In a recent post I told you about the time I lost a thriving health business in less than 24 hours and the devastation I felt from the loss of years of hard work.
I am sure fellow health business owners can understand how frustrating and upset this chain of events could make you feel.
That being said – I have always been a positive thinker ( this is important if you plan on a long career in health care ) – so I think it appropriate to go over some of the positives that came out of the experience and the lessons I learnt along the way.
I hope these lessons are useful in your health business careers as well:
1. Understand that the number #1 – is the most dangerous number in business.
It is easy for business owners to get trapped in their own success – to feel things will always work out well and as a result – not have great back up plans in place.
I was fortunate that when the gym I was a tenant of closed down – I had already opened a second clinic – so at least I had a place to re-locate my clients and was able to keep food on the table for my family.
Always have a back-up plan – don’t rely on just one income stream, referral source, business venture, or employee – diversify your income streams so you do not face financial ruin if the wheels fall off one of your ventures.
2. Don’t take business too seriously
Many business owners get so totally engrossed in their businesses that it almost becomes an extension of them – this domination can be a problem if things go wrong down the track.
One of my mentors once told me “You Are Not Your Business” and continued by pointing out that “Your business is a commercial profitable business that works without you and its sole role is to provide you with the funds to live the life you want to live”.
So have fun in your business, try new things, enjoy the experience – but don’t become so emotionally attached that you are unable to walk away when the time is right.
3. Look for the Opportunity in Every Situation
Following the loss of my business I learnt to use the term “That’s Good – Where is the Opportunity” – in response to all future business events – regardless of the event itself.
Now you may be asking – “How is it good – to lose a business you have just spent years building – through no fault of your own”.
Well – as a result of the close of one business – I was able to focus my full attention on my second practice – so it grew quickly.
This practice was located inside another fitness centre (I am a slow learner) – however this gym chain expanded quickly and I was able to secure leasing space inside another 5 of their clubs within the next 3 years.
Before selling them all for a good profit a few years later.
4. Family comes first
Those that know me well – appreciate how much my family and friends mean to me and regardless of the issues in your business life – as long as you are able to spend time with your family and friends – then nothing else really matters.
Yes – I am passionate about my businesses and work hard to make any venture I am involved with a success – but I appreciate that business is a game to be enjoyed not a chore to endure.
Please keep this in mind when the wheels fall off, a team member quits and opens up down the road – or you have to deal with a disgruntled client.
I welcome your comments on this topic.