In this video you'll learn how to start a private practice with no mistakes. Starting a therapy private practice can be overwhelming. Today I am talking about some mistakes, I've seen therapists that I've coached make over the years. These are mistakes you should avoid at all costs when starting a private practice, including:
1. Having too much overhead too soon
2. Not charging what you’re worth
3. Not being willing to spend money early on
4. Having a bad website
5. Having an unclear message
What mistakes have you made early on in building your private practice?
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This video is a guide to earning 6 figures as a private practice therapist. How can you build a six figure therapy practice? It's not easy, but it can totally be done. What I like to do is work backwards from the goal and I do just that in todays video. Once you break things down into daily numbers then building a six figure practice doesn't seem too far off.
In today's video I go over:
1. How much do you actually need in order to make $100,000?
2. What are the quickest ways to get to 6 figures?
3. Tips to transform your private practice into a group practice
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In this video, learn how to build and grow your private practice fast, and how to do it the right way. How do you figure out how big your business could be, or the limits of your market? John breaks it down in 3 easy points.
Today I'm answering another question from Facebook how big can I grow my business? In other words what is the the kind of maximum capacity for my market in growing my private practice.
All right let's dive in all right. So number one the first thing you want to do when trying to answer this question for yourself is you want to look at your current volume and your current retention, Right?
so if you don't already have these numbers for your private practice it's a really good idea to have them even if you're not trying to answer. This question of how big can I grow my business? You want to know generally month-to-month what is my volume. right? Both in and clients or new clients or revenue and also what is a typical retention rate for our clients right? So, a client might come and pay a hundred dollars three times and the worth of that client is is is no more than three hundred dollars.
So there's a bit of you know a balancing act between just generating new client leads and also realizing that some clients will come and they'll pay a hundred dollars four times a month for four years. The value of that client is going to be much greater for your business. So you're gonna have to account for all that when you're when you're kind of looking into these numbers.
Get a revenue projection from a bookkeeper or an accountant. I really recommend especially if you're making hiring decisions based on these numbers that you get some help and have a professional help. You actually come up with these numbers they're gonna be able to give you a really accurate. Look at at what your current growth looks like and what it could look like a year from now five years from now etc. So that you can plan accordingly again and bringing it back to.
Let's say this month maybe you just use you're just using it to make a decision about can I hire a new clinician? Now, I think a lot of times therapists go out there and they hire they hire five clinicians at once and they don't have the the volume to really fill those clinicians up and then they're stressed they're under that pressure they're pouring tons of money and they're marketing and just not doing it.
Well, so you never want to grow faster than your business that is a major threat to to any business, but especially small businesses like ours so get those revenue projections or those forecasts from a professional.