that, and you’ll already be farther ahead than many.
Cleaning up your accounts will give you a sense of ownership too that will help in other ways. Tell me if you agree.
And have an awesome week, my friends,
P.S. What kinds of questions did YOU have about the money part of setting up your practice? What was confusing? What did you run into that you wish someone had warned you about? What would you like me to cover in a future Banking Basics video?
Hit reply and tell me. Your feedback helps!
Related Articles:
Banking Basics, Part 2: How NOT to Stress Over this Week’s Tax Due Date
Banking Basics, Part 3: How the Heck Do You Manage an Irregular Income?
OVERHEARD:
"I was already working on making changes in my practice when I learned about Wendy’s course, the Ideal Practice Masterclass. That course helped me learn to think like a business owner, and gave me the tools to change my practice from insurance to private pay. Wendy provided the support, accountability and expertise I needed, with follow up calls and a VIP Day that helped me design my practice in a way that worked for me AND my clients.Today I am off of most insurance panels. I’ve sold my first package for $2500, and I’ve been able to offer my clients options that allow them to stay with me. Working with Wendy is definitely something I recommend to others in private practice! (Thank you, Wendy!)"
- Jody Butler, LCSW