We want you to feel 100% confident about your finances when opening your first private practice! Julie has curated her top financial building blocks for therapists and is sharing them in today's episode.
Episode Highlights:
- Take (A)ction
- If you are wanting to open your practice... go for it!
- The sooner you open, the faster you can start making money
- You do not need to spend a lot of money on equipment or space to get started (especially in a world where teletherapy is growing!) - it's better to come up with an intentional plan on action to open your practice rather than focus on the material things
- (B)ootstrap Your Business
- Invest quality time in the beginning of your practice in order to build the equity of your practice in the future
- You do not want to become burnt out from doing everything yourself, so make sure that as the business grows, you can outsource tasks effectively
- (C)runch Your Numbers
- There are 5 main ways that you will spend money in your practice:
- Operating Expenses
- Payroll/Salary
- Investments
- Taxes
- Emergency Fund
- Make sure to keep ALL business and personal expenses separate
- Start out by using an accounting software - we recommend QuickBooks Online
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Episode 40: All About Quarterly Estimated Taxes
Episode 13: Profit First in Private Practice (with Mike Michalowicz)