I heard this podcast a while ago- and it is the Zynnyme folks, so if you have not checked them out- they are wonderful! A quick side, they offer lots of resources and a newsletter that is really helpful- and FREE.
This particular podcast addresses money and our relationships. I find this topic really interesting, as we all come to relationships with money issues- then when we add on starting a business- just seems like a recipe for a lot more money ISSUES. This podcast inspired me to think more about the topic and has made me tune into what goes on in my relationships as I grow my practice as well as what my peers experience. Below is a glimpse of some of the issues I have noticed in my relationships and imagine others often deal with.
Setting and managing expectations: Probably the most important issue when it comes to money and our relationships is setting some clear expectations, maybe even boundaries. I listed this first because some of the issues below can be managed by setting and managing expectations! Whether this is around the role you want your partner to play in your business (as mentioned above) or even the expectations around when money will be made. Having some frank conversations can really help while you’re getting the ball moving- and long after!
Prioritizing: So starting a business takes up a lot of time. It is still obviously important to continue to prioritize our partners and other relationships we cherish during this start up process. It definitely could happen that our partners can develop some resentment as we end up treating our businesses “better” or give them more time. Obviously it might be that some weeks we prioritize our business because we have to. In all relationships it is helpful to communicate what is going on – and our needs.
Asking for help: Some of our to-do’s will be in our wheel house and some might actually be in our partner’s. Something that might be helpful is establishing a game plan for what topics you might like to get help with from your partner or even your friends. A game plan is important though, because asking for some quick feedback about the layout of a website is not an invitation to launch the business together.
Hope this sparks you to think more about how our businesses can impact our relationships.
Remember we chat about topics like this all the time at LAUNCH!
In our prior post -- "Spend Money to Make Money" -- the focus was on establishing really solid roots by spending money (and time) on professional and personal development. Today we want to layout more general items that are really worth investing in at the start of your business. I want to address the elephant in the room as well…spending money before money is brought in is super scary!
Folks seem to really vary on their comfort levels with this, and that is totally fine. It is important to spend in a way that is in-line with your personal and family spending values. while keeping in mind there is some inevitability that as things get started we might be in “the red,” at least for a little while. Below are some key areas where spending can be really really helpful in getting your practice off on the right foot! We are keeping the list streamlined to the things to spend money on right away- as you begin to grow, we will continue to plant seeds about how to spend to support that trajectory!
Money Organization: it's weird, but spending some money on money organization is actually really important!
We will keep building on this “what to spend on theme!” It is hard to navigate this stuff without a road map, remember we chat about this stuff at Launch Wellness all the time
Sarah and Vanessa
A common quote in the business world is, “You must spend money to make money.” I know, you've been spending money on training and are sick of handing out cash to be a therapist. But, if our graduate programs offered business courses we would probably have understood more about why this quote is so important AND how it applies to our therapy-business world. But alas, we did not necessarily have these options in grad school…so we must learn on our own.
I was inspired to write about this topic because when I was getting my practice going I really struggled with where to invest my money- and when to do it! I started in a group practice, which was an incredible experience. However, when I started out on my own I had some of the same expectations of how my practice should look (both literally and in practice). This was a great thing- I had mental model of a great successful practice to strive towards. But... I JUST DID NOT have the money to make my practice like this group practice- not right away at least.
I wanted to focus on spending money on myself first…I know, I know, it feels weird when you are trying to get a business off the ground. But to me the most important places to spend money are on things that are going to help you develop wonderful roots and set you up for long-lasting success.
Professional development is what your name is built on. Your training, your expertise, and your professional identity are what people use to decide if they want to refer to you. It is essential that most of your money is spent on professional development if you want private pay referrals. If you have your fingers crossed for getting called randomly from insurance lists or finding you on Psychology Today, that's another matter. If you want to establish yourself in this town as someone to send clients to, then here are your steps.
Tax season has been in full force for a while now and I certainly have noticed my money anxiety on the rise. I wondered if others might be in the same boat. Money is such a difficult topic. It is incredibly personal and our issues with money often run really deep. I wanted to share some quick information based on my own experiences about what I wish I knew when I was getting the ball moving in private practice.