Going All-In. When is it time?
Don’t base it off of “When…Then…”
This month we have been answering commonly asked questions.
Today, we address the question of “When is the time right for me to go all-in with my business?”
Making the scary decision to put it all on the line should come from asking yourself a few questions, taking some things into consideration, and ensuring that a few “tactics” are in place.
Becoming an entrepreneur has to be backed by a “Why”. What is your Why?
Many people have long desired to have their own business. Therefore, they choose to act on their dreams. Still, there are reasons behind having those dreams. What are they?
Something that you will find helpful is that your “Why” has to be deeper than being able to treat the way you want to treat patients.
Recognize that that is what you do. What is it that gives your What meaning and purpose?
For many, they have simply become burnt out and frustrated from the environment. They see their only way to regain that passion is to go create that ideal job.
In such a case, ask yourself “What wall am I up against?”
In other words, what situation is it that exists in my life that I don’t want to be there anymore? When the negatives of the job exceed the positives, then you may want to think about making a change.
We talk to many who are perfectly happy with where they are. It isn’t unusual for us to suggest to them to stay right where they are for now.
Jumping into “the fire” without a pressing Why or a Wall that you must get away from can potentially set one up for no real urgency. This could actually be a detriment to your plans.
One common mistake that many make when thinking about starting their own practice is approaching the decision to do so - or the timing to make it happen - with the mindset of “When… Then…”
For example, “When I have $50k in the bank, then I will start my business.”
In reality, this approach can be the wrong way of thinking. However, on the other hand, it has positive advantages.
First, the downside to this mindset.
Perhaps one of your frustrations is that you just can’t ever make enough each month at the job to get ahead; particularly if student loan debt is thrown into the mix.
Thus, saving $50K could take quite a while.
In the meantime, it is possible that you could have already been building a business that does pay you more money, and affords you the other freedoms that you have been craving.
There can be a positive side to this type of approach.
When trying to decide when is the right time to make the jump, we have three pretty solid action steps - or tactics - to consider.
The first step involves the “When…Then…” method.
That is, what are your resources? Or, what is your financial runway for being able to take off?
Having a pretty decent runway may be vital if you are the primary breadwinner of the family.
In taking into consideration that building a business can take time for relationships that bear referrals to develop, one must be able to have the means to endure the time.
Having conversations with a spouse or partner (if applicable) regarding to what extent are (we - you) willing to be uncomfortable are crucial.
When money reserves start to run short, it is inevitable for a business owner to become anxious about the process.
One thing is certain: An anxious business owner makes bad decisions.
Secondly, what is your cash-flow consistency?
If you have been running as a side hustle, has the revenue from that side hustle been consistent over three or four months?
If you have other means of drawing an income, have those means shown a consistency?
What you want to avoid is making a big decision based on only 2-3 weeks, or only a month - possibly two.
The third “tactic” to know is what systems do you have in place, and how do they respond?
In order to ensure success, it is important that the way you do things in your business are done with intention. Haphazardly trying things without a game plan can be dangerous.
Are the results that you have been getting repeatable and met with predictability?
Do you have a way of doing thing (A) over and over? Can you be pretty certain that when you do thing (A) that you are going to get outcome (B)?
Finally, is your system optimized? Is the thing you do working, and is it working well - so that you can expect the same outcomes?
If, after all of these considerations and actionable steps, you still are unsure, then there are two simple questions to ask yourself, which may help you make the decision.
First, by not making a change (going all in), what is it costing you and your family?
Is it costing you your health, your sanity? Is it costing you the quality time spent with your family or personal endeavors that you desire?
By not taking the action, what is the financial cost to you - meaning, what money are you missing out on making by not going out there and creating that desired job?
Secondly, in delaying getting started, what is going to change between now and (that arbitrary date) that is going to give you the encouragement to jump?
If it’s the fear, that fear is still going to be there.
If it’s that you want to wait until you have more money, are you expecting the job to pay you more money? If it’s going to pay you enough to leave, then would you be considering leaving in the first place?
If it’s to gain more knowledge and/or experience, you are always going to be learning new skills and gaining more experience. We see it all the time where those who are waiting to learn more find themselves trapped in the cycle of never knowing enough. (This can easily be another whole topic.)
We hope that we have been able to provide some insight as to when you should consider taking the leap.
Jumping can definitely bring anxiety.
For nearly everyone, it’s new, uncharted waters. Unfortunately, the educational systems for PT’s, OT’s, or SLP’s don’t supply us with the maps to those waters.
There may also be the prevailing thought of “I am going to be doing this alone.” This further adds to the anxiety.
The good news is this: UNCAGED CLINICIAN has a program to help guide you through the entire process so that you don’t find yourself alone in strange waters.
We have the Pathway to making your dream a reality!
Your Success is our Success.
The UNCAGED team