(#249) The Biggest MISTAKES I Made Starting A Therapy Private Practice

Starting a private practice can be a challenge for many therapists. By understanding the most common mistakes I made as a private practitioner, you can anticipate and avoid these pitfalls and learn how to build a thriving private practice.

Join me in this episode as I cover six of my biggest mistakes in the earlier stages of running a solo and group practice. You'll get a lot of insights from my learning experiences and recognize the proper steps to reduce unnecessary costs and add more value to your business.

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Timestamps:

  • Not understanding business entity structures (01:35)
  • Not delegating bookkeeping to a professional (05:50)
  • Not paying for a CPA/tax professional (07:28)
  • Not hiring sooner (09:06)
  • Not recognizing a payroll system (12:07)
  • Not understanding how to proclaim my gift as "the expert" (14:38)

  

Standout Quotes:

  • "I lost a lot of money not understanding the logistics of having a corporation, owing money when having a W9, and not knowing how to have that mature, assertive business owner conversation with a tax person to talk to them about my goals in my business so that they can give me their professional opinion, or suggestion, of what I should do next." (05:25)
  • "I chose to turn over my taxes to a CPA after I was making 6 figures in my private practice, and that really came from me having a group practice because I recognized that I wanted to have more tax breaks. When you have employees, you do get tax breaks but you need to understand what is a write-off and what is not... I also wanted to be notified if there were any red flags on my account so that I can rectify it at the moment, each month, versus waiting until we do our taxes the following year..." (07:58)
  • "Truth be told, the reason why I did not hire is because I had a fear, a scarcity mindset; scarcity mindset in terms of feeling like money is going out and how am I going to replace this money? I didn't understand that this person would be freeing me up to do the things that I love, that I'm more passionate about, that I'm really good at, and that also requires me to bring in more in the business." (09:23)

 

Resources Mentioned:

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