01 January 2009

What We Need To Keep in Mind to Survive the Recession

I'm having these thoughts this New Year morning:

~ Being in private practice is being in business. If we don't attend to the business aspects like business people, we won't survive.

~ Being in business as a one person show is actually being in two businesses: the business of conducting counseling or coaching or medicine, and the business of having a business.

~ Any sole proprietor is working more than double a full time job if we are being successful. Marketing alone is a full time job.

~ The conventional wisdom that most small businesses (including one person shows) fail in the first 3-5 years is true for therapists, coaches, and NDs especially because as a profession we don't put enough attention on the business aspects, don't adopt a business mindset, and above all, don't do smart marketing.

~ Any profit at all is good. Some loss may be a tax advantage, depending on your filing status.

~ Some keys to business survival in a recession are:

  • diversifying your income streams
  • diversifying your modes of service delivery
  • innovating new business models
  • really listening to what your clients want, and providing as much as you can
  • outsource the business tasks that suck your life-force dry
  • use that time to create new streams, modes, & models
  • prioritize your own self-care

  • Need more? Get free tips at The No Hype Marketing Mentor, and look for low cost self-paced self-help products and teleclasses.

    No comments: