In this episode of the Profitable Practice Podcast, I’m going to break down why your level experience is not equivalent to your earning potential. You need to listen to this today, Stay Tuned!
EXPERIENCE IS DEFINITELY NOT EQUIVALENT TO EARNING POTENTIAL
There is an old belief that experience is equal to earning potential. This mindset or belief is actually one of the worst. We have to consider the primary things in our practice. If we obtain the right skills and enough experiences, it will not always suffice to gain high earning potential. This is why, how we make decisions upon spending and investing is very important.
In this episode, I’m going to break down the reason why even if we have vast experience, our earning potential may still not be equivalent. Together we drop the old belief and start to thrive further to make more engagements and improve our earning potential at its best.
IN THIS EPISODE:
[0:44] Introduction and context for today’s episode – Why is your experience not equivalent to your earning potential?
[4:30] It is a choice on how we spend our money. The value is different depending on how you put investments.
[5:01] The main topic for this episode: How we make decisions for spending or earning, based on our level of experience.
[6:08] My opinion about the thought process is that experience is directly related to earning potential; It is the worst advice and mindset.
[8:05] Those practitioners that are successful fully understand their value of time, education, and skills.
[11:49] Your patients will become your biggest fans, if you value your practice properly.
[13:44] Drop that old belief and start thriving while making a massive impact on your patients and clients.
[14:31] My final statements and takeaways.
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In this episode, I’m going to break down why your level of experience is not equivalent to your earning potential. You need to listen to this today, I promise. Stay tuned.
Hello, hello everyone! Again, I love having you guys here, I love having you listen to the podcast, and I love recording these shows. This is such a beautiful outlet to speak freely, to share with what’s going on in my world, to share with you what’s going inside my business life and in real-time. And it is just one of the coolest platforms ever. I love podcasts, I love evergreen things more than live things and I’m just so thrilled that you continue to download, that you listen. And please share with other health and wellness practitioners, those people that are in the trenches with us that need a little bit of loving. That need to know that there is someone who’s always in their corner and wants them to be a maximized practitioner.
Now the topic for today was inspired by one of the huddles I had with my team and the worst part about our industry, depending on where you are but even ten years out I still feel those ebbs and flows not nearly as drastic as they used to be. But the ebbs and flows happen. Right? Typically after about 5 years of collecting data, you’ll start to see a bit of a trend but I firmly believe that the whole year can be rocked based on how frivolous people spend at Christmas time will determine how the rest of the year goes. Or how expensive people’s trips are then that determines the way that they’re going to spend their money or time for the next couple of months, so you just never know. But what we’re talking about is just how one month our practices’ busy, another month it’s a little bit quieter, another month it’s crazy busy, another month it’s a little bit quieter. And the practitioners on my team are within the first 5 years of their practice and they’re running their own practice outside of work from me. And we were just talking about how we want to stabilize the ebb and flow and one of the conversations or topics that came up is; early on in my practice I can’t afford Facebook ads or I can’t afford the software that we’re using. And I will say that from the very beginning of my practice, I saw the vision. I saw that I was going to grow well beyond the basic CRM, the basic website, the basic invoicing software.
I was following what people that were making multiple 6-figures, 7-figures when I was just starting out we’re using like I’m going to use what they’re using because I know how big my business is going to grow. And so making these investments was not dictated based on my level of experience, making these investments was not dictated on how many years out I’ve been or how much money I was making, because it’s always a perception. There are practices that say I can’t afford reception but I dare to challenge that thought and say ‘you’re just choosing not to put money towards reception.’ There are practitioners that say they can afford certain email software or getting their website updated by a professional. But let’s be honest that is a choice that you are making, it’s not that you can’t afford it, it’s that you’re choosing not to spend your money in that direction. Because we always find ways of spending our money, we always do. Whether we think we can or we can’t it’s still the choice, it’s your choosing not to spend your money on let’s say a house upgrade, well that’s your choice. But if you choose to then spend 5 grand on a vacation well, that’s also a choice. But there’s something different about the value or the perceived value you’re getting from where you’re putting your investment.
And so, what I wanted to talk about today is how we make decisions on spending or earning based on our level of experience. And most new practitioners, most people new in the entrepreneurial space, the health-perineurial space, think that for instance, the only way to start booking up your calendar is to keep your rates low. Or the only way to keep people coming back to you is to not describe the goal that standard supplement protocol or explain the functional lab test that is going to cost a couple of hundred dollars. I was there. It took me a number of years and a hella lot of confidence for me to start positioning myself being like ‘no this is the protocol, these are the lab test that I think you need.’ And letting them decide. But most new practitioners will almost limit or prevent their earning potential based on where they are in their business career. I think that this thought process that your experience is directly related to earning potential is probably the worst advice, the worst mindset you can be. And not only will it hurt your business it’s absolutely going to your belief in your own self-worth. And I mean I totally get it, you feel insecure about your level of experience and therefore you can’t justify charging the same rate as someone who’s been out 5 or 10 years. Or you can’t justify adding a couple of hundred dollars to an invoice that you already perceive to be high. But let me get you to reframe that thought process. Because if that was true, if it’s true that your level of experience is equivalent to your earning potential then that would mean that most experienced practitioners out there would be innately the most successful ones just based on simple math. The longer in practice the more successful you are, but you and I both know that’s just not how it is. In fact, if the level of experience was the requirement necessary for you to dictate your rates then everyone who worked longer would naturally make more.
But in reality, there are so many practitioners with 10 years, 20 years plus experience who are still broke every day. And on the opposite side, fairly new practitioners just crushing it in their first few years, so why is that? What is the difference between those practitioners who stay broke? Who continues to believe that your earning potential is directly related to their level of experience? Are that those practitioners who are successful early on fully embracing their worth? They fully understand the value of their time and if you’ve been listening, you know that for me time is the most valuable commodity that you have on this entire planet. They fully understand the value of their education, the value of their skills, and let me tell you when you graduate, you are more than capable. You are fully equipped to make 6-figures in your first year. And these successful practitioners do not care about the timeline or how aged they are with regard to experience. These practitioners aren’t afraid to set their rates high because they understand that they have the power to help a patient or client achieve magnitudes further in a single visit than what it would take for them to do months on their own. These practitioners aren’t afraid to upsell their clients to labs or supplements or programs that they offer because they know how much those extras, upsells will speed up the road to directly figuring out what the problem is, targeting the treatment and therefore recovery. They know that their expertise can help their patients or clients cement these new life changes into lifelong habits. And they help them achieve their best self as quickly as possible.
If you’ve ever heard the story and I’m going to totally botch this up but the story of a building, and all of a sudden the machine was running, everything was going great and all of a sudden the electricity went off. And every single minute that the building was shut down that they weren’t pumping out whatever it was that they were making, they were losing a million dollars, every minute. They call up this handyman man and they say ‘look, every minute I’m down, I’m losing a million dollars. Fix it and fix it quickly.’ Within a couple of minutes, the whole factory was back up and running and everything is going smoothly. And then the handyman comes up to the foreman and hands them a check for 10 thousand dollars. And the foreman was like ‘Woah buddy. You literally came in here, you did 3 min worth of work and you think you can justify that for 10 thousand dollars?’ and he’s like tell me why. And the handyman says, ‘one dollar for the switch and 9,999 dollars because I knew exactly what switch to fix.’ That is exactly what we do, and we have to put ourselves into that perspective of look how much faster we can impact our patients or clients. Because when you start to embrace that the transformation occurs with the transaction allowing patients or clients to self-qualify knowing that when they sign up with you, they are 110% committed to what it is that you have to offer and they will be when they see the confidence that you have because you value your worth. You value your knowledge, you value your skills; in the end, these patients are going to become your biggest fans. They’re going to become your raving members of your tribe.
The higher-earning practitioner while still coming from a place of service, is not about hoarding money, this is not about being skeezy or being a sneaky salesperson. This is still coming from a place of service but not holding back putting it all out there and letting the patient or client decide. This higher-earning practitioner is now flooded with clients that are like taking my money, I want to know what switch to turn on to make my life better. And then the bonus is that these higher-earning practitioners are debt-free. They’re living a lifestyle that they deserve and oftentimes, it’s not to be a million-dollar like a millionaire it’s to be able to eat organic food. It’s to be able to travel when you want to, it’s to be able to live in a home that you can be proud of. It’s the ability as a parent to know your children will never want for anything. All while you’re fulfilling a dream of having a massive impact on people’s health. So I’m going to ask you, do you want to keep believing that your rates, your ability on labs, on supplements needs to be kept low in order to be more accessible. In order for you think people to book in with you, to like you, to lean into you a little bit more. And therefore you continue to struggle, you continue to live the lifestyle that you don’t want to be living, you continue to be stressed, you continue to feel anxious, you continue to feel the chaos that surrounds all of us. Or could you drop that belief that your level of experience is equivalent to your earning potential? And start thriving while making a massive impact on your patients or clients who truly believe what it is that you have to offer. Because remember we’re not talking about attracting everyone, we’re not talking about attracting only the wealthy the most elite people. We are talking about attracting your struggling avatar, your key person, your ideal patient who you want to work with.
And if your practice is struggling, if you are continuously struggling, if you are fighting with these money blocks I don’t want you to continue to do this alone. I want you to reach out to me @andreamaximnd I’m more than happy to give you some resources some things that I’ve used personally. I would love for you to go back and listen to a few of my key podcast which I will put into the show notes that are about releasing the money blocks. My personal journey, host that we’ve had that are talking about the same thing. But it’s always going to come down to you believing in yourself, it’s always going to come down to you believing that you have this massive ability to heal people in a few minutes. Then having someone struggle on their own losing a million dollars every single minute they’re shut down for my health perspective. And I believe in you, I’ve seen our elite members charge $500 for an initial visit, weeks after starting to work with us because all of the sudden something switches in them and they’re like ‘oh I can do this, I can bet big on myself. I can make these large investments because I’m betting on myself. I know this investment is going to help me impact more people therefore I can reach more people and yes I have to spend a little bit but the abundance that I’m going to be collecting in the end because I bet on myself, because I went full out and charged demanded what I’m worth. Because I wasn’t afraid to upsell to give patients the best possible quality care that they deserve, that is what I want for you. And I don’t think you need to be struggling alone and I don’t think you need to be struggling one minute more. Reach out to me @andreamaximnd I’ll put more resources in the show notes for you. But I really hope that this kind of sinks in because remember, your level of experience is not equivalent to your earning potential. I’m your number 1 fan, I will always be there to support you let me know how I can. I’m Andrea Maxim, and I’m out.
You guys are killer. Thank you as always for listening to the Profitable Practice Podcast. Leave me a comment, and if you have it already, I would love a review on iTunes. Definitely subscribe to this podcast and leave me a quick review! For those ready to maximize your practice, contact me at https://www.maximizedbusiness.ca/