Finance Tip Friday #28: Job and Business Hopping

Resignation Job Signature Quit  - mohamed_hassan / Pixabay

Back in the “good old days”, you would be loyal to an employer for 30 years and in turn receive a pension and amazing benefits. Unfortunately, those days are long gone as most employees are seen as nothing but disposable assets, but people still have this false “loyalty” to their employer. Is this wise? No, it is not. You need to always be looking for better opportunities as being stuck in one job or even one business you own can stagnate your growth.

For the employed nurse practitioner, do you know what the fastest way to get a raise is? It is not by asking your current employer, but by looking for another job! Once you negotiate a salary with a job, then getting any significant raises afterwards can be difficult. On the other hand, if you negotiate a higher salary from the start at a new job, then you have given yourself an instant raise!

For example, you are a nurse practitioner working at a job making $120,000. You ask for a raise and they give you a whopping $5,000 raise. Instead, you look for another job across town, and negotiate a starting salary of $140,000. It would have taken you YEARS to get to that salary at the other job! So, keep this in mind as an employed nurse practitioner. There is nothing taboo about job hopping now a days. You owe your employer nothing. Go where the opportunity is!

The same principle can apply to your business. Do not have loyalty to any one business if there is a better opportunity presenting itself. Sometimes it is best to either slow down a current business or close it all together if there is a more profitable and fulfilling opportunity in front of you.

For example, my medical cannabis clinic has been by longest running business to date. The problem is that the revenue is fairly stagnant, and it is a difficult business to GROW and SCALE. Because of this, I have focused my energies on my men’s health clinic and The Elite Nurse Practitioner. I owe nothing to my medical cannabis clinic, and if I had to close it to pursue more profitable endeavors, then I would. Keep this in mind as you go through your entrepreneurial journey. Be willing to close shop and to move onto better opportunities if available.

4 Responses

  1. I agree with you. I wish someone had said this to me many years ago. I just started my own practice about 7 months ago and have not had any patients as yet; but I feel that I do not want to give up. If I could give that many years to one employer, I can give my own business some time. Now, I am taking a part time job as the bills have to be paid.

    1. 7 months and no patients? You are doing something seriously wrong…. You need to reevaluate your services and marketing strategy. Seriously.

      But yes, do not give up. FOCUS ON YOURSELF AND YOUR BUSINESS. It will pay off much more than a job ever will.

  2. This is happening to me right now. I have been with my company 10 years and make a good wage. New doctors coming in want to change the way everything is done. I was offered to take a job as an RN, make schedules and take pay cut to remain working there! Not happening! What is your take on buying a IV franchise vs. starting my own?

    1. Ya.. GET OUT!

      AVOID FRANCHISES. They will take a percentage of profit for doing nothing but giving you the “model.” Take our course, it literally teaches you everything you need to know at a FRACTION of the cost of a franchise.

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