You went into your health specialty with a mission — to help more people get out of pain and thrive. You are passionate about helping people get more out of life and teaching them to be proactive about their own well-being.
When you went to school for your specialty, you received plenty in your specific area of focus. But it’s very likely that you didn’t get all of the training that you need to be successful—that is, the business side of your practice.
If you started your own practice without business training, you might struggle to find ways to get more of the right patients in the door.
Why Many Health Practices Fail
You built a wellness center to help people heal. But you also need to consider the business side of your practice — it is a small business, after all.
According to the US Bureau of Labor & Statistics, about 20% of all new businesses fail in their first year, and half will fail after 5 years in business. After 10 years, only 30% of small businesses will have survived.
Timing has nothing to do with whether a small business survives or not. The BLS found that whether the business was started in an economic expansion or recession, the statistics were the same.
Like successful health practices, the small businesses that thrive have systems that bring new clients in the door consistently and processes to keep more clients over the long term.
Do you have these systems in place for your practice? Should you hire a business coach? Or find a mentor?
Mentors vs. Business Coaches: What’s the Difference?
The role of the mentor is to serve as an advisor to a mentee. Mentors have typically worked for several years more in a similar role and can help their mentees along by providing advice from their experience. For a health practitioner, a mentor could be an academic in their field, or a senior, retired practitioner who has “made it” and whose success the mentee wants to emulate.
A business coach can help you clarify your vision for your practice and how it will fit in with your professional and personal goals. A good business coach is much more than “define it and get it done”; they can be the catalyst to help you take your practice from where you are now to where you want to be.
Both mentors and business coaches can help you grow your business by giving sound advice. But neither coaches nor mentors will do it for you — you are ultimately responsible for doing the work.
Don’t Confuse Coaching With Therapy
You hire a coach or find a mentor to help you progress with your professional goals. The benefit is to learn from someone more experienced that has gone down the path you want to travel.
Coaches and mentors are not trained therapists. If you have bigger emotional issues stemming from childhood, or past traumas that you need to process, you need to consult a trained psychologist or social worker.
The Right Business Coaches Can Accelerate Your Progress
When you look for a business coach, you should find one that understands your business and is a good fit for your personality.
In the same way that new patients choose a healthcare practitioner, you can search for business coaches online, but you might do better by getting a personal referral from a friend or a colleague. People in your network who know you may lead you to someone that will be a better fit.
When looking for a business coach, you should also look for:
- Track record — What past successes the coach had with other practices? Do they have success stories that they can share with you?
- Industry knowledge — How well does the coach understand your business, the wellness industry, and your specialty? Do they know your business and understand the challenges you face?
- Coaching style — How does the coach work with clients? Does the coach use a specific set of tools or curriculum to help you get results? Or do they offer a more free-form coaching style that is customized to each client?
- Communication — How much contact does the coach have with clients? Do they offer in-person or virtual coaching sessions and how often will you meet? Will you have access to them through email or text in between sessions?
- Financial investment — What level of commitment does the coach require? Most business coaches offer packages that can last anywhere for 3-12 months — sometimes longer. What will you need to invest to work with this coach?
Because a good business coach can help clarify your vision for your practice, they can also help you see which additional resources, tools, and techniques will help you get exactly where you want to go — and which ones you can leave behind.
When you do a thorough search for the right business coach, you will have a better chance to find the perfect person to help you grow your practice.
How Well World Can Support Your Business Goals
If part of your business goals includes incorporating Well World into your practice, The Practice Implementation Training Course is the perfect next step.
This 3-part webinar series is hosted by Betty Murray, PhD, nutritionist, successful practice owner, and clinical practice expert. The course is self-paced and can be accessed instantly for free through your Well World practitioner portal.
Designed specifically for clinical practitioners and their staff, this 3-part series provides a practical guide for implementing Well World into your practice to streamline your workflow, improve your patient experience and results and generate new growth and revenue opportunities.
After going through the training, you and your staff will know exactly how to optimize Well World to serve more patients, earn more revenue, and streamline your practice for growth.