When I boarded the flight home early on Monday morning, I realized I was feeling kinda punky. As the plane lifted off, I realized I was genuinely ill and there was a good chance it was the flu. Oh, the joys of being trapped on a plane when all you want to do is throw up (oh, the joy of being the seatmate of the woman who only wants to throw up.....).
I managed to hold everything together till I got home, sleeping 13 ininterrupted hours that night. I dragged myself out of bed Tuesday morning for one purpose only: to cancel my 4 appointments that day.
Four appointments! Oh, how painful to have to cancel the most full day I've had in 6 months! Yikes, that hurt.
Which brings me to the biggest disadvantage of being self-employed: I don't work, I don't get paid and I simply have to take time off sometimes. Continuing education, illness, vacation. How do we plan for that?
Try this.....
Question #1:
How much money do you need to make from your massage practice in a year? Is it your sole support? Do you have income from another source? Let's say....$45,000 for this little exercise.
How much money do you need to make from your massage practice in a year? Is it your sole support? Do you have income from another source? Let's say....$45,000 for this little exercise.
Question #2: How many weeks will you work this year? This will help you know as you go along whether you're bringing in enough income. So, you'll divide $45,000 by 52 (for your weekly goals) right?
Woops! No. Because you won't work 52 weeks a year. You need to subtract the number of weeks you are likely to be unable to work. This is how I usually work it out:
Vacation: 3 weeks
Sick: 1 week
Training: 1 week
Crap happens: 3 weeks
What is "crap happens"? That's the stuff that you can't plan for but still happens. Snowstorms that shut the city down. Having your car (and travel table!) stolen. Winning an unexpected trip. Having a parent die. I've had all these things happen to me. Hell, I've had all these things (and more) happen to me in one year (2005, if anyone is interested).
Crap happens. You might as well budget for it.
So that’s 8 potential no-income weeks. We're down to 44 income-earning weeks. Divide your annual income goal ($45,000) by your estimated income-earning weeks (44). The answer? $1,023.
To make $45,000 per year, you need to average a little more than $1,000 per week. If you are, on average, bringing in $1,000 per week, you will be able to pay for your vacation, sick leave, continuing education, and the lovely "crap happens".
To make $45,000 per year, you need to average a little more than $1,000 per week. If you are, on average, bringing in $1,000 per week, you will be able to pay for your vacation, sick leave, continuing education, and the lovely "crap happens".
Just remember to set some of that $1,000 aside every week for the weeks you'll need it.
(By the way, I'm feeling much better today, thankfully.)
Funny you should post on this...it's been on my mind lately. I'd like to add a slightly different perspective, but not too different, because I agree with everything you said.
ReplyDeleteThe additional part really has to do with how we deal inside ourselves when all this happens. Even if we plan, as you've suggested, and then crap happens (and believe me, crap always does happen, and usually 'and then some') it's challenging not to get a slight flush of panic about things like paying the bills, and being able to get everyone rescheduled, and keeping people in the pipeline so that you'll have a schedule. At times like these it's really important to take a deep breath (did you ever wonder why every PMTI instructor was always saying "Breathe"), and then to go to your spiritual inside place and find the shelf marked TRUST. At times like this, no matter how well we've planned, or how absolutely freaked out we might feel about where's the rent, food or mortgage money gonna come from....it's just really important to know that 'it' will all work out. For me, that means some time in prayer; for others trusting the Universe to provide. I don't really care how you call it....it's important to do it. After all these years, I've had way too many moments of panic that never resulted in anything nearly as dramatic as what my crazy head was thinking. Instead, I can say with 100% certainty...it has always worked out. Blessings.
Bruce
Bruce, you are so spot on! I've had so many panic attacks but when I look back I can't really remember any times where it didn't eventually work out. Surviving the panic means -- exactly as you say -- going to the TRUST place deep inside ourselves, however it is we get there.
ReplyDeleteAnd you are one of the great teachers always reminding us to breeeeeeathe. :)