Episode 35: How to Avoid Business Building Mistakes That Leave You Burned Out (with Maegan Megginson)

Being a therapists can be tough on it's own... then add on being a business owner, manager, and administrator... and you just might end up getting burned out! This can also take you away from other aspects of your life, such as your family, friends, and personal goals. In order to achieve more in your business in the long, take a listen to today's episode for some tools for dealing with financial burn out!

Maegan is a business coach, licensed therapist, group practice owner, and self-diagnosed business-building addict. She's on a mission to help overwhelmed service providers create unique, burnout-proof businesses that honor their needs and bankroll their lifestyle. As an ambitious introvert and highly sensitive person, Maegan is intimately familiar with the struggle that arises when your energetic limitations conflict with your desire to build the business you know you’re capable of creating. In addition to managing her own profitable businesses (+ taking lots of naps), you’ll find her neck deep in the Outlander universe (seriously, send help!), snuggling with her three furry Beagles, and consuming dangerous amounts of sea salt & vinegar Kettle chips.

Episode Highlights:

• Firstly, you should be familiar with your business AND personal finances
  • For your business: How money flows in and out, how much to pay yourself/employees, how much to pay in taxes, etc.
  • For your personal finances: What you're saving for, what is your livable wage, retirement plan, etc.
• Add a financial professional and a business coach to your utility belt!
  • If you feel overwhelmed with the finances in your business, you may not have the right financial professional for your business.
  • Do some research and find an accountant or bookkeeper that specialized in the therapy industry (hint, hint - check out GreenOak Accounting!)
  • A business coach can help walk you through making huge decisions for your business like adding additional sources of income or expanding to new locations
• Feeling financial burn-out is very common!
  • Therapy skill sets don't always align with understanding business finances - and it definitely isn't something that is emphasized during your education!
  • Build a financial team that will not only handle the day-to-day work, but will also take the time to educate you in order to help you better understand your business

Links & Resources:
Megginson Consulting
4 Business Building Mistakes Guide
Profit First by Mike Michalowicz
Clockwork by Mike Michalowicz
Rocket Fuel by Gino Wickman and Mark C. Winters
Burnout: The Secret to Unlocking the Stress Cycle by Amelia and Emily Nagoski
GreenOak Accounting
Therapy For Your Money Podcast