Hilariously Human: 8 Business Mistakes I Made (and Lived to Tell the Tale)
Make yourself a cup of tea, find a comfy spot, and brace yourself for a journey through my business blunders. Why, you might ask, am I ready to unveil these personal and sometimes cringe-worthy missteps? It's simple - to show you that we're all navigating the unpredictable waters of entrepreneurship. By sharing my ten biggest mistakes, I aim to connect with you on a human level, proving that even the most seasoned therapists have their fair share of facepalm moments.
THE $10K TAX BILL
I wish I could point fingers at my accountant for this one (I certainly tried). It was my first year of making enough income to pay taxes, and I didn't stash away nearly enough money. Confronting a $10k tax bill left me in complete shock.
I went through all the classic stages of tax-related grief, from disbelief to some desperate negotiations (seriously, can't we settle this with a box of cookies?). But reality soon sunk in, and I realized I had made a grave mistake in not properly managing my business finances.
Lesson learned: Hire a capable accountant, or prepare for a close friendship with your tax bill.
THE INCOME PUZZLE
In my early years of private practice, my compassionate (people-pleasing) ass forgot about financial security, and I started offering reduced rates for some clients while naively thinking my practice would thrive. I had no idea how much my kind-heartedness would lead to a financial rollercoaster ride. To make matters worse, my well-intentioned cancellation policy slashed my annual income by a whopping $20,000. It was a reality check that hit hard.
Offering reduced rates is noble, but not when it's at the expense of your financial well-being. It's essential to establish clear boundaries, create effective policies, and find creative solutions to meet clients' needs while keeping your cash flow healthy.
THE SCARCITY MIND-F*CK
After moving to a new city, I set a three-month deadline to fill my therapy practice. Determined to make this happen, but in a frenzy of uncertainty, I joined not one, not two, but three insurance networks, hoping to attract a steady stream of clients. My quest for clients eventually backfired, causing a dip in my income. I was overwhelmed with paperwork, hoops to jump through, and terrible reimbursement rates, which demanded that I add 30% more client hours to my already packed schedule.
While it's natural to want a bustling practice, weighing the potential risks and rewards before diving headfirst into network overload is essential. Instead of spreading yourself too thin, focus on building a strong foundation, cultivating referral networks, and marketing strategies that align with your values.
PROGRESS NOTES BE DAMNED
We've all experienced falling behind on progress notes, but let me tell you about the time I was buried so deep in progress notes that I had to take three days off work to catch up. As the pile grew taller each day, so did my stress levels.
Effective time management is a crucial skill for every therapist. But so are systems! You must establish a routine to stay on top of progress notes. However, there are other ways to save time and energy on your notes. Get clear on what needs to be in your notes, and then create a simple, checkbox-heavy note template in your records system. Remember, progress notes should be a valuable tool for tracking client progress, not a burden that hampers your ability to provide quality care.
THE DOUBLE-BOOK
A frantic client once flew open my office door, only to find another client comfortably settled in for their session. Yes, I've had my fair share of mix-ups that could challenge a circus juggler. But it taught me the importance of a reliable scheduling system and the art of staying cool while juggling appointments like a pro.
THE BROCHURE BLUNDER
Have you ever handed out brochures at a community event, only to realize you misspelled your name or provided the wrong contact number? Guilty as charged! Let's just say I unintentionally became the poster child for the "proofread before you print" movement.
Lesson learned: Embrace the red pen and triple-check everything before you hit that print button.
THE CRICKETS OF SOCIAL MEDIA
I once thought posting cute quotes with serene background images would sweeten my practice's online presence and caseload. When that didn't happen, I decided to pivot and started posting content nearly every day. Spoiler alert: Neither strategy worked. Building an engaging social media presence demands an enormous amount of time and effort, and for most of us, the payoff isn't worth the investment. The lesson here was letting go. I accepted that, for me, social media was more work than it's worth.
THE OFFICE FURNITURE DISASTER
I bought a gorgeous blue velvet sofa for my therapy office. But this seemingly elegant piece of furniture had a secret to reveal. As clients got up from the sofa, they discovered a peculiar imprint of their rear ends. Yes, it led to a symphony of awkward moments.
As clients got up to leave, some noticed their backside imprinted on the sofa. Then came the hasty exits, awkward jokes, and discreet attempts to wipe it away. It was a spectacle that had me playing the role of the diligent sofa-wiper, making sure the next client wouldn't experience the same surprise.
While the velvet sofa seemed like a great idea, its propensity for imprints became a challenge. It taught me the importance of selecting furniture that looks great and caters to the practical needs of a therapy space.
"SUCCESS IS ALWAYS LESS FUNNY THAN FAILURE" - JON RONSON
As you can see, I've stumbled, bumbled, and fumbled my way through the world of business. But through it all, I've learned to embrace mistakes with humor, creativity, resiliency, and grace.
Failure consistently advises that there might be a better path forward. With this mindset, you open yourself up to growth opportunities. Just like how we encourage our clients to embrace their challenges and use them as stepping stones, we can do the same for our business ventures. Failure can be disheartening, but it also allows us to cultivate resilience - a crucial trait for success. Resilience is like a muscle; the more you exercise it, the more it grows.
Think about it: Whenever we stumble, we gather invaluable insights about what doesn't work. We learn to adapt, adjust, and refine our strategies. Remember that one time you accidentally buttoned your shirt wrong, and your 16-year-old client asked if you got dressed in the dark (no? Just me?). So, don’t fear your shortcomings. They make you wonderfully human. Embrace the laughter, learn from your missteps, and remember that we're all on this hilarious, messy journey together.
