Create a Business Plan for Private Practice | Tips for Psychotherapists

Create a Business Plan for Private Practice | Tips for Psychotherapists

So you’ve decided you’d like to start
your own psychotherapy private practice, but you have no idea where to begin. Well
this video walks you through the first step of starting your own private
practice: creating a business plan. Welcome to Private Practice Skills.
I’m Dr. Marie Fang, psychologist in private practice. I post videos offering
tools I learned the hard way about starting and growing private practice so
that you don’t have to. In today’s video I’ll offer five tips to
help you get the ball rolling on developing your own business plan. And
yes, you absolutely need a business plan to get started in private practice! Step
number one: do market research. Before you start anything else in your business
plan, it’s important to know what other therapists are out there in private
practice and what they’re up to. So explore the psychology today find a
therapist directory, do some Google searches see, who’s around. And this is
going to be super important to help you know what kind of supply there is for
the product that you’re selling in your business. Step number two: determine your
product. Not only are we marketing psychotherapy as a product, but there is
so much nuance to what psychotherapy looks like in practice. So it’s important
to pull some of that market research that you looked at and to see you know
am I the only therapist in a 10-mile radius? Well maybe my product is going to be
more broad. Or maybe if you live in an area like me where you’re one of
hundreds of therapists just within your zip code, you’re going to want to think
about what your niche is and maybe even double- or triple- niching so that you can
be the only therapist delivering this specific product in your area. Step
number three: get advice from other therapists in your niche. Now I know this
sounds completely counterintuitive because it feels like you’re going to
the competition for advice, but the reality is other therapists in your area
of specialty are likely to be one of your primary referral sources because
there’s nuance and difference even amongst those of us who have similar
areas of specialty. And I know I’m always grateful to know other therapists that
do what I do so I can have a referral base to pass people along. So this is a
double-whammy tip because not only does it help you with your future marketing
but also you don’t have to reinvent the wheel as you come up with your own
business plan. Step number four: determine how much you’re willing to give. Time and
money are such precious resources and you’re going to need both to get things
started with a business. So ask yourself how much
of each of those you’re able and willing to give. Make a plan together with your
loved ones so you’re all in the same page, you have the same expectations for
how this is going to go down. How much budget are you willing to give to this?
How much time are you willing to give? Are you going to go part-time at your
current job to do this or are you going to pick a day on the weekend to do it?
Figure that out in advance and know what you’re willing to expend towards this
goal. Step number five: create an exit plan. Before you start it’s so important
to consider the worst-case scenario so that you know when you’re going to push
the abort button if all else fails. I know it’s hard to think about this but
this is going to actually be a reassuring measure so that you feel more confident
getting started knowing you have a way to get out if it doesn’t work. So ask
yourself questions like: how long are you willing to work at private practice
before you start turning a profit? Is there a certain profit margin you’re
expecting to achieve and that if you don’t achieve that level of profit by a
certain time you’re not willing to sustain it? Do you have a back-up plan
for if you end the private practice venture, here’s what you’re going to fall
back on instead? Think about these things in advance, talk them over with your
loved ones, and it’s going to save you time and heartache down the road if you need
it. Now I know starting a private practice can seem daunting and
overwhelming, but hopefully hearing some of these tips have made it feel a little
bit easier for you. If you found this video helpful, don’t forget to subscribe
for more videos like this one and check out some of my other videos that you
might enjoy as well. And until next time, from one therapist to another, I wish you

Comments (2)

  1. This was super helpful! Thank you for all your help ♡

  2. Super thankful to have stumbled onto your channel. I'm in the starting blocks to starting private pay online counseling. Got a good bit of work to do, but I think your checklist is going to be extremely helpful. Thank you much!! 🙂

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