Caring for Women during a Pandemic
Caring for Women during a Pandemic So much has changed in last couple months. Covid-19 has really affected everyone’s lives and how we care for families. Midwives and birth center practices are drastically increasing in volume due to families wanting to stay out of the hospital setting. Practices are having to purchase additional PPE supplies are high prices compared to just four months ago. TeleHealth is common practice for visits. If you would told me six months ago the entire world was going to be changed forever, I would have told you were nuts. We all had no idea how quickly and daily things can change with caring for mothers and babies. It is so hard to keep up with current recommendations when CDC and WHO change them often. Evidence is limited with this new virus and so little is known. Instead of dwelling on all the things we don’t know and all the negatives with this pandemic, I want midwives to get creative and look at the positives this situation has presented for their practices. It is giving us an opportunity to review our policies, cleaning procedures, and safety protocols around infection transmission. Midwifery care is being sought after all over the country as families are realizing that hospital truly mean “sick house.” Online resources have really made caring for families and connecting with each other so much easier than ten years ago. We are able to do virtual visits, conference calls, and continuing education. Take the time and appreciate what positive things you have going on in your life. Even though much of the country is still in lock down and having unprecedented economic stand still, we are healthy, have our families, and the amazing opportunities to provide families a safe option to deliver their babies in. Midwives are going to shine in 2020: YEAR OF THE MIDWIFE. Take this situation and see how you can help your community, your family, and pregnant women looking for answers to protecting themselves. You are an expert in normal birth and bring back options for care that weren’t available We are warriors and have been supporting women for thousands of years during many prior pandemics and plagues. Keep to your mission and why you became a midwife. Support families and provide a respectful, safe environment to grow their families.
By Writing Out Your Goals, They are Far More Likely to Happen
Writing down your goals can significantly increase the likelihood of achieving them. Here are several reasons why this practice is so effective: Clarity: Writing down your goals forces you to clarify and specify what you want to achieve. This clarity makes it easier to understand your objectives and work towards them. Commitment: Putting your goals on paper is a commitment to yourself. It signals your dedication to pursuing and achieving those goals, which can boost your motivation and perseverance. Accountability: When you write down your goals, you create a record of your intentions. This can help hold you accountable for your progress and remind you of your commitment. Visualization: Reading your written goals regularly allows you to visualize your desired outcomes. Visualization is a powerful tool that can enhance your focus and belief in your ability to achieve your goals. Organized Planning: Writing down your goals encourages you to create a plan of action. You can break your goals into smaller, manageable steps and create a timeline for achieving them. Memory Aid: People tend to forget their goals if they’re only in their minds. Writing them down provides a physical reminder and prevents you from losing track of what you want to accomplish. Motivation: The act of writing down your goals can be motivating in itself. It can instill a sense of excitement and purpose, propelling you to take action. Measure Progress: As you work toward your goals, you can track your progress by referring back to what you’ve written. This helps you stay on course and make adjustments if necessary. Increased Focus: When your goals are in writing, you’re less likely to be distracted by other priorities or obstacles. This increased focus can improve your chances of success. Self-Belief: Reading your goals reinforces your belief in your ability to achieve them. This self-confidence can be a powerful driver for taking action. Shareable: If you choose to share your goals with others, they can offer support, encouragement, and accountability, further increasing your chances of success. Sense of Achievement: Crossing off or checking off completed goals from your list provides a sense of accomplishment and can motivate you to tackle the next one. To maximize the effectiveness of goal-setting through writing, consider using the SMART criteria (Specific, Measurable, Achievable, Relevant, and Time-bound) to ensure that your goals are well-defined and actionable. Regularly review and update your written goals as your priorities and circumstances change. By consistently writing down your goals and taking steps towards them, you can increase your chances of turning your aspirations into reality.
Buying in Bulk to Boost Revenue in your Midwife Business
Buying in Bulk Always wondering about ways to improve your midwifery business cash flow, but don’t want to take on more clients or increase the price for your services? Buying in bulk is a great way to save money in the long run. It will cost you more initially. With items that are used regularly or don’t expire for a really long time, buying in bulk has many great advantages if you have the storage space and good organizational skills. The last thing you want to do is run out of office space or re-order something no one can find in your storage room. Keeping good track of inventory and how often items are used will really help determine which medications, supplies, or equipment should be bulk ordered. If you place a weekly order of the same items, same the administration time of placing auto-renewals and higher quantities for lower individual prices. Many merchants will negotiate with you on price if you buy more or lots from them regularly. Always Improving Business Cash Flow wondering about ways to improve your midwifery business cash flow, but don’t want to take on more clients or increase the price for your services? Buying in bulk is a great way to save money in the long run. It will cost you more initially. With items that are used regularly or don’t expire for a really long time, buying in bulk has many great advantages if you have the storage space and good organizational skills. The last thing you want to do is run out of office space or re-order something no one can find in your storage room. Keeping good track of inventory and how often items are used will really help determine which medications, supplies, or equipment should be bulk ordered. If you place a weekly order of the same items, same the administration time of placing auto-renewals and higher quantities for lower individual prices. Many merchants will negotiate with you on price if you buy more or lots from them regularly. Inventory If insurance companies are paying you the same rate for care and supplies used whether you pay retail or bulk price for inventory, stretch your dollars with higher volumes during each purchase. Even if you are running a smaller practice, you can join with other midwives in area to buy inventory together. I have seen some amazing power of relationships and midwife community strength with bulk buying. There is a monthly buying order, midwives will have one person delegated to order supplies and email a group chain their specific item request. If there isn’t enough to do a bulk order this month, another midwife with “extra” of that specific supply will sell to other midwives’ wholesale desired item. No midwife runs out of supplies or needs to buy one or two of an item for retail price. I have seen it other way where one larger midwifery practice buys all the supplies for community midwives at high volume. She then charges a rate for the individual price point and a small processing fee to cover her time grabbing supplies from a storage room. This works great for nonperishable items like gloves, pads, hand sanitizer, cleaning supplies, lubricant, and office supplies. Bulk Buying Concept If someone has medications getting close to expiring and know won’t get used in next month, group email to midwife community allows a “trade” with someone else in area that will definitely use it soon. It will drastically cut your expense from wastes down from overhead revenue. Many companies will give free shipping when large enough order is placed. That will save everyone the unnecessary shipping fees. Many places won’t allow a small midwifery practice to order one vial a pitocin. It usually comes in packages of twenty five. Most practices will not use all vials before they expire. If there is a group of midwives buying together, supply is split into much smaller management quantities. Lab Costs I have seen huge saving on cash lab costs if practice pays the monthly tab directly to the lab company versus sending invoice to the patient. I have used Lab Corp in the past and collected cash rate when draw was completed for the Amish and Mennonite community at home. They didn’t have to drive anywhere, costs were kept as low as possible for desired lab testings, and volume of clients made costs lower to everyone. Helping to keep health care affordable was a big mission of my practice to the community, not just the clients I had in the practice. I would offer this cash rate to other alternative practices in area (midwives and providers alike). We had lab draw open time slots weekly that outside clinics could have patients come with lab order and pay fraction of costs than hospital lab fees. Results went to ordering provider and our office charged a small lab fee for Medical Assistants time drawing and processing labs to be sent out. It was a great marketing technique to have other offices refer clients to me and I drew labs for many families that referred their newly pregnant daughter or grand-daughters to our practice. Insurance Reimbursement Insurance reimbursement for vaccinations and IUDs like Paragards and Mirenas is minimal. If a midwife would buy this supply one at a time, most insurance companies would even reimbursement for original purchase price of that item! Once you start buying more five, especially ten of these items, price really goes down per item. Now you can by like the big hospital systems that make big bucks off vaccinations and medications because of the bulk buying discount. Don’t refer your client to a OB office for IUD insertion, because you lose money offer this service to your women. We need to as midwives keep up with ever changing, expensive health care system. If we can keep our costs low, high quality, and profitable, that is a BIG WIN TO ME! Join with your fellow midwives and
Buy or Rent your Birth Center Midwife Business
Buy or Rent your Birth Center When starting out your birth center, first thing people always want to do it pick out the building and colors of the birth rooms. There is so much more to running a midwife business than that. When considering to buy or rent your birth center for a while, many things needs to be considered. Long term, purchasing is almost always the better option. Some people’s financing makes it that renting is only option in beginning. Have you ever considered a rent to own? It is the best of both option. You can give a small down payment to current owner (much less than if bank required around 20% down) and then part of monthly payment goes towards principal. You can also do what is called seller’s financing. It is similar to rent to own, but current owner becomes your bank directly and would need to go through foreclosure process if you stopped paying. Please seek legal advice and know your specific state’s rules about commercial real estate purchasing. Some real estate strategies work differently in each state. Starting a Birth Center Practice When starting a birth center practice, the midwife business typically has 7-9 months before women deliver. There may be some late transfers, but most of your prenatal care will start when the woman is around twelve week gestation. That is a long time to pay birth center rental or loan payments. With seller financing, you can get really creative with terms of the contract if person is motivated. You can ask owner to have you sign paperwork for purchase, but not start loan payments for 6-12 month after paperwork signed. With my birth center, owner was very motivated and a chiropractor. His building was on market for over a year and very interested in any offer. I explained to him what I wanted to create in his building, gave him a 5% down payment and made terms that first six months of agreement I would just pay taxes and insurance on building. That really helped my overhead start up costs. He was very negotiable and made it easier to create terms that were in my favor. I signed two agreements: one for purchase in one year and other for lease that had a portion of rental rate go towards down payment of building. Closing on Loan We extended contract additional year and purchased building year two into practice opening and didn’t need to bring any down payment to the bank for purchase since I had already given 5% down at very beginning and my monthly payments had a portion each month go towards purchase directly. It was a very smooth transition. I did my inspection before signing the initial contracts and bank used that as inspection for closing on loan. Fees for closing were minimal and everyone was happy. The point of this story is to not let idea of purchase immediately disappear from your business plan with the illusion that “you don’t have the money.” There are always people in the community wanting a midwife and birth center to open. With creating a non-profit organization, there can be fund raising and tax write off donations to your practice for helping get building purchased and rehabbed. There are so many possibilities, just allow your mind to be create and dream big! Purchasing gives you the rights to not have to stress about relocating if owner changes mind about you being there. If purchase is in business plan, please choose carefully your building with short term and long term vision in mind. Birth Center Location When looking at the birth center location, consider size and number of birth rooms that will be present. Are you short term and long term going to be small and more private, then look for a space around 2,000 sq ft? If you want something small and option to grow, it might make more sense to rent a space while saving up the money to purchase your final home in 5-10 years once your practice has grown. Maybe purchase a large building and sublease other aspects of building to cover your actual space in area knowing that growth is an option. I like this option the best, because the purchase can literally pay for itself with other tenants if you don’t mind being a landlord midwife. Insecurity of Permanent Location Another concern with leasing is insecurity of permanent location if you aren’t ready to move yet. Will your landlord be pressured when your lease is up to not renew? What is your zoning for the locations you are looking? Do you need a special zoning permit? Always get in writing the zoning of the building you are looking into and that permission is given for a birth center to be located there. I have seen many midwives get verbal confirmation from zoning office, but local hospital finds out about birth center opening and “zoning changes.” It can be as simple as an email or written mailed letter with Mayor signing it stating birth center is allowed at that location. My local town thought I was nuts asking for that letter, but I knew the local hospital would fight me starting in their area. Leases are great if you are using birth center as initial starting practice and want to transition to a hospital based practice with time. There are some communities that aren’t used to midwives and starting private on your own near hospital with transport rights is a great starting point to get a midwifery team in place. Just know your short term and long term goals with your practice. Know your political climate, plans of local hospital with midwifery, and how a win-win collaboration can be created with your birth center. Biggest advantage of leasing is lower start up costs for midwife business. Especially if you know your practice will always have a birth location of a birth center, long term purchase is a better option. Lease
BUSINESSES A MIDWIFE CAN CREATE
Midwife Business Midwifery is as old as childbearing. Indeed, midwives have traditionally been women who were mothers themselves and who became midwives when they attended the births of neighbors or family members. Right now, many midwives work in public health clinics, while others choose to provide in-home birth services. There are many different career options for certified nurse-midwives, from clinical practice, education, administration, and research to domestic and global health policy and legislative affairs. The essential role of midwives is to assist in the delivery of babies. Midwives, though, serve many other functions, from the initial examination of the mother to maintaining her health during pregnancy. Midwives work in a variety of locations, including hospitals, birthing centers, or meeting women in their homes. They promote the natural aspects of pregnancy and childbirth, helping women cope emotionally and watching closely to recognize problems that might need a doctor’s assistance. But aside from being in a clinic accepting clients and helping deliver a child, midwives have a lot of opportunities outside the four corners of their clinics, birth centers, or hospital settings. Below are other midwifery business ideas. Midwifery Services With a growing trend of natural, at-home births throughout the nation, midwives are in high demand. In 2012, USA Today reported that births outside a traditional hospital setting had risen 29 percent between 2004 and 2009. With that in mind, your new business might have a contract with certified midwives to see patients through prenatal care through delivery or offer experienced doulas to assist new mothers in handling the lifestyle changes associated with a new baby. Add-on services to this type of business include prenatal supplements, prenatal counseling, and even relaxation services such as prenatal massage. Consultant Licensed midwives possess skills that could lend themselves to providing enhanced consulting services. Such a service could connect women in need with professional, qualified midwives and doctors with whom they might work in association. A consultant could provide in-depth information gained through interviews of all parties to achieve the optimum match for the expecting mother. Consultant services of this type could also provide a pool of tested babysitters and nannies to assist new mothers. Trainers Certified nurse-midwives could develop a training business that focuses on supplementing the education of those with ambitions of becoming midwives. You can start your own midwifery school and pave the way in your local area or anywhere in the world for access to midwifery education. It can be done virtually or in person. It can be simple continuing education modules, certifications, degrees, or professional development series. Some of the great instructors you can become are NRP, ACLS, BLS, PALS, and STABLE. Education Services With growing interest in health throughout the nation, creating a business that offers health education could be a successful venture. You may offer courses in trending topics such as exercise physiology, first aid, family health, and nutrition, especially natural and genetically modified foods. Find well-qualified teachers, such as registered dietitians, nurses, and other medical professionals, to teach everyday tips on leading healthier lives. Your education courses (in person or online) can be focused on patients or health care providers. It can be clinical education, professional development, certification courses, support groups, tools, and templates unique to the challenges midwives and women are facing in today’s fast-paced learning environment. Nurse Practitioners Midwives can offer services that are within their full scope of autonomy, employing their knowledge and skills in gynecological procedures, primary care, menopausal therapy, pelvic floor therapy, weight loss management, mental health support, breastfeeding support, and newborn care. Similarly, midwives can establish businesses based on compiling lists of highly trained nurse practitioners as part of their team to expand the services being offered. You can create a successful referral program with local specialists in your area. Having a cross-networking referral pool will increase your patient volume faster and decrease marketing budget needs. Women Empowerment Advocates Midwives could develop businesses providing international advocacy that offers services locally, nationally, or internationally through organizations such as the United Nations and UNICEF. Midwives engaged in this business can partner with other professionals to develop various aspects of women’s health advocacy, including increasing access to primary care and obstetric services in third-world countries where limited resources are available. Being a midwife is indeed one of the most fulfilling jobs a person can be blessed with. Helping deliver a new life into this world is the rarest experience that you can have. However, we all have our own choices. Working in other fields is okay; we might have the passion, but sometimes opportunity is very elusive for us. Each of us is in a different part of our lives where the typical image of the midwife’s role in catching babies isn’t realistic. There are so many wonderful things that midwives can do with our skills and training to change the education and services available to women. We can always opt for other possibilities as long as our heart’s desire is still within midwifery. Midwifery means “with women,” not “catching babies.” Please remember that when pursuing different business models that fit your passion and dreams. https://yourbusiness.azcentral.com/other-business-ideas-midwives-22250.html
RUNNING A SUCCESSFULL MIDWIFERY PRACTICE
Running a Successful Midwifery Practice In running a successful midwifery practice today, you need to be flexible and have good planning and organizational skills. Many people start a midwifery practice thinking that they’ll “open their doors” and start making money from day one, only to find that getting clients and keeping overhead expenses paid while branding to the community is much more difficult than they had thought. You can avoid this in your midwifery practice by taking your time and planning out all the necessary steps you need to achieve success. Whatever type of midwifery business you want to start, using the following nine tips can help you be successful in your venture. 9 Tips For Growing A Successful Midwifery Practice 1. Get Organized To achieve midwifery practice success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business. 2. Keep Detailed Records All successful midwifery practice keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges. 3. Analyze Your Competition Friendly competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something already that you can implement into your midwifery practice with a different emphasis on quality and personalized care compared to the doctor’s office across the street. 4. Understand the Risks and Rewards The key to being successful is taking calculated risks to help your midwifery practice grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards. Understanding risks and rewards includes being smart about the timing of starting your midwifery business. 5. Be Creative Always be looking for ways to improve and expand your midwifery services to the community and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your practice. You can start adding some alternative therapies for menopausal hormone replacement or sexual health services that no one else is offering in the area. 6. Stay Focused The old saying “Rome wasn’t built in a day” applies here. Just because you open a midwifery business doesn’t mean you’re going to immediately start making money and have your delivery list full. It takes time to let people know who you are, so stay focused on achieving your short-term goals. 7. Prepare to Make Sacrifices The lead up to running any business is hard work and dedication. It is a long term investment with no paycheck two weeks later after door open like working for a hospital or another practice. In many cases you have to put in more time initially than you would if you were working for someone else, but I can promise you that your potential earning is far more than ever working for someone else. 8. Provide Great Service There are many successful midwifery businesses that forget that providing great customer service is so important. If you provide better service for your clients, they’ll be more inclined to come to you the next time or refer their friends and family your direction. 9. Be Consistent Consistency is a key component to being successful in your midwifery business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run. KEY TAKEAWAYS Starting a midwifery business requires analytical thinking, determined organization, and detailed record-keeping. It’s important to be aware of your competition and either appropriate or improve upon their successful tactics. You’ll almost certainly end up working harder for yourself than you would for someone else, so prepare to make sacrifices in your personal life when establishing your midwifery practice. Providing good service to your clients is crucial to gaining their loyalty and retaining their business. There are great resources available to help you start and improve your midwifery practice. Business consultants like myself with Midwifery Business Consultation are key in being successful and creating that visionary future you are looking for! Enroll to our course: Tips for Running a Successful Midwifery Practice 9 Tips for Growing a Successful Business (investopedia.com)
Business Planning Doesn't Matter if Midwife Doesn't Have the Right Mindset
While business planning is important for establishing structure and strategy, it is the mindset of the midwife that ultimately shapes the practice’s culture, approach to patient care, and ability to overcome challenges. Here are some key aspects of the right mindset for a successful midwifery practice: Passion and Dedication: A genuine passion for midwifery and a deep dedication to providing the best possible care are foundational elements of the right mindset. This passion drives midwives to go above and beyond for their patients. Patient-Centered Focus: Midwives with the right mindset prioritize the well-being and choices of their patients above all else. They actively listen, respect individual preferences, and involve patients in their care decisions. Lifelong Learning: A growth mindset is essential in the field of midwifery. Midwives who are committed to continuous learning and staying up-to-date with the latest research and practices can offer the best care to their patients. Adaptability: The healthcare landscape is constantly evolving. Midwives with the right mindset are adaptable and open to change. They are willing to embrace new technologies, guidelines, and practices to improve patient care. Empathy and Compassion: The ability to empathize with patients and show compassion is vital in midwifery. Midwives who approach their work with empathy and kindness create a positive and supportive birthing environment. Resilience: Challenges and setbacks are part of any profession. Midwives with the right mindset exhibit resilience and perseverance. They bounce back from difficulties and continue to provide high-quality care. Positive Attitude: A positive attitude can have a significant impact on patient outcomes and the overall work environment. Midwives who maintain a positive outlook inspire confidence and trust in their patients. Collaboration: Midwives often work as part of a healthcare team. Having a collaborative mindset, being able to communicate effectively with other healthcare professionals, and valuing teamwork are essential for coordinated care. Business Acumen: While mindset is crucial, midwives in private practice also benefit from a basic understanding of business principles. This includes financial management, marketing, and strategic planning to ensure the practice’s sustainability. Self-Care: Lastly, a healthy mindset includes recognizing the importance of self-care. Midwives must take care of their physical and emotional well-being to avoid burnout and continue providing excellent care. In essence, while business planning and operational considerations are important, the right mindset is the foundation upon which a successful midwifery practice is built. It not only impacts patient care but also influences the practice’s culture, reputation, and long-term sustainability.
business-ownership-skills
Business Plan and Business Ownership Skills: Midwives need BOTH When starting a private practice , there should be just as much research and planning for the midwifery business plan as there is your personal business ownership improvement of skills. There is so much not talk about owning a business versus working for someone else. It isn’t just about figuring out overhead costs, policies, birth center location, and services to offer. It is about professional development as a leader, mental resilience, and people skills. There will be times when revenues streams will be up and down. There will be a start up phase where many hours of work are committed with minimal initial financial return on investment. There will be times that staff hired don’t get along and look to you as the leader to solve the personality challenges happening among the team. Having a strong business and leadership development training as well as business planning needs to thought about. We can have the best business plan in the world, but if the midwives implementing that plan doesn’t have great business ownership skills, it will fail within the first few years. When I do consulting services for women wanting to start midwifery practices, we do just as much business planning analysis and personal development skills. I want strong business owners running these phenomenal midwifery practices. It takes time to learn about to develop the traits of a successful business owner and leader. There are many great books out there to read for strengthening your already natural talents and improve the parts of your personality that may make things harder to be a leader for others to follow. We want good work ethics, good communication skills, humble, and positive, creative mindset. By taking care of yourself with exercise, good nutrition, rest, work/life boundaries, and mental strength will leaps and bounds set an image to team what your standards are and what is expected of them: nothing be excellence. When you lead by example with vacations, breaks, taking care of yourself, kindness, and listening skills, your staff will have the same following attitude. As a small business owner, you know that running a business is hard work. A good owner is the backbone of a small business and crucial to its success. Knowing the characteristics of small business owners that set them apart from others can help you identify your strongest areas and how you can use those qualities to the benefit of your business. Below are the 6 most important characteristics of small business owners. Confident Confidence comes from knowing yourself and your abilities. Where arrogance makes you blind to your weaknesses, confidence accepts and acknowledges those weaknesses. As a confident small business owner, you understand both your best skills and biggest areas of improvement. You can use this confidence to bravely take your business outside of your comfort zone without acting rash. If you have confidence in yourself and your business, business goals become much more attainable. You won’t be held back by fear of making the next move for your company. On the other hand, you’ll be able to see your limitations and will be less likely to make a silly mistake when managing your business. Another added bonus of being confident is the perception of your employees, vendors or potential lenders. You’ll become a respected leader. People trust you and your confidence is likely to rub off on your employees. Persistent Running a business doesn’t always go as planned. Whether it’s a setback on a project timeline or a rejection for financing from a traditional lender, you have to be persistent to make it work. Every time something goes wrong with the business you, as a persistent business owner, look for solutions to the problem. Sometimes this means pushing forward through barriers until you get through and sometimes it means finding a completely new route to the goal. Your business is going to face problems. As one of the main positive characteristics of small business owners, persistence helps you get through these problems and come out more determined than before. When you face a setback, such as being denied funding for your next project, you jump straight in and find a solution. Goal-Oriented You need to know what your customers want from your business and have a plan to achieve those goals. Being goal-oriented works directly with persistence to keep your business heading towards success. Creating goals, however, includes more than just the final outcome. If you’re a good goal-setter, you know that achievable goals come from careful planning, research and honest communication with everyone involved. Even with the main goal in mind, it’s important to focus on each step to reaching that goal by creating micro-goals along the way. Budget Conscious Planning, setting and sticking to a budget is one of your most important jobs as a business owner. Most success metrics for businesses are measured by financials. Being budget conscious can help grow your business from barely staying afloat to a successful and established brand. As a financially savvy business owner, you recognize that setting a budget is only the first step. You’re always keeping an eye on where business financials are headed in the future. You can use a financial checkup to help make sure you’re on track. Personable Likeability is often taken for granted. A positive attitude and approachable personality make it easier for your employees, other professionals and even customers to be open and honest with you. In the long run, being personable can bring positive results to your bottom line. Engaging with customers and building a relationship leads to repeat business and word of mouth recommendations. A friendly personality can also help relieve a stressed customer or employee when something goes wrong. Passionate You might think of your business as your baby. You’re not alone! Many entrepreneurs and small business owners see the businesses they’ve built in this way. This mindset is really no surprise when you consider the time, resources and finances
Business Plan and Business Ownership Skills: Midwives need BOTH Business Plan and Business Ownership Skills: Midwives need BOTH
When starting a private practice, there should be just as much research and planning for the midwifery business plan as there is your personal business ownership improvement of skills. There is so much not talk about owning a business versus working for someone else. It isn’t just about figuring out overhead costs, policies, birth center location, and services to offer. It is about professional development as a leader, mental resilience, and people skills. There Will be Times When Revenues Streams Will Be Up and Down. There will be a start up phase where many hours of work are committed with minimal initial financial return on investment. There will be times that staff hired don’t get along and look to you as the leader to solve the personality challenges happening among the team. Having a strong business and leadership development training as well as business planning needs to thought about. We can have the best business plan in the world, but if the midwives implementing that plan doesn’t have great business ownership skills, it will fail within the first few years. When I do consulting services for women wanting to start midwifery practices, we do just as much business planning analysis and personal development skills. I want strong business owners running these phenomenal midwifery practices. It takes time to learn about to develop the traits of a successful business owner and leader. There are many great books out there to read for strengthening your already natural talents and improve the parts of your personality that may make things harder to be a leader for others to follow. We want good work ethics, good communication skills, humble, and positive, creative mindset. By taking care of yourself with exercise, good nutrition, rest, work/life boundaries, and mental strength will leaps and bounds set an image to team what your standards are and what is expected of them: nothing be excellence. When you lead by example with vacations, breaks, taking care of yourself, kindness, and listening skills, your staff will have the same following attitude. As a small business owner, you know that running a business is hard work. A good owner is the backbone of a small business and crucial to its success. Knowing the characteristics of small business owners that set them apart from others can help you identify your strongest areas and how you can use those qualities to the benefit of your business. Below are the 6 most important business ownership skills of small business owners. 1. Confident Confidence comes from knowing yourself and your abilities. Where arrogance makes you blind to your weaknesses, confidence accepts and acknowledges those weaknesses. As a confident small business owner, you understand both your best skills and biggest areas of improvement. You can use this confidence to bravely take your business outside of your comfort zone without acting rash. If you have confidence in yourself and your business, business goals become much more attainable. You won’t be held back by fear of making the next move for your company. On the other hand, you’ll be able to see your limitations and will be less likely to make a silly mistake when managing your business. Another added bonus of being confident is the perception of your employees, vendors or potential lenders. You’ll become a respected leader. People trust you and your confidence is likely to rub off on your employees. 2. Persistent Running a business doesn’t always go as planned. Whether it’s a setback on a project timeline or a rejection for financing from a traditional lender, you have to be persistent to make it work. Every time something goes wrong with the business you, as a persistent business owner, look for solutions to the problem. Sometimes this means pushing forward through barriers until you get through and sometimes it means finding a completely new route to the goal. Your business is going to face problems. As one of the main positive characteristics of small business owners, persistence helps you get through these problems and come out more determined than before. When you face a setback, such as being denied funding for your next project, you jump straight in and find a solution. 3. Goal-Oriented You need to know what your customers want from your business and have a plan to achieve those goals. Being goal-oriented works directly with persistence to keep your business heading towards success. Creating goals, however, includes more than just the final outcome. If you’re a good goal-setter, you know that achievable goals come from careful planning, research and honest communication with everyone involved. Even with the main goal in mind, it’s important to focus on each step to reaching that goal by creating micro-goals along the way. 4. Budget Conscious Planning, setting and sticking to a budget is one of your most important jobs as a business owner. Most success metrics for businesses are measured by financials. Being budget conscious can help grow your business from barely staying afloat to a successful and established brand. As a financially savvy business owner, you recognize that setting a budget is only the first step. You’re always keeping an eye on where business financials are headed in the future. You can use a financial checkup to help make sure you’re on track. 5. Personable Likeability is often taken for granted. A positive attitude and approachable personality make it easier for your employees, other professionals and even customers to be open and honest with you. In the long run, being personable can bring positive results to your bottom line. Engaging with customers and building a relationship leads to repeat business and word of mouth recommendations. A friendly personality can also help relieve a stressed customer or employee when something goes wrong. 6. Passionate You might think of your business as your baby. You’re not alone! Many entrepreneurs and small business owners see the businesses they’ve built in this way. This mindset is really no surprise when you consider the time, resources and finances most business owners
Business Entity Types a Midwife Can Start
Midwives have various options when choosing a business entity type for their practice. The choice of entity depends on factors such as liability protection, tax implications, and management preferences. Common Business Entity Types: Sole Proprietorship: A sole proprietorship is the simplest and most common business structure. It offers complete control and management over the practice. However, the owner has unlimited personal liability for business debts and legal issues. Partnership: A partnership is formed when two or more midwives collaborate in a practice. Partnerships can be general partnerships (equal sharing of profits and liabilities) or limited partnerships (one partner has limited liability). Partnerships require a partnership agreement that outlines roles, responsibilities, and profit-sharing. Limited Liability Company (LLC): An LLC provides liability protection for its owners (members) while offering flexibility in management and taxation. Members are typically not personally liable for business debts. An operating agreement outlines how the LLC is managed and how profits are distributed. Professional Limited Liability Company (PLLC): In some states, midwives may be required to form a PLLC if they want to practice as an LLC. A PLLC is specifically designed for licensed professionals, offering liability protection to members. Corporation: Midwives can form a corporation, which is a separate legal entity from its owners (shareholders). Personal liability is generally limited to the amount invested in the corporation. There are two main types of corporations: C Corporation: Subject to double taxation, meaning both the corporation’s profits and shareholders’ dividends are taxed. S Corporation: Provides pass-through taxation, avoiding double taxation. However, S corporations have certain eligibility requirements, such as restrictions on the number of shareholders. Professional Corporation (PC): A PC is a specific type of corporation for licensed professionals, including midwives. It offers personal liability protection for the owners while allowing for pass-through taxation. Nonprofit Corporation: If the midwifery practice has a mission to provide care to underserved populations or engage in charitable work, it may consider forming a nonprofit corporation. Nonprofits are tax-exempt and have specific reporting requirements. Cooperative: Midwives can form a cooperative, which is owned and controlled by its members (midwives). Cooperatives distribute profits among members based on their contributions to the cooperative’s success. Partnership or Collaboration Agreement: In some cases, midwives may choose to collaborate without formally establishing a legal business entity. In such situations, a well-drafted partnership or collaboration agreement can outline the terms and responsibilities of the collaboration. Franchise: Some midwives may choose to operate under a franchise model, where they pay fees to a larger organization (franchisor) in exchange for using their brand, systems, and support. When choosing a business entity, midwives should consider factors such as liability protection, tax treatment, management structure, regulatory requirements, and long-term business goals. Consulting with a legal and financial advisor experienced in healthcare businesses can help midwives make an informed decision based on their specific circumstances. Additionally, state and local regulations may influence the choice of entity, so it’s important to research and comply with applicable laws.