When we go to begin our Private Practice, we need to do a lot of research before we even find office space. We need to research things such as location, what licenses are needed if any, parking, rent etc. Once we have these taken care of, we need to think about a business plan. Most businesese fail in their first year because we fail to have a business plan. The hardest part about having your own business, especially for therapists, is being able to think like a business person. This is totatlly differnt than thinking like a therapists. When we have a business plan it includes things such as marketing, overhead, future income, current expenses, etc. When we think like a business person, we make decisions like a business person. When we think like a therapist we may miss the mark on a lot of things that make our business successful. Sometimes, we have to tow a hard line. What is your upfront costs? What happens if business is slow? How much do you need to charge clients to make your monthly budget? Can you do pro bono? What is the turn around time for insurance payments etc.? Alot of therapists who are excellent at what they do, are not excellent at running a business. If you feel that is you, then you need to hire someone who is good at running a business, so you need to put this salary in your budget. It goes against the grain that therapists are about, caring, empathetic, etc. When you run a business, sometimes you can’t be these things. How will this affect you?
Having a private practice may look awesome on the outside, but it can be unsuccessful if you don’t follow the simple rules.