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.