How 100+ People Afford a Private Practice
I've helped over 100 people with their private practices. 65 of those people have been Create Opportunity participants.
How do all of these people afford a private practice? And how do they afford Lloyd Collective business support?
I'll tell you this, of those 100 people, probably only about 5% are making over $100K prior to working with me. More likely, they are making between $40-80K.
Here's how to afford a private practice:
Know the up-front costs. For example, if you get a lease (don't get a lease), it's going to cost you anywhere from $300-1000/month. Your second biggest cost will be your electronic health record (EHR). Next to that are business registration costs, website costs, payment processors, and then you're about covered.
Save up some money. I encourage people to save about 6 months of private practice costs. EHR + business registration + website + business consultation services = about $250/month. If you can, save up about $1500 before starting your practice, so you are not too stressed to make money asap (though you can, of course, make money as soon as the first week of opening your practice).
Check out funding resources for start-up costs. Let's say saving $250/month is just not feasible. I get that. You may be eligible for a MercyCorps IDA grant, a Kiva Loan, or a local grant (in Portland, MESO is pretty amazing).
That's it.
Know the costs, save up, and seek funding resources.
I don't mean to over-simplify. Money can be complicated, and it certainly brings up complicated feelings. But when it comes to a private practice, I want you to know the financial piece is very workable.
The thing to remember is: it's incrediblyinexpensiveto run a private practice, and it's avery profitablebusiness to run (think: $100K/year, if you're working about 20 sessions a week at $125 a session). You're setting yourself up for a very stable income.
So,you can do it. That's the message I want to communicate. Because if you're like me, before starting a business, I didn't think I could do it. And that kept me waiting longer than needed to make the leap. I hope you can make it much sooner, when the timing feels right for you.
I'd love to help you start your practice.