Chiropractic Practice: Passive Income the Right Way

Today I want to discuss creating passive income the right way. Welcome to this, Thrive in Five. I’m Dr. Bob Hoffman for The Masters Circle Global where legends are made and legendary practices are built through chiropractic coaching. Over the last few years, and especially since Covid, I’ve observed a consistent trend of more and more of our colleagues getting side gigs because their income is not growing or worse decreasing. Part of the underbelly of our profession is a growing number of dcs who we either have left the profession hold a second job or on the brink of financial disaster. These embarrassing details are not reported in our professional publications, and there are no statistics available for the rest of us to review. The worst part is that none of this is necessary, needed or normal. Let me make this crystal clear for you. It is so ridiculously easy to succeed in chiropractic that you actually have to work overtime to fail, and there is a part of our profession that is exhausted from working overtime.

You can either see what you do as a chiropractor, as a job, or a career or a calling. Seeing yourself being a DC as a job is beyond sad and the lowest level of professional work you can get. Seeing what you do as a career is better, but still nowhere close to what’s possible and certainly less fulfilling than seeing yourself and what you do as a calling. You may not realize this, but you didn’t choose chiropractic. It shows you think of the details of your personal story, how you learned about chiropractic, how you applied for chiropractic school, how you ended up in chiropractic school, and how you ended up in practice. Divine intervention for sure. Once you accept that, it will either reinforce or help you pivot to seeing what you do as a calling. And the moment you see what you do as a calling, chiropractic stops being work, it stops being stressful, and it stops you from struggling, healing, running a successful practice, attracting amazing new patients, getting predictable, miraculous results, and as a result, helping you make tons of money because everything flows with effortless ease.

Here’s another little secret for you. Those within our profession who are crushing it, having their best year ever year after year, who live in joy and just freaking love what they do and who they have become. They also create passive income from their practices, but their passive income is different. Their side gig is centered around service to their patients, centered around healing and amazing clinical outcomes and about truly making a difference. They set up a virtual store of products and services to help patients live their best life products and services that help their patients have more energy so they can sleep more soundly, eat cleaner, take the best supplements, get more restorative sleep, lower their stress load, and improve their brain function. They set up a virtual dispensary that requires zero inventory and a virtual retail store filled with products they recommend and use themselves.

They have a plan and a strategy, and they know they cannot possibly outgive the universe. They’re laser focused on making the invisible visible and always researching the newest and the best products and the best services to get patients well and keep patients well now and forever. Many of my clients have million dollar plus practices and have had them for years even during covid because they see what they do as a privilege, a gift, and a calling for sure. And because they’re always creating more and more value for their patients and their community, they follow a formula of functional chiropractic plus functional lifestyle intervention plus functional modalities or technology for healing. For most functional chiropractic is some form of brain-based chiropractic, which we’ve been teaching for over 15 years, and functional lifestyle intervention is helping their patients with stress management, dietary and nutritional needs, exercise and movement, restorative, deep delta brainwave, sleep, customized movement, posture improvement balance, etc, etc.

And functional modalities or technology is accomplished with amazing things like lasers, frequency specific microcurrent pulse, electromagnetic frequency, heart rate variability, ENG three, DNA, vibe, reax, and the list goes on and on. They have all trained themselves to become master communicators to consistently influence how others think and behave, and they get that persuasion is the most important skill that they need to master. They’re all committed to constant never ending improvement. They engage, they read, they mastermind, they attend live seminars, they participate in Zoom masterminds. They take chances and they get that the status quo is their greatest enemy and their biggest competition. They all charge a fee usually well above the most common fees in our profession and realize that their fees are related to their self-confidence, self respect, and self-worth, and they don’t negotiate or give away services, and they recommend what patients need and continually customize their recommendations for each patient for every visit to help every patient get the best, the fastest, and the longest lasting clinical outcomes they get that the patient won’t allow the doctor to make the correction if the doctor fails to make the connection.

And it’s hard to grow and maintain a million dollar plus practice by doing the same things without ever adapting, evolving, growing, refining, or improving patients look to you and your team as role models of excellence, who lead by example. They look to see how you live your life, and if you’re aging gracefully, verse growing old, they look to you to see how you run your business and how busy and how successful you are. Remember to have what only 5% have. You have to be willing to do what the other 95% don’t do. Quite frankly, topics like this and the six essentials should always be part of your daily and weekly training if you are really serious about making an impact and moving the direction of becoming best in class. The six essentials are a critical piece of the future of your practice, especially if you aspire to a million dollar plus practice.

And that is why we’re inviting you to complete our online discovery form, which is a series of simple yes and no responses to each of the six essentials to see what may be your strongest skills, what are your weak areas that need improving. And by completing this simple but significant evaluation, you’ll learn the invisible spots in your practice that you need to work on and change and refine so you can grow. And on your screen right now is a QR code that’ll take you right to that form. Go ahead. I’ll wait for you. Take out your camera, take out your cell phone, go to the camera and aim it on that QR code. Go ahead and do it, and once you get that code locked in, it will take you right to the form to complete. Fill it out. And if you feel like you need an expert to help you see your blind spots or show you how to rapidly improve your practice or how to resolve those blind spots, just schedule a no cost, no obligation consultation with us. I need you to get this. The fundamentals have changed. The focus has changed, the business model has changed, and the ability to influence your patients and your staff have changed. 

You need to know what these changes are so that you can adapt to them. I’m urging you for your sake. Take action. Don’t procrastinate, not for me, but for you and for the people you serve. Place your camera on that QR code and complete that simple but essential questionnaire today. It will absolutely make life and your practice so much better and so much easier. We’ll be back next week with another Thrive in Five.

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