Empowering Women in Chiropractic -How Women Chiropractors Can Build Wealth Without Burnout

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Hello and welcome to Empowering Women in Chiropractic, a show brought to you by ChiroSecure. My name is Dr. Nathalie Beauchamp, and today I'd like us to talk about money, and I know it's a topic that we don't always feel comfortable to talk about, but let's dig in and dive in to have a conversation about self-worth and our money mindset as chiropractors.

As well as ideas of how we can increase our wealth. So let's go to the first slide. Money confidence, how women chiropractors can build wealth without burning out. And that is the key to not just add to our to-do list just for the sake of adding to our to-do list and not have a strategy for success.

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So 70% the money gap, 70% of women business owner earn less than a hundred KA year. Many women entrepreneurs including chiropractors, struggled to generate substantial income for their practice. And another big gap too is chiropractors. Have a tendency to under charge for our services. And we'll talk about that a little bit in more detail.

And I think especially women, we have a tendency and I shouldn't generalize like this, but I think the stats would probably confirm that women have. A different money mindset than men. And the point here also is that you can't serve well if you're constantly depleted, that it is from an energy point of view.

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Or if you're not successful in practice, you can't keep your doors open and pay your staff and you are paying yourself less, and you never know how much you're gonna make. That's not a great way to be, and it is going to truly deplete you and get you to burnout and we don't want that. Our money story.

I remember, oh gosh, probably 30 years ago, a really good friend of mine brought me to a tr ecker conference in Montreal, all about money mindset. And I remember. I think there was 800 people in the room, if not more. I had never seen a room full of people like this talking about money and wealth and so forth.

So that was my kind of first exposure to, the fact that we grow up hearing, money doesn't grow on trees and all of those. What can be called limited belief. I know Tony Robbin talks about that as well. A lot. And, it's easy for us to fall back into those traps.

And, there's a lot of good resources online to change our mindset so we feel comfortable and we feel confident of what we are bringing to the equation and also our worth. So I think it's important that we look at our numbers in the practice and guilty of it myself. The first few years in practice, I just was going, pedals to the metals, just working as hard as I could, not really paying attention to my numbers because I think I was too scared to look at my numbers.

But point being is we can't do this. You need to know your revenue versus your profit because your practice could make, gross. A million dollar, but if you are spending a million dollar, you are not profitable. And I think it's important that when we look at things, we assess that. And then another huge thing is overheads.

And let's face it, everything is increasing in cost these days, and it doesn't take long, especially with the subscription. You've got your, I don't know, jut form or your Vimeo or your. Cap cut video editing or your 11 labs, or it doesn't take long for the subscription to add up. And I know myself every few months now almost, I just sit back with the list of expenses and say, okay, what do we really need?

And sometime I get mad because some stuff I'm not using at all and we're still paying for it. So doing that. Inventory of, your staff hours and where you're spending your money. That it is your phone line and your advertising. It could be your Facebook ads, your Google ads, so you always have to it's not so much overhead, but more marketing expenses.

But you have to look at all of this because it will affect, obviously, your revenue and therefore your profit. Your take home pay as well. And there's a whole conversation to be had with this. If you're in Canada versus the States, if you have a an LLC versus a corporation and so forth.

Strategically to pull a certain amount of salary and investing back in your business. That all makes sense from a business point of view, but. Don't forget to really pay attention to see what you're paying yourself and is it sufficient enough for you to live your life more than comfortably. Time versus money out.

I think this one is super important with tasks that you used to do, you can do, but. Goodness, it's not a good use of your time. So it could be, I don't know, bookkeeping, it could be video editing, even though you like it on the weekend to look, to sit down and work with a video editing platform or so forth.

But is it the best use of your time? So I think, again, this is something we need to audit often enough, looking at our to-do list and say. Is this a good use of my time and always asking ourselves the activities that we do every day? Is this moving you forward? So I always look at my day, pick three activity that are gonna be moving me forward, either at the clinic on finishing a book or writing my book.

I need to do three activity, that activities that will bring me. Towards my goal as opposed to say I'm gonna do, I don't know. I'm gonna paint the bathroom at my clinic. Not good use of my time, even though I would like to do that. So reviewing all of those things I think are crucial. And then raising our fee.

I think it's important that we look at that often enough as well price, perceive value charge for our knowledge and our expertise. And often time too if you undercharge someone or for a service, you are gonna. Start resenting giving that service to the person. So we don't wanna do that Charging for outcome and not time.

And this is a conversation as a chiropractor, I have all the time, people, I've done my adjustment they'll sit up and say, that's it. Yeah, that's it. Isn't that great? So with us chiropractor, my expertise is to correct. And detect the subluxation in your spine, adjust them. And doing so is not a long process, but the effect will last, hours.

And it is for us to redo on a regular basis so we can reprogram your brain and your body communication to work optimally. So the appointments are not gonna be like in therapy or massage therapy or physiotherapy. They're not gonna be long. But we do need to do it more regularly. And then, people go, oh, okay, so once you.

Pre-frame that they're not buying for your time, that you're not gonna be with them 30 minutes unless you are. And that's okay too. But whatever style of practice you have, but you're pre-framing it, that it's not just your time that they're buying, but your expertise of what you deliver.

Also, practicing the money conversation. It is something that I remember when I first graduated, I just. Almost didn't wanna talk about money, but we need to because unfortunately people will not get under care because of either time. Money and now I address both Right from the get go, I make my recommendation and ask them, what will would stop you from getting under care?

And having that conversation I think is super important. And then a quote here that I think could be a good conversation. I understand that budget is a concern and my priority is delivering the best care possible. The free reflects the time, the training, and the outcome that we focus on, and never to say that to, to discount your care and to make someone feel bad about their financial situation.

But I think it's. Important that we set expectation. And I go always back to the gym. I say to people, if your trainer wants to, wants you to go or you not even your trainer, you start the gym. If you're gonna go once a month, do you think you're gonna get a six six pack ab? Prob probably not. We're dealing with the same physiology here, so repetition is important.

And then also building wealth beyond the table. I know myself, as I mentioned, I'm a book author. I have digital courses. I just love health. I love sharing things. So it was, it just was a logical thing for me to write a book. It was a logical thing to create di digital courses and. Especially now, I've created mine a while back, but especially now with the tools that we have and the help of AI to help you craft your course outline and so forth.

Like it's, it is, it's exponentially easier to do affiliate partnership that it is with supplement companies and so forth. Books, as I mentioned. Speaking as well to have some speaking engagement. I know that I do a lot of webinars for corporation, which I get paid to deliver, which is awesome.

Group program is also something that someone could look into especially from a lifestyle point of view and online coaching as well. Again. Depends of your where you practice, your scope of practice the province you're in, the state that you're in. Not giving advice here on what to do or not to do, but those are all things that you can do and deliver.

Quick start audit. Know your take home page. This is something that you can maybe, phone up your bookkeeper or have a quick look and just look at your strategy and is it suiting you? 'cause sometime the cost of living really increasing is increased and you may need more. And what can you strategize to work around that raising one price.

This month, this is a challenge that I'm giving you to look at your fees for, your adjustments or any other services in your practice and see if you can raise it. I remember last summer going for a walk and I was listening to Tony Robin course or, a webinar of something and he was challenging people to increase their fees.

And we have to remember that to increase revenue, we can go at it three ways. You can increase your fees, increase the frequency that patient come in your office. So that's a wellness. Plans or care or conversation that you have that they come in more regularly for their overall health, all health and wellbeing, or expanding the offering.

So is it a different service, a shockwave device having another massage therapist? What is it that having more access to supplement and kind of evaluation for people to know? What supplements they should be taking. So those are the three ways that you can increase your revenue in the practice.

And then, as I said lastly, exploring those new streams of income. So you're allowed to try. I think it's important that we know that we're confident. We give a lot of value to. The world with what we do. I know myself, I feel blessed to be a chiropractor and I know that every day, even though sometime it's not always rainbows and sunshines of the logistic of the office or whatever might.

Be going on in my life, in my staff's life or in a patient's life. But we do make a huge impact and we give value. So we should, we are allowed to thrive. And then having that money, clarity is not a selfish thing. It's actually smart to know where we stand because I heard this. I can't remember 30 years ago probably.

If you wanna help the poor don't be one. And it just stuck with me for some reason, that I will be able to give a lot more if I'm successful and bring along people and give value. Own your worth. Lead with vision and trust yourself. So hopefully this gave you some insight and just a. Sit back and reflect on your money mindset, 'cause I'm sure you've heard about that, have you been sliding into a different mindset?

And I know I have to remind myself of that on a regular basis. And again, those three small challenges to look at your income to look. Is it time to raise your fee? What's your communication with patient that you're in integrity with your best recommendation? Have a conversation and, connect with the person.

Where are they with their time commitment, with their money commitment? And as long as they understand what the health impact is, then you know we're in fair exchange, that we know we gave them all that we could with our recommendation. And at the end of the day, it's for them to decide on their care.

So this was Dr. Nathalie Beauchamp for Empowering Women in Chiropractic, a show brought to you by ChiroSecure, which allow us, the doctors that I've been in practice for a while to share some tips and expertise and sometimes it's just. Thinking about certain situation that maybe we put on the back burner or it hasn't been in our awareness as much and maybe that it should.

So hopefully you enjoy the show. Thank you.

Join us each week as we bring you the best in business growth, practice management, social media, marketing, networking, leadership, and lots more. If it's about women in practice and business, you'll hear it here.

This has been a ChiroSecure production.

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