I recently heard a shocking report that proclaimed that most small business owners in America make about $50,000 per year. Now this is about par with the average American household, but not when you account for the number of hours put into the business by most small practice owners, in fact, it’s much worse.
If the average American works 40 hours per week to make $50k, and the average small business owner is usually putting in 60-80 hours per week, then business owners are essentially making 50-100% less than the average employed American based on an hourly rate.
The Question: are you making less than you should and dumping countless extra hours into your practice, tiring you out and taking away precious family or personal time?
Keith Lee, who was featured in Episode #3 of our new, highly acclaimed podcast for practice owners, the Practice X-Factor, shared these statistics with me in a recent email.
I got these statistics from a business journal a number of years ago….Here’s what business owners report:
70% report that they don’t have enough time for their children
82% check their email while on vacation
95% work more hours than a “normal” job
60% report being on the verge of a serious nervous breakdown
72% are ready to quit
62% end the day with neck pain, headache or have difficulty sleeping
Unfortunately, for many practice owners, it is not much different today. Especially during this economically rocky time…
Is this why you got into practice ownership? To be overworked and underpaid? My guess is a resounding NO!
Over 2,000 years ago, Hippocrates, the father of modern medicine suggested that:
“All disease begins in the gut.”
Today, more medical research is proving this to be true with many chronic, inflammatory, and metabolic diseases. If your “gut” is telling you that your life and practice aren’t working the way you want them to, it’s time to make a big change. A couple small, incremental changes will not make the cut.
Now is the time to take your life back, inject some new productive profit into your business and build the lifestyle you want with a practice that runs fluidly when you aren’t there.
If we can be of help, you may be interested in joining the only Practice Growth Membership Program that’s GUARANTEED to produce a 400% return on investment. If you’d like more details, click here or call us at (801) 512-2987.