Starting Your Own Private Practice? Five Things You Should Know…
Does starting your own private practice appeal to you? This can be a big transition for therapists, counselors, social workers, life coaches etc. But maybe you’re tired of the 9-5 job or you want more freedom to spend time on what’s really important to you. If so, there are some things that you should consider first so the transition to being an entrepreneur is easier and less stressful.
While it may seem tempting, it’s not wise to hand in your resignation without first having your new business up and running. And it’s not enough to build your business around something that you’re passionate about. Your new business must fit into what supports the kind of life you want for yourself and your family. It’s important to know that you can really make a living at your new business.
Consider the following questions before starting your own private practice:
What kind of life do you really want to live? A day-to-day existence isn’t enough. Life is meant to be enjoyed to the full! Now is the time to mindfully reflect on what it is that you really want and the values you hold dear. What personal goals have you been putting off? What do you want your life to look like 5, 10, 15 years from now? How do you want to renew your purpose in life? What are you going to do when you start to feel stuck?
How will you finance the new business? Starting a business on credit card debt is very stressful for you and your family. Start saving 20-40% out of each paycheck. Within a year, you’ll be in a good financial position to start your own business. During this time, learn to live on a budget and eliminate as much debt as possible. Put yourself into a position where you can live without a paycheck for a year, plus have extra for an emergency fund.
What’s your business plan? What’s your big picture dream for starting your own private practice? This is the time to fill notebooks full of all your ideas. What services or products will you offer? How will you deliver them? What does the sales process look like? How much money do you need to make monthly? Annually? How many sales do you have to make to fulfill that goal? Will you have employees, partners, sponsors, investors, etc? Where will your office be? What will your website look like? Which social media platforms will you find your clients on? How will you keep track of everything? A good online resource for getting started is enloop.com.
Who will buy from you and why will they want to? A business isn’t a business unless you have clients or customers. Start telling everyone that you’re starting your own private practice. Tell your friends, family, and acquaintances. Ask them if they would be interested in becoming a client or if they know of anyone who would be interested.
One of the biggest hurdles is narrowing down to a niche or audience that will really buy from you. If you try to appeal to everyone…you’ll appeal to no one. So don’t be afraid to be very specific about who you want to work with. It’s important to create a very clear marketing message of who you serve and what value you bring to them.
What kind of learning curve are you up against? There’s a lot involved in starting your own private practice. It’s time to assess what skills you have and what you still need to learn. Do you need further training in NLP? Do you need more computer skills? How about business finance and operational skills? What about marketing skills? Learn as much as you can now, because once you start your own business, you’re going to be really busy.
I enjoy helping fellow practitioners who are eager to build their own business, integrating personal excellence, core values and originality. If you could benefit from some one-on-one coaching, contact me and we can discuss your options.
To give you a super solid foundation for starting your own private practice, I also want to invite you to attend Institute for Professional Leadership fall class, Creating Your Dream Practice. As one of the instructors, I can personally guarantee you’ll walk away with a compelling business vision, clarity on your unique business identity, and a better understanding of your relationship with money and marketing. Feel free to contact me and ask any questions you might have.