When you think of “Master Mind Team,” what is the first things that comes to mind? “Leslie, I don’t want to employ people. I want a small practice where I don’t need a Master Mind Team.”
Everyone NEEDS a Master Mind Team. You need a legal resource (typical couple lawyers for specific aspects of business and health care risks advice), accountant, marketer, biller, receptionist, Medical Assistant, birth assistants, colleagues, and financial adviser.
Each person places an important role in the success of any business venture you attempt. Typically called a Board of Directors or Advisers, your “Master Mind Team” helps you brainstorm your business start up, maintain on track with you short term and long term strategic plan, and keep mission for business on track. They can maximize your tax savings, help with liability risk reductions preventative versus re-actively, keep income and expense budget on line, and help reduce professional burnout of the midwife, most important person on team.
I tried with my first business to be “everything.” I didn’t hire my first staff until one year into midwifery clinic running. I worked long and tiring hours. Three years into practice running, I was SO TIRED and needed a complete break from the business. It ran my life instead of me running the business. My kids wanted a new mother, my husband and I never were rarely intimate, and I didn’t see my extended family very often due to work taking up all my waking hours.
I took a break from midwifery business ownership and learned from my mistakes. I took business classes, read books about financial knowledge, and changed my thought process COMPLETELY about money streams. Financial knowledge wasn’t talk in school and I needed to teach myself. Only after pure frustration did I get myself this kind of education. I wish I would have started years about learning about money and the tools available to accelerate my financial freedom. Failures and mistakes in life make you grow into a stronger person. Value their lessons and don’t fear them.
I know have multiple revenue streams so I can do midwifery how I want to, versus insurance companies dictating how many patients I had to see in a day to keep the doors open. I own rental properties, write blogs, sell products, consult other midwives and practices, run a gynecological clinic couple days a week, and own completely different service lines outside of midwifery I helped my kids start. Some income is passive (always flowing whether I am involved or not) while others need my constant involvement to continue.
When starting a practice and budgets are tight, PLEASE don’t skimp on building a strong Master Mind Team. They are an investment just like marketing, supplies, and training. You have to have a strong foundation if you don’t want your business skyscraper to crumble in a few years as it grows. Learn from my mistakes and create the best Board of Advisers to keep you on track, accountable, and have easy access to valuable knowledge about business ownership.
I promise their counsel will save you FAR MORE short and long term than your mistakes of not having them will. Nice benefit it is everything with the business is written off as an expense (hint, hint…make your family part of your Board of Advisers and vacations can be part of your business expenses legally).