No Business Plan
Less than half (48%) of survey respondents had a business plan when they started up their practice.
If you don’t have a vision for your practice, if you don’t write your goals down, it’s difficult to know what you are aiming for. How do you know what strategies to put in place? How do you know if your practice is successful?
It’s vital to have a plan – to work out where you want to go and how you’re going to get there.
Lack of Business Skills
It’s clear from the survey responses and work I’ve done with my mentoring clients, that practitioners often start up their own practice without the suite of business skills required to be successful.
77% of respondents feel that they lacked marketing skills, 48% business planning and 35% financial management. All critical skills in establishing and running a successful business.
It’s critical that you develop skills in business management. While not everyone will be an expert in every aspect, every business owner needs to know the basics and some skills are simply a must. For example, you need to sell to survive and thrive.
Compounding this lack of business planning and key business skills, 39% of respondents reported that they didn’t seek expert advice when starting up their business. It’s important to recognise the areas you have expertise in and engage experts in other areas to complement your skills. It’s a valuable investment in your business.
Underestimating Your Worth
61% of survey respondents reported that one of their key challenges was charging what they’re worth, and 45% made the crucial mistake of not charging enough.
Combined with 45% of respondents not paying enough attention to self-care and 51% feeling fatigued at least once/week, a significant proportion of naturopaths aren’t taking enough care with their own financial and personal wellness.
It’s critical to have the right mindset in business and deal with issues around self-worth that might be holding you back.
Di Krome is a business growth consultant and founder of Wildfire Business Consulting. Di helps wellness entrepreneurs move beyond the exhausting time-for-money business model, leverage their wisdom and grow their business in line with their purpose and values.