Video: Affording A Private Practice
One of the first questions therapists have is: can I afford a private practice? I can barely afford my current budget, how could I add any costs to it?
It’s true that you will need to spend some money before earning any, but it’s also true private practices are one of the most inexpensive businesses to run. You are not buying a huge inventory of items to sell. You’re not purchasing a lot of food that needs a quick turn-around. The start-up costs are relatively low and the risk is also low. It’s a really wonderful business option, especially if this is your first business.
Knowing the costs, and being smart about which to choose, is one of the biggest assets. Finding people and resources you trust to guide you on your way will help you feel confident as you start thinking about money and valuing your labors in a different way than you ever have before.
I believe in you and your abilities to do this.
I’ve made a spreadsheet that shows start-up costs, monthly costs and annual costs. In the spreadsheet are rough estimates for each of these categories. You can plug in your own numbers so you have hard data to rely on as you make your decisions. Fill out the form below for the spreadsheet.
Want to learn about implementing the spreadsheet? Check out our Workshop/Fundraiser on the finances of private practice.
Questions or comments? Let me know.