THE RADICAL RMT
WHAT IF I CREATED MY OWN REAL WORLD MBA?
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Welcome to a series of short episodes where I answer "17 Questions That Changed My Life" from Tim Ferriss.
I journaled each morning on these questions and I am excited to share my answers with you and how I am applying them to my massage practice, business, and personal life. Today's question is, "What If I Created My Own Real World MBA?" Thinking of changing careers or expanding your skills? What if you redirected that money from the theory and just jumped right in? In this episode I share 5 ways you can create a real world MBA with your massage career? If you play along and ponder these 17 questions, I would love for you to share your answers with The Radical RMT community or send me a DM! Instagram: @TheRadicalmassagetherapist THE FULL LIST OF QUESTIONS https://tim.blog/wp-content/uploads/2020/01/17-Questions-That-Changed-My-Life.pdf Krista Dicks Hello radical massage therapists. Welcome to another episode of the radical massage therapist podcast. We're continuing with the 17 questions that changed my life from Tim Ferriss. And today's question is, what if I created my own real world MBA? WHAT IS A REAL WORLD MBA? I really liked this one. And this explanation, what Tim basically said, and I have a note in my notes that just read what Tim wrote, don't try to paraphrase the what if you created his own real world MBA, Tim Ferriss was thinking of doing an MBA at university, but effectively decided that he would instead invest the money he was going to spend on University, which was approximately 200,000 US dollars in today funds. And he even said he would focus on Angel Investing small business startups as well. This way, he went in with the attitude that he was going to lose this money anyway, by going to university, right. So if we go to university, we spend money on school, in sort of a generic degree, then there is a real chance that it's just money wasted. I use that in air quotes as well. So if he went into it with the idea that he was going to take all the courses to get an MBA, and at the end of it, he would just have a degree, but he would have spent 200,000 US dollars, how could he instead turn that into a real world experience by focusing on Angel investing with that 200k This way, he went in with the attitude he was gonna lose money anyway, got that. But it could also pay off in experiences. And I agree with this completely. IS UNIVERSITY WASTED MONEY? I when he explained this concept, I think a lot of us might be doing it already. But I did go to university before I went to massage school. And I think a lot of us did, I went to Queen's University. And that was purely for the aesthetic reason of going to Queens, I wanted to see if I was good enough to get in, I wanted to see if I was smart enough. And if I could go, then I would feel like I had that prestige of going to Queen's University, the Harvard of the North. Ultimately, I knew I want to be a massage therapist. But I also didn't feel ready to take on the curriculum of massage therapy and get out there as young as I was. So I just had to go to Queens first and get some experience. And I did a BA in English, still knowing that I was going to go to massage school immediately after I finished at Queens. And I will not say it was a complete waste of money. Because obviously, a lot of the experiences I had there, the people that I met the connections that I need, I can see how that really has played out into my life now and things would be drastically different if I didn't go to Queens, but I do feel that sometimes because it was the parents who've funded that opportunity. And am I really using it? Maybe yes, maybe no, as an English major, the feedback that I've had so far is just that when I send out my resumes, as a massage therapist, I got a lot of feedback about how well well written who were and how nice they looked. So maybe that helped a little bit. But I don't feel that ultimately, it's, you know, contributed. I don't feel like it's necessarily opened doors. And what's been interesting as well. A side note is that some of the massage clients that I've had in the past, I have read my bio, and I went to Queens University, and they sometimes comment, they're like, you went to Queens, like, why are you a massage therapist? And that I mean to them? It seems like massage therapy is lower than I disagree. But yeah, it's really interesting how people perceive University over a service industry. And I see that even though I know we are healthcare providers, but how they see us as service providers sometimes. HOW TO APPLY A REAL WORLD MBA AS A MASSAGE THERAPIST BECOME A CLINIC OWNER So after that, right, instead of spending all of that money, this is how I'm going to explain it here as what we can do as massage therapists. So there's a couple categories as well at where I'm at right now in my life, I feel that I am doing this 100% As a clinic owner, as a clinic owner, there's a huge risk and you need the vendor the expenses in order to start the clinic. I had to get a loan and having that loan obviously comes with a financial risk, it's a loan, that is not going to be a huge thing. For me, if I lose that money, if I lose the clinic, I am I know I'm not gonna be devastated by that it's not going to ruin my life, I will be able to make that back another way if I needed to. However, I am almost one year of owning the practice. And I'm very excited to say that my loan is almost paid off, it will be paid off by the time I hit my one year anniversary of owning the clinic. And there are pros and cons to that, of course, a lot of there's a lot of financial benefits to paying it off. And then there's financial benefits, if you're not paying off either. It's, it's all right. But I for me, it was important to pay it off as soon as possible, and I had one year in mind. So opening a clinic, because you need the money in order to operate it, you're going to need to get a loan, potentially, I always would recommend also that you get a loan from the bank, don't use your own money. So if you're going to lose this money, then I knew that for me, it wasn't going to be devastating experience that I'm going to gain from owning a clinic, as Tim said, right, is going to be much greater than if I went to school, let's say they ran the school to own a clinic and I paid in order to go to that school instead of just starting the clinic and having that experience. And this is going to be a huge growth, opportunity for me to own the clinic versus spending that money elsewhere. START A SIDE BUSINESS You could also I mean, if you're thinking of something different to do anyway, and going back to school, or maybe even business school, right, then that would you're gonna work your butt off to work in school, and then also you're studying and possibly working at the same time. So it just be a lot of work instead of just jumping into clinical ownership and ownership might obviously not be for everyone. But a side business could work here as well. So if you're again, thinking of going back to school for something different, why don't you take some of that money that you're thinking of putting into school and use it to start a side business while you are still in massage therapy. And this way you can dabble and not have to completely remove yourself for massage, but start to work on something on the side. I know like side hustles or not. I don't have a great reputation right now. But I do believe that we can all benefit from an extra source of income, I teach Pilates. So I really enjoy the opportunity to make a little extra money as opposed instructor and if you know me, I'm always looking for something else as well, that can be something else that could help you is to work have a side business as top of your massage career. So you're gonna use that money instead of going back to school, that or paying for more courses, maybe, then you're going to just jump right into the business side of it. TRAVEL, VOLUNTEER, OR WORK ABROAD I think that a real world MBA could also look like travel or volunteering and working abroad, this does have a big risk, obviously, you want to do it smartly. And if you do have some fine finances that you're tied to here, I definitely think it does take take some planning, but ultimately, what's the worst that can happen and I have a whole episode on working abroad. Sometimes you just need that break, and maybe the money that you would spend again to try something different could go towards travelling, volunteering or working abroad. And that could be just something that your soul absolutely needs to feel rejuvenated. BECOME AN ANGEL INVESTOR IN OTHER BUSINESSES YOU BELIEVE IN aAnd what could be the payoff as that right and clinic owners, we could Angel invest in other health care businesses and guide new or experienced practitioners to success in their own practice or a separate business startup. I have no experience in this but I certainly feel like I would be supportive of this idea. I don't know exactly how it would work out. But as someone who's now been a clinic owner for Here I am, I feel confident that I could help other clinic owners to open or like potential clinical nurse open their own clinic or work on their clinic if they were looking for different different ways to sort of put inject some spark or some growth or just just different ideas. I feel like I have some experience there. And this could also you know, if somebody was having difficulty getting finances in full then perhaps you could be that angel investor that got them on their way. A, this might be particularly helpful. So I work with an with a line. So I own the line clinic and we are one of seven in the area. So I don't know what it would look like if I was going to invest in somebody outside of the line. But certainly there are benefits to me helping somebody within a line. I know that some people might see that as competition, but I do not. So I'm going to help someone else who owns in the line clinic, I feel like it only helped me and the other clinics as well. And obviously, it could be a separate business, I completely, I think this could be possibility as well, if there is a massage therapist or healthcare provider who was looking to start something separate, I think the experience of clinic ownership has really helped you just develop the right business skills that I think translate to pretty much any business. Because at this point, it's just a copy and paste model for systems. And if you don't want to, and if you're don't have those systems in place for your own business, obviously, you're not going to be able to help somebody else. But I think once you have your business, operating and you're making money, then you can teach other people how to do that in their business. It doesn't have to be massage therapy or healthcare business for the disenchanted massage therapist or real world MBA may be just what you need. BECOME A MENTOR IN THE PROFESSION So I personally know from experience that sometimes I'm feeling a little bit of a routine in my massage career. And I was really grateful for the opportunity to own a clinic, which has helped me to be more excited and involved in the not only my massage career, but how do you make the massage industry more exciting, how to make clinic more approachable, all these wonderful things that come with clinic ownership. But sometimes also, if you offer yourself as a mentor to massage therapists, new or super, super involved in the field, then I find that I really get excited talking about massage therapy. So even though sometimes my day can feel pretty routine, and I'm kind of feeling like is this really for me anymore. As soon as somebody asks me about the profession, I still really get lit up or even when clients are super talkative on the table and curious about our profession, what's happening in our profession, how you get involved, I really get excited about it. And that to me just sort of says that I'm still still in this game, for sure. And I feel like if you have the same opportunity, if you do find yourself getting excited talking about massage therapy, then then try to engage in that more and become a mentor for other massage therapists. Or anybody that might be interested in the career as well as always important just to pay attention to what still lights you up. Not only about massage therapy, but other things. And that can relate back to how you can start your own real world MBA as well. And just follow that curiosity. I hope this episode was helpful and a little bit rusty today. Not gonna lie guys. It's a long weekend Monday and it's a bit rainy and dreary outside a little bit out of sorts because everybody's home, but that's okay. I hope this was helpful. You have questions I'm always available on Instagram has a radical massage therapist share this episode with somebody who you might feel needs a little boost and their massage career as well. If they're thinking about change, this episode might be helpful for them. Thanks so much for listening and I hope you have an awesome day. Transcribed by https://otter.ai MORE FROM THIS EPISODE Listen to Episode 50 Work Abroad as a Massage Therapist with Krista Dicks Listen to Episode 58 What is the worst thing that could happen and could I get back here? JOIN THE NEXT RADICAL POWER HOUR CO-WORKING SESSION Stay Tuned BOOK A FREE VIRTUAL CHAT WITH ME Want some help with discovering your own real world MBA? I seriously love this stuff and would love to help you if you are feeling stuck or overwhelmed. Please don't hesitate to send me a DM @theradicalmassagetherapist or email [email protected] ABOUT Krista Dicks, RMT since 2006, practices in Ottawa, Canada and is a Certified Stott Pilates instructor. She is the host of The Radical RMT Podcast and has been published in the International Journal of Therapeutic Massage and Bodywork and received an honourable mention in the Massage Therapy Foundation Inaugural Practitioner Case Report Contest. Krista is co-host of the first annual “Take Care of You School.” This virtual event for massage therapists focused on self-care for the massage therapist and presenters were represented globally to share their experience on topics of physical, mental, emotional, and financial well-being. It’s Krista's goal to encourage massage therapists to experience life on their terms thanks to the opportunities we have in our profession. With a willingness to grow and self-care of body and mind she believes we can maintain long-term fulfilling careers. 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I'm a girl who was told by my grandma that I have magic hands and so I became a massage therapist. I love reading in bed, the combo of peanut butter and chocolate anything, and working from my laptop or phone with my dogs by my side. My mission? To help other massage therapists own their awesome and do what they love every darn day! Even if that love is not massage therapy.
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