Should you start your own private practice?
Let’s think about this. You’re a health professional, and you’re good at your job. Otherwise, you wouldn’t be thinking of starting your own practice.
That said, it’s a big decision—bigger than just spending more hours seeing more clients.
Starting your own practice means diving into the world of the entrepreneur. It starts out tough, but there can be great reward in the journey.
So, consider these three pieces of advice from entrepreneurs who took the plunge from a comfortable job to running a startup mental health private practice of their own.
1. Have you considered the sacrifices?
Consider all the ways the choice to start your own private practice will affect your life and those who depend on you.
Are you prepared to reduce your standard of living?
Create a budget, and try to imagine your life without some of those little luxuries. Starbucks, carry-out dinners, new shoes—whatever the indulgences, imagine your life without them.
Also, consider your ego. There’s a chance this may not work out. How will you feel about that? Will you allow yourself to go back to your old practice?
It’s challenging, but it’s really important to honestly examine how you personally handle failure and uncertainty. After all, the life of an entrepreneur is filled with uncertainty.
2. Are you prepared?
You’re great at what you do, but you’re going to have to do more than that when you start your own private practice.
You’re going to have to learn about things you never even thought about before, such as how to get credentialed to join an insurance payer panel, private practice bookkeeping, and how to create an authentic brand for your practice and a therapy website that converts.
Not only will you be a therapist, you may also be an office manager, an accountant, maybe even an interior decorator and/or handyman. Are you flexible and eager to learn?
3. Can you keep moving forward?
The road will be bumpy. When you first start your own private practice, you’ll only have a few clients and plenty of time to second guess your decision.
However, if you stay committed, you’ll make it through. The key is thinking positively and creatively when facing challenges.
Being an entrepreneur is challenging, but that’s possibly part of the reason you were attracted to it. Sure there is a money reward, but there’s also personal and professional growth along your journey.
So, if you’re the type of person who sees the positive side of challenges, you are prepared to be an entrepreneur.
How SimplePractice streamlines running your practice
SimplePractice is HIPAA-compliant practice management software with everything you need to run your practice built into the platform—from booking and scheduling to insurance and client billing.
If you’ve been considering switching to an EHR system, SimplePractice empowers you to run a fully paperless practice—so you get more time for the things that matter most to you.
Try SimplePractice free for 30 days. No credit card required.
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