Wouldn’t it be nice if you were able to double both your time off and your income? It’s possible. I’ve done it.
The first step is to determine how much time you’re actually taking off right now. Hopefully, you’re at least getting the weekends off, but I understand that doesn’t happen for everyone. Pull out your annual calendar, determine how much time you’re taking off right now, and then multiply that by two.
Let’s assume you’re getting two weeks of vacation every year. You get two weeks away from it all, every 365 days. That’s great. You can double that to four weeks per year next year.
The first step is this: go to your calendar, figure out how much time you already take off, and then double it. Block it out on your calendar – mark it as being off. There are easier times of year to do this, of course. Figure out when your slowest office periods are. For most of us, Thanksgiving and Christmas are both down times. What about other holidays? What about spring? What about summer? Find your slowest times of year and make those the focus of your time off scheduling.
You also need to consider not taking time in big chunks. Schedule long weekends. Three and four-day weekends add up quick! They also mean that you’re not out of the office for as long, allowing you to stay more on top of things while also enjoying more time off.
How does taking more time off help you double your income, though? Actually, there are quite a few ways. One of those is that when you take more time off, you’re more productive when you come back. You’re rested, refreshed and ready to go.
Figure out your income for the past year. Now, double it. That’s what you want to earn next year. To get started, you’ll need to break down your income needs by month, then week, then day. Figure out what you need to earn per day, then per hour to cover your operating costs and your personal income needs.
Once you have a per hour figure, you can easily see what you need to do to double your income. For instance, let’s say you need an additional $300 per hour to double what you’re earning. That’s simple – a couple of fillings will cover it nicely. Use that example moving forward and you’ll find that you can easily focus on building income streams without the hassle and stress that you might expect.
You can look at doing several things to make up any cash shortfall. One of the most obvious is to raise your fees a little bit, but take care not to do that on every service, or every fee. Small tweaks can often be more than enough. You can also improve cash flow by increasing the number of patients you see per day.
Do some basic math, figure out what you need to do to double your income, and when you need to schedule your time off. It’s more than possible to increase both.