Private Practice is Not For Everyone
Just because I enjoying owning and running a private practice, doesn’t mean you will too. Everyone’s journey is complex and unique!
Some people hate the logistics of running a business (e.g. billing, replying to phone calls, paying taxes) and just want to focus on providing therapy.
Consider what it is that you really seek right now and long term, and if owning a business will bring you the joy, freedom, and peace you are looking for.
Pros Of Private Practice
More Freedom & Choice
To dictate your own hours, fees, policies, systems
Lifelong Learning
Requires learning and understanding of legal, ethical, financial, administrative, and technical aspects of running a therapy business
You’re In Charge Of Everything
You like making decisions
You want to create your own management/work systems
Higher Income Potential
Than community mental health, non profits, and traditional organizations/systems
Seeing less clients while making more or the same amount of money
Preventing Burn Out
No more listening and adhering to managed care/insurance
No more seeing 25-35 clients weekly
Taking time off whenever you want to (rather than requesting time off and asking for coverage weeks/months in advance)
The Ability To Create A Life You Desire & Crave
Making a certain income (unlimited potential, especially once if/once you scale from beyond 1:1 therapy to groups, workshops, speaking engagements, consultation)
Your ideal work schedule (you could work 2-3 days a week if you’d like)
A certain ideal client population (not feeling ill equipped and incompetent while also working within your scope of practice)
Cons Of Private Practice
Isolating & Lonely Working Alone
You’ll find your own support through supervision and peer consult
Multiple Roles Required
Billing: Unless you hire someone to support you like a biller or office manager
Admin: You’ll be in charge of responding to emails, phone calls, payment collection, appointment reminders
Marketing: Other logistical duties like marketing, advertising, and networking
Responsibility As A Business Owner
Everything is your job (unless you hire out)
Owning a business is inherently risky
No Retirement Plan Matched By Employer
You can invest in one of your choice as a pre-tax deduction such as SEP IRA, Roth, etc.
Lack of CEU Fund Or In House Training/Education
You’ll need to save money for your desired workshops/trainings
Seasonal Income Based On Decreased Client Engagement
Some seasons will be busier, others will be slower; summer vacation, winter break, holidays
You’ll need to save accordingly to account for months you’ll make less money due to client cancellations or when clients end therapy with you
Questions To Ask Yourself
Why do I want to start a private practice?
What is motivating me?
Money?
Flexibility?
Working with ideal clients?
Seeing less clients?
Having more control over my work?
Who is my target/ideal client for private practice?
What resources and support do I have to help me launch my practice?
Mentors
Femtors
Former colleagues, supervisors, professors
Facebook groups
Peers
Am I willing to learn the basics of operating and running a small business? Am I motivated and passionate?
Do I have other obligations that will prevent me from committing to private practice?
Children
Caring for others
Working another job
Attending school or training program
Would there be a much better time for me to start a business other than now?
Can I open a private practice one day a week before quitting my full time job?