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Growing from a solo practice to a group practice doesn't have to be a challenge! This week, Julie breaks down common financial hurdles that most therapists encounter when growing their private practice, and different ways you can avoid them to make your transition easy.
Episode Highlights:
- Hiring: Your first hire is critical! You are setting the stage for all future hires
- Compensation: This will become the highest expense of your practice once you transition into a group. Setting up compensation correctly can make or break the business
- Take a look at your numbers and ratios (expenses based on your income) in order to hire at a proper compensation rate
- Make a Plan: Roughly calculating where you want to see your business financially in the future can help determine compensation rates that will help your business flourish
- Benefits: Slowly grows over time - you won't start out offering full benefits but will be able to make a plan to add vacation time, health insurance, etc. over time
Links & Resources:
Gusto
GreenOak Accounting
Therapy For Your Money Podcast