Starting a new business is very exciting! People get excited about setting up an office, having business cards, being called the “CEO” of their business, etc… This is great! You should be excited about starting your own business, especially a small side practice. The thought of generating thousands of dollars a month in side income should be enough to motivate anyone to get started. The issue that many nurse practitioner entrepreneurs experience though, is that this excitement never turns into actual business… It just delays the process.
People become focused on the small details that generate the excitement instead of focusing on the processes that generate revenue. Remember, generating revenue is the goal of business, a medical practice is no different. You must make a living and cover your expenses to make it worth the time investment necessary to get it started. So, what do I mean by focusing on details that generate excitement?
Focusing on your business cards or brochure are an example of this. While these small items are important, to an extent, they aren’t going to generate that much revenue to your practice. People will spend hours designing business cards and a brochure, nitpick about what color the walls and furniture are going to be, figuring out their title, spending hours upon hours on the businesses name, wasting weeks going back and forth between ideas, demoing multiple EMRs etc. Then once all these items are done, they love handing out their business cards, putting the “CEO” title in their email signatures, stating they are a business owner and so forth and so forth. What is this called?
There is a big difference between PLAYING and DOING business.
Playing business is what I just described. It is focusing on the small details that generate excitement that increases the dopamine in your brain. While these things are great, they don’t produce results. When I started my very first practice (Suboxone and opioid addiction), I spent way too much time PLAYING business. I literally spent 12 hours creating my logo. I spent another 6 hours designing my business cards. I spent days working on the exam forms. I probably spent upwards of 40 hours working on my website. This was a total waste of time when looking back. I was just playing business. I should have spent that time going out and getting leads, developing relationships with inpatient rehab facilities and those type of activities. This would have generated revenue, which is what marketing produces.
You need to focus on DOING business. This means marketing and developing your service and product. The minute details are inconsequential. These items can be outsourced to virtual assistants utilizing upwork.com or doing them yourself once all the important tasks are complete.
Focusing on marketing should be the number one function of your business. I continue to hammer this point because it is so important folks. If you understand marketing, you can sell dog crap in a bag and people will buy it. You could have the most amazing service or product the world has ever seen, but if you do not market it, no one will ever know about it. Marketing and lead generation is DOING business.
Developing the skills necessary to provide your service is DOING business. Seeing patients and generating revenue is DOING business. Ordering supplies, doing inventory, and organizing your charts is busy work but is still DOING business.
Focusing on the design of your logo and how your business cards look is PLAYING business. If you want to start making money, stop focusing on these feel-good activities. Stop getting analysis paralysis. Stop focusing on BS that doesn’t matter!
GET STARTED! YOU SHOULD HAVE STARTED YESTERDAY!
Pick an idea, pick a name, get the business started, begin marketing, start seeing patients, and make money. DO business. Do not PLAY business.