Costs vs Investments – do you really know the difference?

Our first guest podcast where we cover tons of great ways to build your business.

It’s been a while since our last post. We were very busy preparing for our latest release and now that the dust has settled, we are back on track. I am excited about this post because it contains my very first podcast and I think there is some really great info here for you to consider as you build your business.

There were actually three unrelated events that led to this post.

Event 1

An encounter at the the annual ACA conference in Orlando last week where someone came by our exhibitor booth to look at SimplePractice. I asked if I could answer any questions and she asked me how much SimplePractice costs. After I told her, she said her practice is too small right now to take on the expense of a practice management system.

I hear this often so I asked her some questions about the size of her practice and her income. I am just always so curious at how people place value on things and how they classify costs.

Event 2

A podcast I was invited to do with Joe Sanok a few weeks back just went live and I listened to it yesterday. One of the themes that came up had to do with different ways you can invest in the success of your practice.

Event 3

When we started simple practice, my business partner Ralph and I put a lot of our own money into the business and there were times when it got really scary as we watched our savings dwindle before we even launched our product.

I had just sold my previous business,, and was hoping to use much of the proceeds from the sale for my kids’ college fund, retirement, etc.. I spoke with a good friend who was an investment banker and lamented about not putting that money into the stock market, or some other type of investment.


The big shift.

He said that I was investing my money. I was investing it into my business and that this would be a better investment than anything else.

This simple reframe was a very powerful moment for me and I think about it often when I talk with clinicians about starting and growing practices and the costs associated with this.

Costs are investments.

You cannot have a business without investing in it and there are many ways you can invest and grow your practice/business.

The podcast.

I’d like to invite you to listen to this podcast. While this theme of investing in your practice runs throughout it, there are other things that we talk about that shed light on some very important things to consider as you build your practice/business, such as

  • dealing with risk
  • honoring your instincts
  • the role of fear in your decisions
  • the importance of networking and focus
  • standard business concepts applied to private practice
  • the value of longer-term thinking
  • understanding the true costs of things
  • insights into the thinking behind SimplePractice

Listen to the podcast now.

Tell us about your experiences.

In the comments section below, tell us some ways you make investments in your practice.

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See you next week!

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