Avoid This Costly Mistake with One Simple Step

Avoid This Costly Mistake with One Simple Step

Making money, the money that you desire and deserve for the level of success that you want in your wellness business is a good thing! It’s not just a good thing for you, it’s a good thing for your clients and for our industry. You’ll be able to reach and touch more people and this is why I’m so passionate about showing you how to make money in your wellness business! That’s why it’s so important to Avoid This Costly Mistake with One Simple Step.

Today, I want to discussed trusted advisors that will save you time and money. I talk about this in my best selling book, Unstoppable: Strategies to Launch and Grow your Holistic Practice. Grab yourself a copy today!

A costly mistake many business owners make? Waiting to hire experts until the moment they need them and than they are desperate.

What’s the simple step you can do to avoid this costly mistake? Identify trusted advisors early on, develop relationships with them and when the need arises, you’ll already have a strong relationship in place to go to them for counsel.

Examples? Tax advisors, legal advisors, financial advisors, or even just simple business advisors to help you through different scenarios in your business!

When I first got started with my clinic right out of school, I was looking all over for the perfect place. I wanted to sublease but really struggled finding that one perfect location. First, I didn’t want a long commute, I wanted to respect the business owner and wanted to be able to do business my own way. I longed for an environment that reflected how I wanted to represent myself.

A lot of things I saw I didn’t like, which helped me understand more clearly what I did want. Than I found the perfect place. The problem? It was all the way across town, but I was ready to sign a contract.

That’s right, a contract! Now don’t get me wrong, contracts are a good thing. But here’s what a lot of practitioners do. They get a contract, don’t read most of it, don’t understand most of it and sign it. That’s the wrong thing to do!

What I did was I had my trusted advisor, my attorney, read it for me. I didn’t want to get into any relationships that would harm me long-term. Which is interesting, because it turned out to be a pretty hefty contract and I needed to know what kind of restrictions I was going to have placed on me down the road!

What I learned? My attorney saved me time and money in the long run, because that contract was extremely restrictive. Nothing in it was in my favor. Remember above, though, where I said I was really excited about this place?

I went to the owner with requested edits and they said no. So now I was so torn about this, because I had struggled for so long to find a place I loved, but I knew this contract was going to restrict me in the long run. It really squashed my excitement and I wasn’t sure what to do.

I talked to my attorney about it at length, when he planted something in my head that I had already heard a million times from my husband, “Why aren’t you just starting your own thing? It’s what you want anyways and you’re more than capable of doing it.”

Best. Advice. Ever.

Initially, I felt like I needed to go out and get more experience before I opened my own business. But this new plan put me on a completely different trajectory and made me do a complete 360.

As you may have guessed, I turned that contract down, never looked back and found my own clinic space to open.

All that being said, my goal is to really have you think about the power of having trusted advisors in your business. They will save you time and money!

Which takes me back to the power of contracts. I’ve had them with all of my relationships in my business, whether it’s an employee relationship, contractor relationship, sublease relationship, etc. I want to talk about this in more detail, as I’ve recently had a conversation with a client who was looking to sublease space at another clinic.

Contracts clearly define the relationship for you. It’s like a tool that makes sure and allows you to talk about all of the things up-front in the relationship and how they’ll work. What is expected on both sides? How will you handle it if things don’t go well? It’s a good thing to know up front, because you want to have open communication, which a contract will facilitate.

Clearly, I’m not an attorney and I’m not giving you legal advice. It’s just something I feel strongly that I want you to think about. And this is where a trusted advisor you already have a strong relationship with will be priceless.

What do I coach my clients to be looking for?

  1. Everything is negotiable

Just because something is worded a certain way in a contract, doesn’t mean you can’t negotiate for something else. It’s just a starting point for you to have a conversation. Don’t be afraid to ask for what you want and what will work best for you.

For example, if you’re just starting your practice and are looking to sublease from another clinician, is it important to negotiate a lower rental rate for the first few months? It may help to alleviate some of that financial pressure. It may be possible, but you’ll need to find a way to make it a win/win for both parties. Bring a solution to the table!

  1. Make sure you know what is included and what is not included.

These are the types of things you want to make sure are documented in a contract. There are so many elements that you’ll want to know where you stand with, such as:

  • Internet access
  • Utilities
  • Linen services for message or acupuncture
  • Room Cleaning
  • Supplies
  • Access to their front desk support
  • Marketing materials
  • Furnished or unfurnished

Who is doing what, in regards to the above items? Make sure you clearly understand what is included and what is not included and that it is documented in a contract.

  1. Does the business owner you are subleasing from have approval from the landlord to sublease space?

If they do not even have the proper approval to begin with, it may become a big problem if the landlord finds out. Can you imagine spending time to develop a practice and now you’re going to get booted out? This is a real possibility, so find out what the answer is so you can cover yourself. Simply ask, “You’re subleasing this room to me, do you have approval in your contract with the landlord to do that?”

  1. Find out what type of business insurance you’ll need to match what the landlord requires of their tenant

You may need to have a larger policy than normal to cover things. You’ll need to understand what the added expense could be for you.

  1. Ask about Exclusivity

If you’re investing your time, particularly if you’re just getting started, ask for exclusivity. That means that they aren’t going to hire or add any additional wellness practitioners into their space, because obviously, you’re working on building your own business there.

Don’t forget… it doesn’t hurt to ask and everything is negotiable!

Trust advisors absolutely will save you time and money. They are the first people I call when I’m starting something new in my business adventure. These people will give you the guidance and advice needed, so make sure you identify who these people are!

Michelle McGlade, MBA, LAc | Podcast Host | Author | Speaker
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