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Del Morrill, M.S. C.C.H

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A Center for Counseling & Hypnosis
Tacoma, Washington, USA
(253) 752-1506

Surviving the Hypnosis Business through Tough Times

QUESTION:

I’ve seen so many hypnotherapists come and go, and for many, it’s been too hard to make it financially, or they just don’t know how to conduct a business.  Even though I’m pretty good with marketing, I find that, because it is a cash-based business rather than salaried, if I go through a rough time, then I’m just about done for from a money standpoint.  How do you keep going?

ANSWER:

First of all, read the paper on the business of hypnosis on my web site, and whatever else you can read on basic management practices to see if you’re missing anything. 

I was fortunate when I began my practice because I had a husband who also worked. There are many, however, who don’t have that kind of situation. Even if you have such support, being without work for awhile can put a heavy burden on your ongoing expense requirements.  Creating any business takes time to build enough of a client base to sustain you.  Many hypnotherapists (and others) start their businesses without any money in the bank.  I think this is a mistake.  It is better to build a phase into your business plan of earning money first, which you would save until you have enough to support you when you open your practice. Some do this by working fulltime and taking clients on weekends and/or evenings; some by determining they will work in another area a couple of years and then shift to opening an HT practice.  It’s important to set deadlines in your plans.

I’ve learned, after once spending two months without clients or income due to severe bronchitis, that it is very wise to set aside a little money each time you deposit income, in order to build up a slush fund to carry you over when it is difficult to work. Whether it is illness, having extended guests, or an emergency, you will have bills to pay, but no income coming in during those times.  Running a business and getting income also means you will have taxes to deal with, and you’ll want to have money set aside for those, as well.

As a result, habitually, I put 20% of my week's income into a business savings account each time I deposit my earnings.  This handles my taxes, unexpected fees required to run the business, and the times when I might be unable to work.  If I know I am going to have to be gone for an extended time, I increase the percentage to 30% or 40%.

I have found it helpful, also, to set up a Line of Credit account with my bank, from which I can borrow if things get desperate.  Of course, there is interest for such loans, so you must be sure you can quickly pay them back before using dipping into such a fund. 

You might find it helpful to ask other hypnotherapists and counselors how they handle the low times in their practices.

 

 

 

 

 

 

 

 
 

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