Funding Options for Starting a Midwifery Practice
Starting a midwifery practice requires careful planning and financial preparation. Securing adequate funding is crucial to cover initial setup costs, operational expenses, and ensure long-term sustainability. Here’s a comprehensive guide to funding options available for aspiring midwives: Personal Savings and Investments: Utilize personal savings or investments to fund the initial setup of your midwifery practice. This option provides flexibility and avoids the need for external financing. Small Business Loans: Approach banks, credit unions, or Small Business Administration (SBA) for small business loans tailored for healthcare practices. These loans offer competitive interest rates and terms. Grants and Scholarships: Research grants and scholarships specifically designed for healthcare professionals or women’s health initiatives. Organizations like the American College of Nurse-Midwives (ACNM) may offer funding opportunities. Crowdfunding: Use online platforms to raise funds from friends, family, and the community. Crowdfunding campaigns can generate initial capital while raising awareness about your practice. Angel Investors and Venture Capital: Seek funding from angel investors or venture capital firms interested in healthcare startups. Prepare a solid business plan and pitch to attract potential investors. Partnerships and Joint Ventures: Form partnerships or joint ventures with healthcare providers or organizations that align with your practice’s mission. Pool resources and share risks to secure funding. Equipment Leasing or Financing: Lease or finance expensive medical equipment and technology needed for your practice. Equipment financing options often include flexible repayment terms. Government Programs and Grants: Explore government programs and grants aimed at supporting healthcare providers, especially in underserved or rural areas. These programs may offer financial incentives and loan forgiveness options. Professional Practice Loans: Some financial institutions offer specialized loans for healthcare professionals, including midwives. These loans may cover practice acquisition, expansion, or operational expenses. Community Development Financial Institutions (CDFIs): CDFIs provide loans and financial services to underserved communities, including healthcare providers. They often offer flexible terms and personalized support. When exploring funding options for your midwifery practice, consider your financial goals, repayment ability, and long-term business strategy. Combining multiple funding sources may provide the necessary capital while minimizing financial risks. Consult with financial advisors, healthcare consultants, and experienced midwives to navigate the funding process effectively and launch your practice successfully.
FIVE Things to do for Quick & Accurate Midwifery Charting
FIVE Things to do for Quick & Accurate Midwifery Charting Whether electronic or paper charting in your midwifery practice, good charting practices are a must for all those legal, billing, and providing good care reasons. The question is, how do we get better at it? ONE: Administrative training and oversight is key I know, I know…who wants MORE administration? Keep in mind that while every provider needs to learn how to chart accurately, it is important that administrative actions support and guide providers. Put the effort in here so that it is quicker and easier in the client visit. Whether you are your own boss or you work with a large team, it is essential for everyone to know what to expect and to follow the same processes. Administrators should seek to: Standardize what the providers need to enter Enforce accurate and timely charting Update procedures when chart review, case review, or CABC guidelines indicate Train staff on how to use the EHR Use reports based on chart data TWO: Use templates Decide upon a general format and content for every provider to follow when charting an encounter. So no matter the experience or training of a provider, the practice can make sure care is provided to the practice’s standard. Why does this matter? Increase accuracy, completeness, and timeliness Reduce omissions or mistakes Reduce frustration and time associated with charting Help teach students how to chart well and according to your policies If practice-wide changes need to be made, just update the template and everyone is now ready to go Example 1: You might like to chart your labor assessments one way, but your way might not meet CABC standards the birth center has to follow. For example, CABC now requires that the maternal heart rate be measured and documented when FHT are taken. If your template automatically prompts you to answer this, your charting is correct. Example 2: At initial prenatal visits, and often the second visits, midwives go through so much health history and current concerns with the client, perform full physical exams, order testing, and make care plans. It is hard to get all that charted! If your template automatically prompts you to answer all this, your charting is more quickly completed. THREE: Develop a system for completing your charting in a timely manner Ideally we all get our charting done on every client by the end of their visit. This way, nothing is forgotten and the chart is up to date for any other providers who need it. When that doesn’t happen, how can we ensure good charting? Every provider should develop a workable system for themselves that values timeliness while balancing other demands on their time. Remember: leaving incomplete charting is never the right choice!
Finding Your Passion and Turning It Into A Midiwfery Business
Finding your passion For many individuals, the journey into midwifery is driven by a deep passion for maternal healthcare and supporting expectant mothers during one of life’s most transformative experiences. If you’ve found your passion in midwifery, you have a unique opportunity to turn that passion into a thriving midwifery business. This blog post will guide you through the process of discovering your passion for midwifery and transforming it into a successful and fulfilling business. 1. Identify Your Passion Within Midwifery The first step is to identify your specific passion within the field of midwifery. While the overarching goal is to provide care to expectant mothers, there are various niches and areas where you can specialize and make your mark: Home Birth Midwifery: If you have a strong belief in the benefits of home births and a desire to support natural birthing experiences, consider specializing in home birth midwifery. Water Births: If you’re passionate about water births and their potential benefits, you can focus on providing this unique service. High-Risk Pregnancy Care: If you have a keen interest in managing high-risk pregnancies, you can specialize in caring for expectant mothers with complex medical conditions. Postpartum Care: If you’re drawn to the postpartum period and the well-being of new mothers and babies, consider offering postpartum doula services. Holistic Midwifery: If you believe in a holistic approach to maternity care, you can incorporate alternative therapies, such as acupuncture, herbal medicine, or nutrition counseling, into your practice. Cultural Competence: If you have a passion for providing culturally competent care to diverse populations, focus on serving specific cultural or ethnic communities. 2. Obtain the Necessary Education and Certification Once you’ve identified your passion within midwifery, ensure that you have the necessary education and certification to practice in your chosen niche. This may involve completing midwifery training programs, obtaining the required licenses, and staying up-to-date with continuing education in your specialized area. 3. Create a Business Plan A solid business plan is crucial for turning your midwifery passion into a thriving practice. Your business plan should include: Mission and Vision: Define your mission statement and your long-term vision for your midwifery business. Target Audience: Identify your ideal clients and the specific demographics you aim to serve. Services Offered: Clearly outline the range of services you’ll provide, including any specialized offerings related to your passion. Pricing and Payment Structure: Determine your pricing strategy and payment options for clients. Marketing Plan: Develop a marketing strategy that includes online presence, networking, and community outreach to attract clients. Financial Projections: Create financial projections, including startup costs, revenue projections, and a budget. 4. Legal and Regulatory Considerations Ensure that you are compliant with all legal and regulatory requirements for practicing midwifery in your area. This may involve obtaining necessary licenses, securing malpractice insurance, and understanding the scope of your practice. 5. Build Your Brand Develop a strong brand identity that reflects your passion and the values of your midwifery business. A compelling brand can help you stand out in a competitive market and attract clients who resonate with your mission. 6. Network and Collaborate Establish connections with other healthcare professionals, including obstetricians, pediatricians, and lactation consultants. Collaboration can lead to referrals and a broader network of support for your clients. 7. Continuously Improve and Innovate Stay updated with the latest developments in midwifery and your chosen niche. Embrace opportunities for professional development, and be open to innovation and new practices that can enhance your services. Turning your passion for midwifery into a successful business is a fulfilling journey that allows you to make a positive impact on the lives of expectant mothers and their families. By identifying your passion, obtaining the necessary education and certifications, creating a solid business plan, and building your brand, you can transform your passion into a thriving midwifery practice that serves your community and fulfills your professional aspirations.
Finding the Right Midwifery Marketing Partner
Finding the right midwifery marketing partner With thousands of firms to choose from, selecting the most qualified partner can be a long and arduous journey. We at Longview Strategies have met with multiple stakeholders and have heard similar insights throughout their decision-making process. If you are currently tasked with choosing the right marketing fit to accelerate and promote your company’s brand, we’ve compiled our key considerations to help you identify and select a midwife marketing partner. Set clear objectives to understand what success means to your organization. It’s relatively easy to say that you need marketing help, but it’s difficult to find the right partner unless you know what you’re looking to accomplish. Setting clear objectives will help in navigating the waters of the digital world to find the right marketing partner. From our early conversations with CEOs, CMOs, and other key stakeholders, we’ve gained insights into a variety of objectives. These include: Strategically positioning your messaging Laying the creative foundation for a brand refresh Growing credibility as an industry thought leader Broadening brand awareness with a greater digital presence Expanding and connecting with new audiences Based on your objectives, find a midwife marketing partner who will strategically and tactically execute to make a demonstrable impact. The most successful marketing partnerships provide you with: A comprehensive audit of your current messaging and marketing initiatives Deep dive into your business goals using a design thinking methodology A strategic lens to develop a marketing plan with tailored recommendations A systematic approach to launching digital campaigns A clear pathway and open forum to discuss new ideas and address any concerns The right firm doesn’t just know marketing. They know your midwifery business. Not all marketing firms are created alike. The marketing firm that you work with should have experience in your industry and with companies in the same size or revenue range. Ranging from local boutiques to nationwide agencies, determine the type of agency that knows your industry. For example, here at Longview, we specialize in three verticals: financial services, sustainability/ESG, and professional services. As the landscape changes in your industry, your marketing firm will need to understand the internal intricacies among your stakeholders and targeted audience to propel your marketing initiatives forward. Our team at Longview is comprised of marketing experts in the fields of financial services, sustainability/ESG, and professional services. Define partnership roles and expectations. It’s important to define the level of involvement and time you’d like to commit to your midwife marketing initiatives. Some marketing firms provide full-service involvement with your feedback and approvals as required. Others bring a more collaborative approach where weekly meetings may be needed. At Longview, we customize the level of involvement depending on the program and campaign. For example, our Accelerator program includes a weekly meeting to gather information, present milestones, and discuss feedback. For annual marketing plans, we like to meet with clients on a monthly basis with open communication and availability to meet for questions and additional requests. Find a marketing team that compliments your role and a team that will work with your expected level of involvement. Leverage tactical experience to play to your midwifery organization’s strengths. Does your team get excited by getting interviewed by a journalist? Or are they more apt to bring a creative eye to a report or digital ad? Your organization’s strengths will likely play a role in how tactical initiatives are executed. Marketing tactics come in a variety of shapes and sizes and no two initiatives are ever alike. Your selected marketing firm will work with you to leverage tactical experience and recommend content that compliments your organization’s strengths. Using a quarterly campaign strategy, we at Longview identify themes that resonate with your networks to capture the best of your business. Finding the right “fit” in a marketing firm may seem overwhelming. If you’re looking for a strategic marketing and communications partner who will work relentlessly to tell your unique midwifery story through consistent, smart, and targeted content, design, and branding, you’re in the right place. Recommended midwifery marketing companies: Messmer Marketing – HOME | MESSMER MARKETING Wild World Mama – Wild World Mama: Birth Business Marketing & Websites! How to Find the Right Marketing Partner – Longview Strategies – Marketing Agency – Boston
Finding Funds For Your Midwife Business – MBC
Do you have the best idea for a midwifery practice? What is stopping you from starting it? Is the money a barrier to stepping away from the hospital practice to spread your wings to be an independent care provider? There are so many wonderful ways to find funds to start your dream midwifery practice. When a need and value is present, money will find you! Create a stunning business plan to present your vision and mission. Be able to easily community your thoughts and strategic plan to the community. Traditional thinking for business start up finding funds is Small Business Association (SBA) backed business loan. Banks and financial institutions perceive start up businesses as risky since approximately 90% fail first five years of opening their door. With a government backed security to a bank, loans are given out more freely with a business plan and ability to do lots of paperwork. Midwives can choose many routes to create their business dream. Private money lending, stock holders if you choose to start a corporation, or equity partners in the business are great options for unique business start ups like midwifery clinic, birth centers, and home birth practice. Midwifery practices can be started as non-profits using donations, grants, and other government programs. There is so many wonderful resources for community based health care clinics. Check your local state funding programs. Talk with your warm market (friends and family) about your passion and dreams. Relationships have huge value when starting something new that may have more “perceived risk” involved. Know your projected income and expense needs, start up costs, overhead administration costs while running first year, and emergency accounts to have in place before talking with any potential fund option. Plan and be confident in your research and proof of success. The more confident you are in the practice success, the potential partners in the midwife business start up will grow their confidence in you and this dream! Be conservative in your potential profits, budget enough in beginning for great marketing tactics, and have enough initial capital funds to run successfully and smoothly from beginning. I see too many times beginner entrepreneurs start small and pinch corners due to costs. Scarcity mindset easily transforms your mission and care being provided to the families. Create a business plan of abundance with full staff for all the needs of the midwife business to run successfully. Even running a small home birth practice needs birth assistant, administration staff to answer phones, process patient accounts, restock supplies, organize paperwork, and keep an eye on flow of office while midwife can focus on what she does best: CARE FOR WOMEN! Large practices in a high demand area start out sometimes growing too fast and don’t have the upfront funds to handle the work load. Make sure your funds and business plan compensate for delayed reimbursement if processing insurance plans. Most insurance plans won’t pay for months after delivery and that is some time (approx ten months of care before seeing any direct revenue come in). Don’t let your midwifery dreams die due to limited belief of access to funding. Midwifery businesses have many options for funding when creativity is in place. Talk openly about your plans and dreams, people with like minds will start seeking you out and wanting to know what money you need. Important causes always find the capital funding. We created our course, Birth Center Business Planning Pathway, to give you a comprehensive education so you can start your practice.
FINDING FUNDS FOR STARTING YOUR MIDWIFERY PRACTICE
Finding Funds for Midwifery Practice What does it take to start your own business? How, when, and where do you start? What are the risks that you should consider and highlight upon opening a business? Choosing the path of starting your own midwifery practice is truly a leap of faith. It takes a lot of courage, determination, patience, and even physical and emotional strength. Keep in mind that the road to achieving your goals will not be easy so be sure that you are fully equipped and capacitated when you decide to start the journey to your dreams of becoming your own boss. Indeed, the first step is always the hardest. So what is the first step in starting your own midwifery practice? Hmm, is it planning? Definitely yes! Without a plan, it is hard to get funding, be successful, and grow your practice to the ultimate potential it can. Your funding source is written important. Without money, buying supplies and hiring staff is impossible. Once you have a solid business plan written, finding funding is much easier than you think to get the doors open. Most midwives think the start-up costs have to be hard-earned cash they have worked for. That is one option, but not the best use of resources available to you. Funding to Start Your Own Midwifery Practice Personal Savings Of course, you will not even think about starting your own midwifery practice if you don’t have your own personal savings, to begin with. This is like a fire starter that ignites your burning passion for midwifery. This gives you enough courage that strengthen your decision to start your midwifery practice. Having personal savings is very important so be sure you have enough of it. You will surely look for other financial options but your personal savings will be your source of security. However, before you make a big withdrawal, secure yourself, set aside some savings, and make sure it’s untouched. Don’t give it your all. Friends and Families Next to personal savings will be your friends and families. Your family will surely support you with your dreams especially when there are pretty good returns. You can either ask for a donation and have them write it off taxes when you are starting a non-profit organization or personal loans from them like you would get from a bank using your relationship as collateral. Bank Loans/ Small Business Loans If you prefer to have sole authority and don’t want any other people to have control over your practice, a small business loan is your perfect choice. You are able to maintain complete ownership while worrying about monthly loan payments with interest for those start-up funds. Many banks or financial institutions are willing to provide you with your financial needs if you have a strong business plan. Be prepared for lots of questions about your business goals and what options for collateral you have for the loan. Small Business Administration has great resources and favorable loans for start-up businesses. You can even get a free business mentor with their program! https://www.sba.gov/ Venture Capitals This option is less utilized by midwives. It is normally offered in exchange for an ownership share and an active role in the company. It is risky in a way that you will share part of ownership and control in your practice, and secure at the same time because you will have someone to back you up when things go wrong. If you want to go with venture capital, make sure that you 100% trust the people you share your practice with. Venture capital invests capital in return for equity rather than debt. Although it takes higher risks it exchanges potential higher returns, so it’s totally more of a win-win situation. Crowdfunding The word itself “crowd” means a large number of people. Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a new business venture. It makes use of the easy accessibility of vast networks of people through social media and crowdfunding websites to bring investors and entrepreneurs together, with the potential to increase entrepreneurship by expanding the pool of investors beyond the traditional circle of owners, relatives, and venture capitalists. It basically means asking for help from other people using your own connections. Crowdfunding has created the opportunity for entrepreneurs to raise hundreds of thousands or millions of dollars from anyone with money to invest. There are different crowdfunding websites to visit if you decide to use this type of funding. With the increasing demand for midwifery around the US, having your own midwifery practice is the best way to fulfill your dreams and keep a great balance between your personal and professional life. Work on your terms and serve clients on your mission and values. Grow midwifery by supporting sustainable practices and mentorship to other midwives wanting to strengthen their own practices. The more we can support each other and find funding to create that strong team from the beginning, the better your chances of success get. Don’t hesitate to start your journey! There are people and resources out there willing to give a hand with funding if you know where to look. https://www.investopedia.com/thmb/smAt0wcvwa34DrM-0PE3od_BH6s=/680×440/filters:fill(auto,1)/fund-5bfc3776c9e77c00519dc4c9.jpg
Finding Funding for Opening Your Midwifery Practice
Finding Funding Securing funding for opening a midwifery practice involves careful planning, research, and effective communication to convey the viability and importance of your venture to potential investors or funding sources. Ways to Find Funding For Your Midwifery Practice Personal Savings: Utilize your savings as an initial source of funding. This demonstrates your commitment to your practice and can be a valuable investment. Family and friends: Consider approaching family members or friends who may be willing to provide a loan or investment to help you start your practice. Ensure that all financial agreements are formalized in writing. Small business loans: Explore small business loans from banks, credit unions, or online lenders. The Small Business Administration (SBA) also offers loan programs that may be suitable for healthcare businesses. Grants and Scholarships: Research grants, scholarships, and funding opportunities are specifically available to healthcare professionals, midwives, or women’s health initiatives. Some nonprofit organizations and foundations offer financial support. Venture Capital and Angel Investors: If you have a scalable and innovative business model, you may attract venture capital or angel investors interested in the healthcare sector. Prepare a compelling business plan and pitch to secure funding. Crowdfunding: Use crowdfunding platforms to raise funds from a large number of individuals who support your midwifery practice concept. Platforms like Kickstarter, Indiegogo, or GoFundMe can help you access a broader network of potential donors. Professional Organizations: Some midwifery or healthcare professional organizations offer grants, scholarships, or financial support to members starting their practices. Check with the relevant organizations in your field. Government Grants and Programs: Research government grants and programs designed to support healthcare providers and small businesses. Visit the official websites of federal, state, and local government agencies for funding opportunities. Private Foundations: Explore grants and funding opportunities provided by private foundations that focus on women’s health, healthcare access, or maternal care. Partnerships and collaborations: Consider forming partnerships or collaborations with healthcare facilities, hospitals, or other midwives. Joint ventures can provide financial support and shared resources. Equipment Financing: If a significant portion of your startup costs are related to medical equipment and supplies, explore equipment financing options that allow you to lease or purchase equipment with manageable payments. Lines of credit: Apply for a business line of credit, which provides access to funds as needed. It can be a flexible source of financing for ongoing operational expenses. Bootstrapping: Adopt a bootstrapping approach by starting small and reinvesting profits back into the practice to fuel growth. This method can help you avoid debt and maintain control. Revenue-Based Financing: Consider revenue-based financing, where you receive funding in exchange for a percentage of your future revenue until a predetermined amount is repaid. Community Support: Engage with your local community and seek support through community fundraisers, partnerships with local businesses, or sponsorships. When seeking funding, it’s essential to create a comprehensive business plan that outlines your practice’s mission, financial projections, market analysis, and strategies for success. Additionally, consult with financial advisors or business consultants to explore the most suitable funding options based on your unique circumstances and business model.
Financial Planning for Midwives
Financial planning is not a commodity but a method Financial planning is a long-term strategy to intelligently manage your money. It will help you achieve your financial goals and avoid the financial roadblocks that are inevitable at each stage of your life. Midwifery is full of change, challenge, and reward. It seems like one can suddenly see a rise in income and be able to pursue financial goals and personal dreams. This is only possible after years of hard work, low pay, and, for many, student loans. Financial freedom is not something you can achieve overnight. It takes consistent effort, energy, and time. Financial planning is essential for doctors and medical residents. A poorly designed financial plan can cost a midwife valuable time. Key steps to drawing up a financial plan Assess your Situation A good first step when developing your financial plan is to assess your financial situation. With a clear understanding of your current financial situation, you can decide where you should start and what you need to achieve your financial goals. Knowing your net worth is important for assessing your financial situation. Start by making a list of all your assets as well as your liabilities. Net worth is broadly calculated as your assets minus your liabilities. Assets are what you own, including savings, property, and investments; and liabilities are what you owe, such as mortgage loans, tax bills, and outstanding debts. Create a Budget Track the ins and outs of your money to understand your money habits and take control of your spending and savings. Prioritize your needs and wants, and look for any unnecessary expenses you can cut to save money. Also, refrain from overspending, especially impulse buying by credit card. Before you decide to borrow money, make sure you can afford new debt repayments on top of your current expenses or commitments. Set your Financial Goals Based on a sound understanding of your financial situation, you may be able to identify your short-, medium-, and long-term financial goals. This will help you review your budget, determine your investment time frame, and work out a strategy for deciding on the appropriate investments. With measurable and clearly defined goals, it will be easier to monitor the progress. Know your Risk Tolerance An important part of your financial planning is to evaluate your tolerance for risks. Risk is the potential threat that may impact the expected outcome of your investments. Investments that deliver potentially higher returns are usually accompanied by higher risks. Are you willing to accept potential losses in exchange for greater potential gains? Work out and Implement a Basic Financial Plan Future consumption includes life events such as furthering education, getting married, purchasing property, having children, supporting parents, changing careers, starting a business, or retiring. These expenses may deplete your assets and can be long-term financial commitments. Insurance. Unexpected incidents or emergencies in life such as accidents, illness, and death, can deplete your savings and erode your assets. Having adequate insurance coverage for these eventualities should be a key component of your financial planning. As a minimum, consider critical illness and accident/disability insurance. You should also consider setting up an emergency fund to cover about three to six months of living expenses. Responsible borrowing. Responsible borrowing is an integral part of financial planning. Paying by credit card is convenient. Personal loans and mortgages, for example, can help you achieve your financial goals, but over-indebtedness can jeopardize your life plan. The key thing is to make sure you are in control of credit, not the other way around. Your past credit record may also affect your cost of borrowing in the future. Retirement planning. Retirement planning is the process of determining how you will set aside enough money so you can enjoy life after you stop working. Creating a retirement plan will help you determine how much money you will need after you retire and help manage your finances to cover expenses in later years. Estate planning. Preparing for the worst may be unpleasant, but it is an essential part of your long-term financial planning. In the event of serious illness, disability, or death, it is important that your finances are in order so your family can be better prepared to meet life’s challenges and emergencies Regularly Review and Adjust your Financial Plan After formulating a financial plan, you should exercise strict discipline to follow the plan. Review your existing budget and investment portfolio from time to time to make sure they still fit your needs. In meeting your financial goals, it is considered best practice to review the performance of your portfolio regularly and rebalance your investments when necessary. This can help you avoid keeping a portfolio that may over-concentrate on certain asset classes. Financial planning is a dynamic and continuous process. You should adjust your plan when there are significant changes in market conditions or when you enter a different life stage. You should make adjustments based on your resources, needs, and situations to make sure your plan is in line with your financial goals. Great financial planner resource that has had homebirths with a midwife and wife is a doula / future midwife! He is my personal financial planner and a dear friend to me and many midwives. Chris Arnone is a GREAT RESOURCE for any midwife looking for financial guidance and support: Chris Arnone – Portage, MI 49002 | Northwestern Mutual https://www.northwesternmutual.com/financial/advisor/chris-arnone/ Reference Financial Planning Booklet. (n.d.). Retrieved November 15, 2022, from https://www.ifec.org.hk/web/common/pdf/publication/en/IEC-financial-planning-booklet.pd
Financial Freedom is Nearly Impossible Working for Someone Else
As midwives, we didn’t go into this profession for the money, but still would like to support our own families and dreams. We would like a food on the table, nice car, home, retirement, and a vacation once in a while. Those things all cost money. Most people are taught from very young: “Go to school, get a good job, and save for retirement.” Those 1970’s financial mantras don’t work in today’s society! Inflation since President Nixon has taken off the Gold Standard has sharply risen post Covid. The last 100yrs, our dollar has lost 99% of its purchasing power. Our income for working a job doesn’t keep up with inflation rates and we are always having to exchange more time for money. That is a large part to why past generations could have one person stay at home and live off typically father’s income. Now both parents are struggling to make ends meet with two jobs and affording day care for their kids! There is a breaking point where there isn’t anymore time left. As midwives, we need to start changing our mindset to creating income streams and businesses from being employees and self employed. Our time is our most valuable asset and needs to be treated that way. There’s a “secret” that’s known to the rich, but that most people don’t know about…And that is: You’re never going to become wealthy trading dollars for hours. Dollars for hours is your 9-5 day job… and it means that in order to make more money, you have to work more hours. The truth is, there are only so many hours in the day. And if you fill them all up with work, things are going to fall apart…Like your health. Your relationships. Your sanity. Do you really want to do that? What good is having more money if you don’t have the time to enjoy it? Nope. Instead, you need to look to what the wealthy do in order to keep the money coming in, even while they aren’t working: One of the key principles to success is leveraging assets and having assets create passive income for you. I usually refer to this when talking about real estate. But, you can leverage the same “idea” of using other people’s resources and creating passive income in other ways, too. An example of this is selling other people’s products. Think about it for a second…Businesses have already done the heavy lifting by creating the products, you can leverage their work and sell these while collecting passive income. I encourage each and everyone of you reading this to see what side hustles you can start to grow into a self sustaining business. What products, services, or ideas do you have that can be converted into a larger scale business that brings you in money while you are awake or sleeping. We can still all be midwives and catch babies, but I want it to be on your terms and not on the financial system’s terms. We can truly create a midwifery practice with our ultimate mission and values if financial freedom from multiple income streams is created. I would love to talk with each and every one of you about your long term financial goals and how we can create that road map to follow and get there. Too many dreams just stay dreams. Let’s turn your dreams in to a reality! Book Your Online Consultation Here: https://calendly.com/lesliecornwellcnm/15min?month=2023-08 or Contact Us directly.
FINANCIAL FREEDOM FOR MIDWIVES
Financial Freedom Most midwives don’t go into the profession for money, but they still want to support their families and finance their dreams. They want to know there will be food on the table, a reliable car, a nice home, a vacation once in a while, and options for retirement. Those things all cost money. Many of us hear from the time we are young, “Go to school, get a good job, and save for retirement.” But those old financial mantras don’t work in today’s society. The truth is that financial freedom is nearly impossible when working for someone else! Over the last 100 years, the US dollar has lost 93% of its purchasing power. More recently inflation has increased, particularly in this post-Covid era. Meanwhile, the average salary hasn’t kept up with inflation rates. This, in large part, is why families in past generations could typically live off a single income while one person stayed home. Now both parents are struggling to make ends meet even with two full-time jobs, and still have trouble affording daycare for their children. As a result, most of us find ourselves exchanging more and more of our time for the same money. There is a breaking point where there isn’t any more time left. Your time is your most valuable asset, and it needs to be treated that way. There’s a secret that’s known to the rich, but most people don’t know about…and it is: “You’re never going to become wealthy trading dollars for hours.” Dollars for hours is your 9-5 day job… and it means that in order to make more money, you have to work more hours. The truth is, there are only so many hours in the day. If you fill them all up with work, things are going to fall apart—your health, your relationships, your sanity. Do you really want to do that? Of course not. What good is having more money if you don’t have the time to enjoy it? Instead, you need to look at what the wealthy do in order to keep money coming in even while they aren’t working. One of their key principles to success is leveraging assets. Having assets means creating passive income streams for you. As midwives, we need to start changing our mindset from either being employees or being self-employed to being business owners who can create innovative income streams. Many people refer to the passive income concept when talking about real estate. But you can leverage the same idea of using external resources and creating passive income streams in other ways, too. An example of this is selling other people’s products. Think about it—businesses have already done the heavy lifting by creating their products; you can leverage their work and sell these while collecting passive income. I encourage each and every one of you to see what “side hustle” you can start to grow into a self-sustaining business. What products, services, or ideas do you have that can be converted into a larger-scale business that brings money in whether you are awake or sleeping? You can still be a midwife and catch babies but on your own terms, not on those of the financial system. By utilizing this principle, once financial freedom is created from multiple income streams, a midwife can go on to create the midwifery practice of her dreams, one that matches her ultimate values and mission. I would love to talk with each and every one of you about your long-term financial goals and help you create the road map to follow and get there. Too many dreams just stay dreams. Let’s turn your dreams into reality.