When we decide to become midwives, few programs offer any business, accounting, or tax courses as part of their curriculum. Midwives go to school to care for women during pregnancy, not run a business. Many midwives learn from business mistakes while running things versus taking classes before opening own business.
I would have saved so much time, burnout, money, and resources if I would have taken business courses before opening my practice versus after it closed. There is so much to learn about the business aspect of running your own practice. Knowing which type of business entity to use has long term tax benefits and liability protection benefits.
Hiring the right accountant and knowing exact tax strategies to use in your everyday business write offs is just as important. Buying your car in the business name or writing off mileage has pros and cons depending on your specific needs. Buying a building to use for birth center or clinic versus leasing has its own long term benefits like depreciation, interest and tax write offs, and asset appreciation.
There are many great resources available online and in the community about business education. You tube has many channels to spend hours and hours learning from experts in the feild. My favorite is Mark Kohler, co-owner of KKOS Lawyers. He is an accountant and lawyer that specializes in small business ownership and real estate investing. He is funny and makes the dry topic of legal very entertaining. Google search business conference or events going on in your area.
Purchase audiobooks to listen to while driving back and forth from home visits. Time is very valuable resource and I stopped listening to the radio years ago and switched to audiobooks while traveling now. The more knowledge you have to use, the more immense your resources become to pull from.
So many financial educational materials I have learned from benefit in everyday like just as much as business ownership. Taxes are your biggest expense in life. If you can decrease that cost by knowing strategies that are written in law that few utilize, increased cash flow will come your way in business and personal life. Start working smarter, not harder.
Great book series I like to read are Rich Dad, Poor Dad and Napoleon Hill Foundation. Think and Grow Rich is a monumental book to inspire business creativity and that anything is positive with the right mindset and desire in place. Robert Kiyosaki had a unique upbringing from his biological Dad that followed traditional financial thinking mindset and worked for someone else his whole life and his best friend’s Dad, a prosperous business owner. Knowledge is power. Especially financial knowledge. Midwifery can really benefit from more courses to increase business ownership opportunities.
I truly believe we are our biggest hurdle with competing with hospital and physicians in the birth arena. If more midwives could successful run their own practices, midwifery would be flourishing across the country. Most CNMs work for a hospital or doctor. Many CPMs and Direct Entry Midwives start their own businesses purely as an only option to practice. Spend some time researching business plans, business strategies, and taxes.
Money is like a knife. It can be a powerful tool is known how to be used appropriately. It can be a dangerous weapon if no proper training is given with it. Have your midwife business excel faster with financial and business education. Invest in yourself and business knowledge to increase your business success rate. Don’t be one of the 90% start up businesses that don’t last by five years into start up.