What is a lifestyle business?
A lifestyle business is one where you call the shots. Your lifestyle business has the systems and supports in place to achieve your financial goals while maintaining your quality of life. Every physical therapy clinic owner wants this, but only a very few know how to achieve it. Too many clinic owners reach for the same goals, year after year, make the same mistakes, and get stuck in the same place. I am told time and again by physical therapy clinic owners that their lives and businesses today differ significantly from what they had originally dreamed.
I will lead you through a step by step process to help you to clarify what is important to you. Then, I’ll help you to create your ideal lifestyle business.
Four Step Guide to Creating Your Ideal Lifestyle Business
Step #1 Know Yourself
Did you know that to be successful in providing quality professional services, you first need to have a solid understanding of yourself, your passions, strengths, skills and traits? Without this knowledge, it is difficult for you be an effective leader of your staff, to select the right people to work with you and to support your business development, and also to offer quality services to your clients.
Spend some time now getting to know yourself:
– Create a list of your personal passions. What do you love doing? What makes you truly happy? Think of three times in your life when you were truly feeling passionate. Find a common thread. Were you learning, teaching, risk taking, helping others, having fun, problem-solving?
– What are your unique skills and talents? What is it that people always say you are good at? Take a moment to write down two things you absolutely know you are good at and enjoy doing best.
– Make a list of your personal traits – optimistic, open-minded, curious, determined, team-oriented, spiritual.
Now think about what you have just noted about yourself, and plan your life and business around your passions and your unique skills and talents.
Step 2: Identify why you are a business owner, what your reasons are for being a physical therapy clinic owner. What is the BIG WHY that will keep you walking the path of being a clinic owner, even when overwhelmed?
This exercise may be difficult for you; perhaps you haven’t thought about this for some time. When I ask physical therapy clinic owners this question, I often get a pause, a sign, and shoulder shrug.
It is so very important for you to be clear about why you chose to be a clinic owner in the first place. It is also important to be aware of your personal motivations and drivers. I help clinic owners determine the big ‘whys’ by asking them the questions below. Use these questions now to help you identify your reasons for being a clinic owner.
Is it freedom? Freedom from working for others?
Is it satisfaction? What do you find most interesting and stimulating in your profession?
Is it recognition? For many people being an expert or authority in a particular field is important. Recognition for your quality of work or for your expertise?
Is it flexibility? Consider how important flexibility is to you.
Is it responsibility? Do you enjoy the responsibility of owning your own business?
Is it professional growth? For many people, the chance to build something of their own, according to their own vision, drives them to start a business. Is this you?
Benefits and security: are these critical to achieving your goals, or are you entrepreneurial in spirit and open to risk?
Take a few thoughtful moments now to write down your reasons for being a physical therapy clinic owner today. This awareness will draw you forward even on days when your confidence flags!
Step 3 Assess how satisfied you are in your business today.
A great starting place for making change is to determine where you are today. Wherever you are is just fine. Once you’re clear about your level of satisfaction in your business today, you can then begin to define where you want to go. Answer these questions honestly now.
Are you completely satisfied with how your business is doing?
Are you as successful as you want to be, however you define success?
Are you confident about the future?
Are you making enough money?
Do you have a determined focus on your long-term goals and what you do every day?
Are you living a rich, full, balanced life, or are you a servant to your business?
Step 4: Define your ideal lifestyle business
Now it is time for the most exciting exercise. After you answer these questions, you will be able to describe your ideal lifestyle business.
– How would an ideal lifestyle look to you?
– Why is this important to you?
– How many vacation weeks a year would you like to take to realize a fulfilling and balanced life?
– Describe your ideal work schedule (day a week, hours a day).
– What are the top 5 things you like to do outside of your business, for fun?
– What are the top 3 things you do for self-care weekly?
– What are your 5 year financial goals?
– What would you do if you had some time off, not related to your business?
– What do you do to re-energize and renew yourself?
– What kind of support team do you have in place to help you achieve your ideal lifestyle?
– What is holding you back from creating your ideal lifestyle business?