As business owners, we all have goals. Some of us have small goals, while some of us have big goals. When owning a practice one goal I hear constantly is getting to $100k. This goal is achievable. However, how can you make this goal a reality? Below are some helpful tips to try out that will get you one step closer to your $100k goal.
1. Seek Guidance- It would be a lie to say that we can all go into private practice and know everything. We all have to start somewhere by learning the basics of a business.
One thing I currently do now and wish I would have done sooner is seek guidance from a professional business coach. Having a coach or consultant for your practice is a direct investment in your self. This direct investment will allow you to be more focused and driven to achieve your practice goals.
This will also help you to identify what areas are not beneficial for your practice. Often times we have great ideas and we think they work, but they really don't. Sometimes it takes another persons view to step in and guide us to where we need to be.
2. Find a Mentor- There is nothing better than hearing advice from someone who has been there and done that.
Once a month, every month, I meet with a friend that is also a retired group practice owner. Her knowledge is priceless.
The conversations we have are mind-opening and they encourage me to keep learning. So if you are looking to engage with a mentor, start off by asking them to lunch. Even if it is virtual lunch date and offer to pay for lunch. It is a nice little deserved treat for the mentor and an instant knowledge drop for you.
3. Rates- If you choose to take insurance be sure to negotiate your rates with the insurance companies. This can be done in the beginning when signing your contract and again yearly. If you choose to not take insurance and just accept cash payments, then make sure you are adjusting your rates to align with your practice goals and life style plans.
Think about how many clients you realistically want to see and make sure you are setting the price to amount to what you want your yearly goal to be financially. Lastly, make sure to take into consideration all of the other expenses that come with running a practice.
4. Certifications- Setting yourself apart from the rest is a great way to increase your practice revenue. If you currently do not have any certifications, it may be a good idea to see which ones interest you. Also take a look at other practices in the area and see what certifications they offer. In my experience when practices offer a certification like EMDR therapy, client's call in and ask about EMDR therapy right away.
Getting certified in something like EMDR is an investment in both yourself and your practice. There are many other certifications out there, so if you find one that aligns with your practice values and relates to your approach, and go for it.
5. Get Licensed in Other States- If you offer virtual sessions, expanding to other states is a great way for your practice to grow. Most states will allow you to be licensed in the state but not require you to live there to perform therapy services. I see more and more therapists that live in smaller states take this route. However this is an option for any therapist that offers virtual therapy sessions.
These first five steps are a great start to planning your $100k practice goal. Start with just one tip and see where it takes you. Set a realistic plan for you to earn a $100k in your practice. Remember, nothing happens over night, it takes hard work, dedication and time. If you feel stuck or feel like you may need some guidance, feel free to reach out to me for a free 15 minute consult for consulting services. Be sure to reach for part 2 of this blog post as it gives out an additional 5 tips to achieve your $100k practice goal.