Posts Tagged ‘Investing’

Family Members in Solo Professional Settings and Systematic Success

November 23rd, 2022

It is never easy to work with family members in a business, especially a private practice or close run solo professional practice. Working well together does alleviate lots of stress and it allows for vacations too. Not to mention if you are working with family members you don’t have to worry so much about employee theft, or all the other nonsense that goes along with hiring people you don’t know. There is a ton of benefits to solo professionals that work with their family.

Indeed, the assignment of tasks is important also, but more importantly is the ability of each family member to do almost every job for the clientele. If every family member can do every single job in the solo professional practice, it alleviates any hardship when one family member needs to go take care of a personal matter and leaves for the day early.

Of course, it works best when the clients know all the family members working in the practice by name, and when all the clientele trusts each and every family member as well as the next all is well. Indeed, imagine how well this works for succession planning, when one family member is ready to retire, or can’t work anymore.

Now, it is true that not all family members can spend that much time together without getting into personality conflicts. And it is true that it is not right for every family to try this, but the families that do get along together and work well together, will build a great business together. This is what I mean when I say family members in solo professional settings can achieve systematic success. Please think on that.

The Three Challenges of a Solo Professional’s Practice

April 13th, 2022

Our careers as solo professionals go through stages and each stage has its challenges. This article highlights three of the most common challenges.

Challenge Number One – Getting Clients: Feast-or-Famine and Barely Making It Financially

As a solo professional, you originally got into your area of expertise because you love and value what you do. You started off working for others but then you realized you wanted to go solo and create a private practice (or you always knew this was what you wanted to do and knew you had to spend time paying our dues).

Early on, you suffer from the feast-or-famine syndrome which goes like this: You get several leads at a time and things start looking up financially. So you concentrate on serving these clients but stop doing the things that attracted them in the first place. The next thing you know, there are no new leads coming in and it’s back to not earning enough.

Challenge Number Two – Maxed Out and Burned Out

Once you develop your system and implement it consistently, you will get to the stage of having a full practice. What a pleasure this is when you finally achieve it and you are delighted at how effortless it has become! Getting clients is no longer a mystery or a struggle.

The challenge comes in you are maxed out in the number of clients you are seeing, your income has hit a plateau, your expenses are going up and there’s no other way to make more money other than seeing more clients – and this only leads to burn out.

The problem is that as long as you only provide one-on-one direct service, your income will always be limited to how many clients you can see. The answer to this challenge of maxed out and burnt out is to create additional income streams within your practice which are based on what you already know – income streams that provide leveraged or passive income.

Leveraged income is the kind of income where we maximize a direct service hour. An example of this is would be seeing a group of people rather than just one person in an hour – i.e. group coaching rather than individual coaching, group therapy rather than individual therapy. Another example of leveraged income would be teaching a workshop or doing psycho-educational classes.

Challenge Number Three – Feeling the Call to Do More Professionally but Not Sure What to Do Next

You will reach a point in your practice/business when you know you are ready to step into a bigger role. You know you have a larger message besides the work you do in direct service to your clients and you want to reach a wider audience, make a greater contribution and have a bigger impact.

autotowmiamiinc.com