If you talk with seasoned entrepreneurs, you will hear them all tell you “You need to be working ON your business, not IN your business, if you want to see it truly flourish.” By “flourish” they mean for it to become a partially passive or even a passive income source for many years.
This is one of the core requirements of obtaining financial independence: earn money when you are not even working.
Remember, active income is your average job. The majority of people in this world have an active income job. You must physically be there working (or digitally via telemedicine), seeing patients, to make money. It is the same thing for a nurse practitioner entrepreneur that actively sees patients in their practice. If they are not seeing patients, they are not making money. This is active income, and this is what is meant when you hear the phrase “working IN your business.”
When you are working IN your business, you are actively seeing patients and doing the day to day work necessary to generate income. This is what we were trained to do: see patients. The problem though is that when you are working IN your business all the time, it becomes stagnant. You are not doing the work necessary to grow that business.
You are not developing new service lines.
You are not automating and streamlining processes.
You are not working on your marketing campaign.
Essentially, you are not working ON the necessary items to GROW YOUR BUSINESS.
Way too many entrepreneurs fall into this trap. They work themselves to death working IN their business and not developing the proper procedures that offloads the work onto someone else, which is what will ultimately increase your FREEDOM.
You need to be working ON your business. Yes yes yes, you must be working IN your business as well, especially at the start, but when you begin to grow and become busier, you will have two options:
- Become content, continue seeing patients, and just work IN your business.
- Begin working on processes that will decrease the active work in your business, and ultimately, scale and grow your business.
The first option is active income. You are still “working.” Instead of working for someone else, you are working for yourself, therefore you get to enjoy the fruits of your labor rather than making some shark wealthier. The downside though, is that you will become stagnant. You will become tired. This will make you wealthy, but you will sacrifice your TIME for it.
The second option will result in partially passive income. You will be working “on” your business while seeing patients intermittently. You will develop the processes necessary to where you can begin offsetting work to others. You will work on increasing your revenue by increasing your patient volume and have others see those patients for you. You will grow, which will lead to more free time, which ultimately will make you wealthy AND give you more free time.
This is why you need to always be working ON your business. We all want more time. More time requires more money. It’s a fact of life.
I had a business mentor tell me “Have your business work for you, don’t work for your business.” I didn’t understand that at the time, but I do now. The goal of owning a business should be the acceleration of obtaining financial independence. This is difficult to do when you are seeing patients 40 hours a week and then spending another 4 hours on bookkeeping, and then another 6 hours on ordering supplies, inventory, marketing, etc…
The number one way you can increase your time so you can work ON your business is by outsourcing work to others. Most people just want to go to work and go home. This is a sad reality, in my opinion, but it’s true. Take advantage of this. It increases your freedom.
Another way to increase your freedom is to automate as many services as you can. Working ON your business will allow you to find ways to do this. There is program or app for just about anything now a days…
Have a link on your website that directs patients to a scheduling app. Guess what? You just saved yourself a phone call.
Bookkeeping and accounting should be automated using various apps like Quickbooks and Gusto. Hire a good accountant and let them take care of your taxes.
Your medical assistant should be ordering supplies, cleaning the office, keeping track of inventory, etc., not you. That is busy work. That is working IN your business.
When you first get started, you should be answering your own phone, but once business picks up, let someone else do that. Even if it is a telemedicine practice, you really should consider hiring a virtual assistant to help you do the busy work. Check out sites like www.upwork.com to hire someone. It is cheaper than you think. I use virtual assistants all the time.
Once you become busy enough to justify the cost, you should consider hiring another nurse practitioner to help you see patients. Pay them production. This is very little risk for you. This will increase your freedom. They will make money for you. This will give you time to work ON your business so you can increase the volume, feed them more patients, and put money in your pocket all while you continue seeing patients ON YOUR TERMS.
Of course, if you are perfectly content with owning a small practice while working part-time like The Elite Nurse Practitioner Model advocates for, then you don’t need to outsource a bunch of the work, but you still should outsource some of it so you can see more patients and make more money. Your goal with a part-time practice is earning a nice side income after all.
It doesn’t matter if you just want one small side practice that spins off an extra $5,000 a month or scale your practice to multiple locations and become a multi-millionaire, you need to be working ON your business so you can stay ahead of your competition and slowly increase your freedom.
Actively seeing patients and doing a majority of the operational work in your practice is a necessity at first, but as you grow, there will be a time you must decide on what you want. If you are content, then continue working IN your business. If you desire financial independence sooner than later, then focus working ON your business.