Have you ever thought about opening your own private practice?
Maybe it’s been a dream of yours ever since college, or perhaps it’s an idea you’ve only recently started toying with. Either way, you know that opening a private practice is a huge decision.
Not only does it mean calling the shots and being your own boss, it also means relying on yourself to bring in new clients, providing the best care possible all while upholding your personal and professional values and ethics.
It can feel like a whirlwind, at times, but one that’s totally worth it!
When I started my private practice, I did so part-time. I worked at my full-time job during the day and then in my private practice at night and on weekends. I slowly built up my own caseload whilst bringing in the income I needed from my 9-5. It wasn’t always easy. Most days, I would work up to 12-16 hour days with no real down time but I could see the seeds of my hard work beginning to grow. And I had my vision to move into private practice full-time sooner than later.
Starting my private practice on a part-time basis allowed me to save up the disposable income I needed and put it towards opening my own practice. But it did mean no nights out, no fun purchases and definitely no weekends away.
But I could see the vision!
It wasn’t for long I might add, only 2 and a half months of this lifestyle were needed before I was ready to submit my resignation and make the leap into full-time private practice.
One of the most important things I did to prepare was save up my vacation time so when it came time to say goodbye I was paid out at the conclusion of my employment. It gave me another bucket of funds to put towards my goal.
By the end of my hard work, I had six weekly clients and enough money to support my life and business for about another 2 months, while I built up my day time caseload.
So, take it from me, it can be done.
If I can do it, you definitely can!
Creating financial safeguards before taking the plunge will help you confidently transition into your new chapter and provide you the stability you need to keep paying the bills and live life how you want.
Here are 5 reasons to start your own private practice
5 Reasons to Start Your Private Practice
Flexibility
This was a game changer for me. Having flexibility over your own schedule improved my work-life balance dramatically! I love to spend time outside on a sunny day, be able to catch up with a friend for coffee and having an extra-long a weekend every now and then. Choosing my own schedule opened up these options for me and allowed me to build my caseload around my lifestyle, not the other way around.
Autonomy
If you’re someone who loves to be left to their own devices and take ownership over your work then having a private practice is for you! When you own your own private practice you get to choose your hourly rate, your therapeutic modalities, and mode of therapeutic delivery(i.e. in-person, telephone, and/or video therapy). You can build your practice around your personal and professional values and vision to ensure you feel true to yourself every day.
Freedom
Are you interested in working with specific types of clients? Owning a private practice gives you the freedom to work with clients that you feel passionate about and hone your skills on areas you want to specialize. Not only can this be fulfilling but it’s also one way to become recognized specialist in one, or few, areas of therapy. Only if that’s your jam, of course!
Income
When working at a service-based agency your rate is set for you, but this isn’t the case when you run the show. You can set your own hourly rate and cap limits on how many clients you take on. You also have the ability to add additional income streams so you can grow your practice. This gives you the opportunity to make more money whilst taking on a lower caseload, again, allowing for more freedom and flexibility so you have a balanced work-life.
Better standards
Owning a private practice comes with a lot of responsibility. You will need to create your own policies, procedures, and business standards but this also gives you the opportunity to align these with your personal and professional ethical framework. This cuts out the business hierarchies, bureaucracy and red tape – giving you a perfectly running machine that’s also aligned with your private practice vision.
Opening your own private practice can be one of the most pivotal moments of your career. It’s a fantastic opportunity to build your brand, professional voice and give you the lifestyle of your dreams.
I’m assuming if you’re reading this article, you’ve likely been contemplating starting a private practice. So, I encourage you to start considering the next steps that you’ll need to take in order to make your dream become reality.
Remember, there’s no need to rush. Take it slow, consider the benefits, and make a plan – there’s always room for more private practices run by incredibly therapist like you!
I know starting a private practice can feel overwhelming at times, so I’ve created a free (access-on-your-time) mini-course, 5 Must-Haves Before Starting a Private Practice.
In the mini course, I share with you the 5 things you’ll need to have in place before opening the doors of your private practice. To register, click here and you’ll be redirected to the course registration page.
Need some inspiration and support first?
Join our Boosting Business: Therapists’ Private Practice Community on Facebook.
Whether you’re contemplating private practice ownership or you’ve already started your private practice, Boosting Business is a community dedicated to private practice support, resources, and network-building.
And you’ll have like-minded therapists cheering you on every step of the way, because sometimes we just need a little community to give us the inspiration and courage to do the great things that we’re meant to do!