Running your own business is very rewarding plus sky is the limit on how much money you can make. When working for a company, you are paid an hourly rate or flat salary for your regular time. With self employment, time is not what is determining your pay, it is the “value” being created. Value can be created from skills, knowledge, time, or resources. Time is the most precious on the list for value.
As a business owner, if you can trade other people’s time for money, that is when your income basis drastically increases. Have other people work in the system you have created, larger midwifery practices are easier to make big income for the owner than a “small mom and pop shop.” I took many business classes and learned with each practice I created how to set things up right from the beginning. Business plans and planning short term and long term goals are ESSENTIAL for a successful practice.
It is important to know what you want to accomplish with your business. When value is created from your business, the money will naturally come in. For example when I created a home birth practice, I was the only midwife in network with many major insurance companies. I was able to provide prenatal care that was covered with the Affordable Care Act by their insurance company 100%. My competitors has to charge out of network, cash for services only. I instantly had more perceived value than other midwives in area.
If you can create something that is unique in a consumer’s eye and they can see the value you are creating, families will want to be seen by you and your practice. Having a higher education as a Certified Nurse Midwife allows me to order labs, prescriptions, testing, get hospital privileges, and bill insurance plans made me more perceived value than Certified Professional Midwives offering home births in area.
When marketing your practice, stress the value you are creating to the population. How do you stand out from competitors? What are your strengths to promote? Learn what is currently being offered and what is lacking in area. Fill the needs and your practice will succeed!