After you get the business name, business vision, determine which services you will offer, look at possible locations, establish a business structure, tell all your family and friends, and experience the jitters that come with taking a leap into entrepreneurship, you need to develop a financial quota.
This quota is all about keeping track of your business input and output. Ideally, you would do this before picking your first location and writing your first rent check. However, it is definitely doable if that is not how you started. You want to start by taking a look at the expenses that go along with starting a business. Some of the categories to think about are rent, utilities, marketing supplies (business cards, website, directories, business memberships, clinical training, etc.), office furniture, admin. supplies (paper, pens, clip board, computer, etc.). Depending on where you are currently located or hoping to locate to, you may not need all of these categories or you may need to consider more.
Next, place a price tag on each category. Remember, some of these things will be a monthly, annual, one time, or quarterly cost. This is your OPERATIONAL BUSINESS QUOTA. It’s the amount you must make each month to keep your business doors open and everything running.
Oh but we aren’t done!
Obviously, you have to live and meet personal goals. This is where you list the amount of money you need to make from your business to survive. No point in keeping the business doors open and losing the roof over your head. Once you know the salary you need, in order to take care of home and family, add that to the operational business quota. This total is your PERSONAL BUSINESS QUOTA. If your business is your only income, you need to make sure to hit whatever monthly numbers you have set for yourself. If you work a full or part-time job, you may not need to make as much from your private practice initially. It’s all relative to your personal situation.
That’s why I said in the video above “NUMBERS DON’T COUNT”. Sometimes I have shared with people how many clients I help in a week. However, that really doesn’t tell you if I am building a successful business. Some people are seeing less than 10 people a week and some see 20. Depending on what each person charges, services offered, and other financial inputs, they could be making the same amount of money! Don’t worry about other people’s session numbers! Just stay focused on the financial number you need to make and how to be the best at meeting that goal!
You can do it. 🙂 We are here to cheer you on and help if you need it!