Being in private practice during the holidays is bitter sweet. You have the freedom to take off for as long as or whenever you want. You don’t need approval from a manager or to watch your PTO. However, it is also stressful to consider the loss of income during the times you are in the office but your clients are not or you are out of the office spending time with family and friends.
I wish there was a simple hack for this but there isn’t. I want to validate that it is a challenging aspect of private practice. It can be one of the drawbacks. Not making income during a season that is also fairly expensive can SUCK.
Here are a few long term tips that I have found to be helpful. I hope they are helpful to you too.
Dealing with the Holiday Season Slump
Begin to set aside money as a reserve each week or month.
Can you add a small percentage to a savings account each month? Even $100.00 a week or month will add up to a lot. This can be the money you draw from during the holiday season for your pay. If you put $100.00 a month aside, then you will have $1,200 for the holiday season. If you can set aside $100.00 a week then you will have $5,200 by the holiday season. This money can be utilized to pay bills and pay yourself.
Create other income streams.
Over time you might want to find ways to be paid that don’t include 1:1 work. When you create alternate streams of revenue then you are more likely to have money coming in even during the times you are away from the office. This might mean that you hold workshops, webinars, or create course material.
Limit your spending in the fall.
During the fall you might begin to have steady streams of income that make you feel financially comfortable. However, if you struggle during the holidays season you should be mindful of your spending. Don’t take on an expensive project from August-November. While it might feel good at the time, the reverberations will be felt come December and January. Try to do your bigger projects (like paying for a new website design) at the beginning of the year.
Trust the process.
If you feel a holiday slump remember that it is fairly normal and business will be back to normal again once everyone has returned from the busyness of the holidays. Trust that your business will begin to generate income again soon and don’t allow the holidays to make you feel like giving up. During this season, take the extra time to enjoy life or get things done that you usually put to the side (note taking, marketing, etc). Before you know it life will be busy again!
I’d love to hear how the holiday season is for you and your business. Let me know in the comments below!
“I’m Elizabeth, a Licensed Marriage and Family Therapist turned Mindset, Business, & Marketing consultant for therapists who want to build a six-figure practice. With custom solutions and personalized coaching, I help my clients improve their business mindsets, communicate their value, and market offerings that prioritize profit with purpose.”