Running your own business. Relentless.
That’s why, when young dentists approach me at conferences and courses and ask “I’ve been thinking about opening/buying my own practice – what do you think?”
My answer is always – “don’t do it!”
Because those of us who do run our own businesses didn’t ask the question.
We had an internal burning desire to do it.
I recently checked how many hours a week I work (after 46 years at work) – the result was an average 65-hour week.
Here’s the tough truth – I have been consolidating and planning this year and if I divide my anticipated gross sales by the REAL hours I will work in the year – I reckon I’m generating about £102.00 per hour of revenue into the business.
That sounds terrible.
This is not a complaint – I love my work, I love the people I work with and I love the hours I do (and have plenty of time for my other stuff).
It simply indicates that if I add the hours I’m not with clients to the hours I am with clients, it has the effect of reducing my effective hourly rate by over 50%.
I wonder what your productivity would look like under that scrutiny?
My work is one of the primary ways in which I define myself.
If I won the lottery, I would maintain the hours and change the focus – that’s all.
I have no plans to ever stop working.
I’m immune to complaints from others about hours worked – we all ultimately have the choice.
I get frustrated listening to people tell me that they dislike the thing they do and/or the people they do it with.
Cue cliche – life is too short.
Am I going to double my prices?
Not a chance.
Am I going to reduce my hours?
I’m going to accept the reality of running my own business.
Will I be financially successful at what I do?
Toss a coin.
That’s how predictable financial success is.
Performance coaching in business is about increasing the odds of success but, more importantly, ensuring that the (relentless) journey is a pleasure.
Whatever the end result, the craic of ownership is priceless.