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How you can create a massive impact in the community and generate a million dollars or more in revenue!
- You feel overwhelmed by the number of tasks you need to complete.
- You feel burned out from trying to keep up with your caseload while starting a business.
- You worry that starting a business will make you seem money-hungry or greedy.
Many mental health and medical professionals who want to start a business feel the same way, and I did too!
When I followed my inner compass to a master’s degree program in social work, I knew I wanted to start a business. I was shocked that my degree programs didn’t prepare me for private practice. In 2018, after years of practicing in agencies and other organizations, I knew it was time to be my own boss and start a mental health practice. I wanted a successful business that would allow me to support my family and give my son all the opportunities I desired for him.
- I wanted more. I desired more.
- I found it difficult to shift my mindset from being a social worker working for another agency to the mindset of a business owner.
- I always heard other mental health and healthcare professionals talk about how they wanted to help, NOT about how to make money.
- I set out to learn how to build and scale a successful business that just happens to be a private therapy practice. Deciding to shift my mindset was the most important step in building a multi-million-dollar private practice.
When I started my firm in 2018, I intended to run a solo practice part-time while still working as a school social worker during the day. A waitlist of over fifty people made me realize I needed to think bigger.
I designed the 8 Pillars of Business Success to help me build my business, and I’ve refined them as I’ve learned more, and scaled my business.
So, you see, I’m not telling you all of this because I’m a business coach. I’m telling you because I sat right where you are now, and I created the 8 Pillars of Business Success to help me overcome those limiting beliefs, eliminate stress and overwhelm, and build a profitable, impactful business.
Now, a few years later, SMPsychotherapy employs over 20 therapists and serves thousands of people, and we keep surpassing our revenue goal! I’ve been able to leverage my success as a business owner to further impact
the world through a nonprofit called JC’s Precious Minds Foundation
that supports single mothers of special needs children in the
Dominican Republic.
Now, I have a new calling – to help other private practice owners get out
of the limiting mindset and realize that a profitable, impactful business
is within reach. You need to make a profit to change the world and help others heal – isn’t that why you decided to start your business in the
first place?
Common Mistakes
People make starting a private practice
When I followed my inner compass to a master’s degree program in social work, I knew I wanted to start a business. I was shocked that my degree programs didn’t prepare me for private practice. In 2018, after years of practicing in agencies and other organizations, I knew it was time to be my own boss and start a mental health practice. I wanted a successful business that would allow me to support my family and give my son all the opportunities I desired for him. I wanted more. I desired more. I found it difficult to shift my mindset from being a social worker working for another agency to the mindset of a business owner. I always heard other mental health and healthcare professionals talk about how they wanted to help, NOT about how to make money. I set out to learn how to build and scale a successful business that just happens to be a private therapy practice. Deciding to shift my mindset was the most important step in building a multi-million-dollar private practice. When I started my firm in 2018, I intended to run a solo practice part-time while still working as a school social worker during the day. A waitlist of over fifty people made me realize I needed to think bigger.
Taking too long to make decisions.
Making decisions quickly and changing your mind slowly will help you capitalize on the momentum. Even if you make a mistake or two along the way, making decisions allows you to create the business you want now and ensure it has room to grow.
Thinking too small.
Set big goals for one year, three years, and five years from now. Think big!
Forgetting about alignment.
Your business should be in alignment with your purpose – the reason you choose to become a medical professional or mental health professional. Being out of alignment will make your work days feel like a drag, limit your revenue, and decrease your impact on the world.
Trying to handle everything themselves.
No business owner builds their practice alone. Trying to do so leads to burnout. You don’t need to worry about insurance claims, insurance panels, your electronic health record (EHR), and how to be HIPAA compliant! Instead, learn the basics and then hire qualified services or experts to help you make the right decisions.
THE Multi-Million Dollar Private Practice — MMDPP Framework™ is your guide to Business Success
The 8 Pillars of Business Success are the pieces of a comprehensive business plan that will help your mental health, or healthcare practice thrive whether you run a solo or group practice.
The 8 Pillars of Business Success include the following:
(01) Cultivating a business mindset
Your mindset is about 90% of the work to ensure business success. Working to eliminate limiting beliefs and create the mindset of a business owner will help ensure you make good decisions that align with your purpose, vision and mission. A solid business mindset will allow you to manage thoughts and emotions and can help you avoid burnout, overwhelm, and lower your stress levels.
For more on business mindset, read this blog.
(04) Business structure for private practice
The legal structure of your business can help you meet your financial goals and protect your personal finances.
For more about the available business structures, and how to choose, read this blog.
(07) Personal development for business owners
The process of becoming a business owner is all about personal development. You need a plan for addressing areas of your life that aren’t satisfying to you. Evaluate how you are doing in your personal life, your career, and your spiritual life so you can address any growth areas. Constant personal development will help you manage stress and avoid burnout. Read more about personal development here.
Read this blog for the complete guide to finding support for your private practice!
(02) Your private practice business plan
Your business plan includes a profile of your
ideal client, a statement of your purpose, vision, and mission, and your goals for your business. Learning to identify your ideal client will help
you create targeted services, improve your marketing, and ensure that you fill your
caseload with the right people. Setting goals requires strategic thinking combined with dreams of success.
To learn more about these steps, read this blog.
(05) Private practice marketing
Marketing is an often overlooked part of starting a private practice, but not addressing marketing can be detrimental to your success. You’ll need
a marketing plan to consistently bring in new clients because in the wellness industry your business model is about helping people so
they don’t need your services as much! You’ll want to consider referral sources, social media marketing, a traditional marketing strategy, and other ways to connect with potential clients.
For a more comprehensive view of marketing check out this blog!
(03) Private practice business models
Your business model determines whether you serve customers, other businesses, or both. You can also include how you provide treatment plans and what wellness services you offer. you’ll also need to decide about office space and in-person, Vs. telehealth services.
For more on business mindset, read this blog.
(06) Private practice hiring practices
Whether you start a group practice or a solo practice, you need team-building systems and practices in place. If you are the only clinician
you will need administrative teams in place to help run the business so you can work in your area of genius.
Learn how to hire the right full-time, part-time, or independent contractor staff and clinicians by reading this blog.
(08) Private practice systems and support
- Insurance claims
- Credentialing with insurance companies
- Private practice management
- Accounting/bookkeeping
- Legal services
-
Web design
And More
For more on business mindset, read this blog.
(01) Cultivating a business mindset
Your mindset is about 90% of the work to ensure business success. Working to eliminate limiting beliefs and create the mindset of a business owner will help ensure you make good decisions that align with your purpose, vision and mission. A solid business mindset will allow you to manage thoughts and emotions and can help you avoid burnout, overwhelm, and lower your stress levels.
For more on business mindset, read this blog.
(02) Your private practice business plan
Your business plan includes a profile of your
ideal client, a statement of your purpose, vision, and mission, and your goals for your business. Learning to identify your ideal client will help
you create targeted services, improve your marketing, and ensure that you fill your
caseload with the right people. Setting goals requires strategic thinking combined with dreams of success.
To learn more about these steps, read this blog.
(03) Private practice business models
Your business model determines whether you serve customers, other businesses, or both. You can also include how you provide treatment plans and what wellness services you offer. you’ll also need to decide about office space and in-person, Vs. telehealth services.
For more on business mindset, read this blog.
(04) Business structure for private practice
The legal structure of your business can help you meet your financial goals and protect your personal finances.
For more about the available business structures, and how to choose, read this blog.
(05) Private practice marketing
Marketing is an often overlooked part of starting a private practice, but not addressing marketing can be detrimental to your success. You’ll need
a marketing plan to consistently bring in new clients because in the wellness industry your business model is about helping people so
they don’t need your services as much! You’ll want to consider referral sources, social media marketing, a traditional marketing strategy, and other ways to connect with potential clients.
For a more comprehensive view of marketing check out this blog!
(06) Private practice hiring practices
Whether you start a group practice or a solo practice, you need team-building systems and practices in place. If you are the only clinician
you will need administrative teams in place to help run the business so you can work in your area of genius.
Learn how to hire the right full-time, part-time, or independent contractor staff and clinicians by reading this blog.
(07) Personal development for business owners
The process of becoming a business owner is all about personal development. You need a plan for addressing areas of your life that aren’t satisfying to you. Evaluate how you are doing in your personal life, your career, and your spiritual life so you can address any growth areas. Constant personal development will help you manage stress and avoid burnout. Read more about personal development here.
Read this blog for the complete guide to finding support for your private practice!
(08) Private practice systems and support
- Insurance claims
- Credentialing with insurance companies
- Private practice management
- Accounting/bookkeeping
- Legal services
-
Web design
And More
For more on business mindset, read this blog.
Don’t Try
To reinvent the wheel
The foundation of your private practice is the basis for all your success. The right set-up for your business can help you make money, increase your impact, and ensure that you can scale and grow.
As a business coach, I want to eliminate the hard work, stress and overwhelm of starting your private practice by giving you access to the exact steps I used to create a multi-million dollar private practice.
The Private Practice Kit contains everything you need to start making decisions about your business today that will allow it to grow into a private practice making a million dollars in revenue or more each year!
Frequently Asked Questions (FAQs)
A solo practice is a medical or counseling practice where you are the only clinician. Many people choose this model and enjoy the rewards of owning a small business. A solo practice will still require many of the elements in the 8 Pillars of Business Success because you’ll need systems and processes in place to free up your time for serving clients.
Private practitioners often opt to begin a group practice when, just as I did, they realize there is more demand for their services than they can take on themselves. Adding additional clinicians to your practice is a great way to serve more clients, increase revenue, offer employment to other clinicians, and become the boss you have always wanted to have!
The best way to transition from a solo practice to a group practice is to have the right systems in place from the start. When you use the 8 Pillars of Business Success to start a solo practice, you can easily scale up as much as you wish. The right foundation will ensure consistent growth.