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Are you ready to start a private practice?
Anyone with the right grit and determination can start a private practice, but you must have a plan and seek advice from those who have done it before. In this essay, I'll walk you through my 8 basic steps for starting a private practice the right way.
1. Be truthful to yourself
Too many private practitioners begin their practice without giving any thought to what it means to be a business owner. Begin by asking yourself the following questions:
Do you have faith in your clinical abilities?
Do you feel at ease with clients in a private setting where you may be the only one in your office or building?
Do you have a good concept of the types of clientele you prefer to work with?
Do your state's rules and regulations permit you to practice in private with your present license type?
Do you have any outstanding debts that you must pay off first?
·Are you prepared to accept more liability and stress?
Are you adept at handling money?
How will you fund it?
If merely reading these questions causes you pause (and/or palpitations...), you may want to spend more time in "contemplation mode" before diving in and starting your own practice.
2. Save some money or be willing to work hard
Fortunately, starting a private practice is one of the most cost-effective enterprises you can establish. You only need a few items to get started: malpractice insurance, a mechanism to collect money, a website, a way to store clinical notes, and a place to see your clients (or simply a computer if your practice is totally online).
3. Accept the fact that you are new to anything
You'll be presented with tasks you've never done before and will feel completely unprepared to handle. You'll have to master new language, legislation, and regulations, as well as financial and mathematical concepts.
4. Establish specific and aspirational goals
When you first start your private practice, I recommend that you make clear and aspirational goals...in other words, strive higher than you believe is attainable. For example, if your first *clear* aim is to earn $100,000 in annual gross revenue, raise it to $120,000 and work your goals, action processes, and even your fees backward from there. When you have higher goals, you will unconsciously work harder and smarter to reach them. Your goals are too little if you achieve them quickly and easily.
5. Locate a mentor or guide
Over the years, working with my own business consultant and coaches has exponentially accelerated my growth and income. Working with someone competent who has been through it before will help you get through barriers and challenges much faster (and with less stress, headache, and money wasted).
6. Determine your worth
Speaking of money, a common error I see private practice owners make is charging way too little for their session fees. When you set your costs too low, at least two things happen: clients underestimate the worth of their work with you (and hence work less hard, arrive late, and cancel more frequently), and you can't comfortably pay your bills. Set your gross revenue objective and work backward from there to calculate your private practice rates.
7. Market first, then expand
You should begin marketing yourself at least three to four weeks before you are ready to take on clients. If you have more time to start marketing, I recommend starting your website early and ranking on Google as soon as possible (this takes at least 3-6 months to produce organic traffic).
8. Grow alongside your business rather than ahead of it
The second most common error I see owners of private practice make is striving to grow too quickly. In other words, they are incurring too many expenses before generating enough money to cover their overhead and pay for themselves. The solution is straightforward: develop your firm (i.e., your expenses) in tandem with your revenue, never the other way around.
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