7 Pathways for Surviving Business Downturns

Updated 2017 Deah Curry PhD | All Rights Reserved

Are you great at your work with clients but lousy at being a business owner? Is a distaste for business, profit, and marketing getting in the way of your success?

Like it or not, being in private practice is being in business. When we don’t attend to the business aspects like business people, we don’t survive. It’s a hard truth to accept, but a necessary one.

Being in business as a one person show is actually being in two businesses: the business of conducting counseling or coaching or medicine, and the business of having a business. Any solopreneur who is successful is working more than double a full time job. Marketing your practice itself can feel like a full time job.

The conventional wisdom that most small businesses (including one person shows) fail in the first 3-5 years is true for therapists, coaches, and NDs especially because as a profession we don’t put enough attention on the business aspects. We don’t adopt a business mindset. And above all, don’t do smart marketing.

But, profit is good — it lets us remain financially able to serve our clients.

Marketing is good -- it helps us connect on a trust and rapport generating level with our ideal clients (and their friends and families).

Where to Start in Growing the Business Muscle

Rethink your expenses — some of it is a tax advantage, depending on your filing status. Spending on marketing, professional development, and professional services is not just wise and necessary. It will likely lower your tax bill at the end of the year.

Other ways to think like a business person include these seven business-minded pathways for surviving economic downturns:

• diversifying your income streams

• diversifying your modes of service delivery

• innovating new business models

• really listening to what your clients want, and providing as much as you can

• outsource the business tasks that suck your life-force dry

• use that time to create new streams, modes, & models

• prioritize your own self-care

So, how can you increase revenue with minimal effort and maximum fun? What new ways of being in business can you imagine?

My advice is to pick at least one of these seven pathways, and make it a priority for business growth this year.