At a certain point in your career, you might start to think about opening your own private practice.
Perhaps you like the idea of having more control. Or maybe you have always wanted to pursue self-employment and run a business so that you can serve your clients in the best way you know how, without having higher-ups calling the shots.
Whether you are casually mulling over the idea or seriously planning to go forward with plans for private practice, here are a few questions you need to ask yourself before putting those ideas into action. Spend a little time thinking over your answers and then decide if you are ready to take the plunge.
Business Objectives
When it comes to owning and managing a private practice, you will need to be business savvy to make it work. Even if you like the idea of having control over business operations, not everyone is genuinely equipped to handle the business side of running a private practice. If you are not, your operation will not be afloat for long. Therefore, it is important to be honest with yourself about this aspect of going into private practice.
You need to ask yourself several key questions about your practice’s finances. For example, would you aim to join insurance panels? Or would you rather go with a self-pay model? Do you know what the potential expenses of running your practice would be, and do you feel confident that you could cover these expenses?
You also need to consider your personal finances before going into private practice. Right now, you might get health insurance from your employer. If you were working for yourself, what kind of health insurance would you have access to, and how would this change your out of pocket medical expenses?
Personal Concerns
Some mental health professionals embrace the challenges that come along with running a private practice. Others find that the downsides outweigh the benefits. Be honest: are you really ready to tackle all of the responsibilities that come along with self-employment? While some therapists genuinely thrive when working for themselves, some strongly prefer the support that comes with secure, traditional employment.
If you are thinking of opening a private practice, but you do not like the idea of putting in some serious hours during the first few months to a year to get your business off the ground and bring in more clients, this may not be the path for you.
In the early days, your work/life balance will probably be strongly tilted in favor of work. Over time, this will likely shift. But if you love having a regular schedule and extra leisure time, traditional employment will probably a better choice for you.
Your Future Goals
Take some time to envision your future. How do you see yourself spending a typical day at work? Do you imagine primarily spending time with your clients? Or does your to-do list include all of the other important tasks that are necessary to run a successful and sustainable private practice?
Say that you do picture yourself running a private practice. Do you view yourself staying solo, or do you want to expand into a group practice? Would you like to have multiple locations one day? Do you have any other goals related to the growth of your future practice?
Having a clear vision for the future of your business is key to making it a success.
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Considering opening your own private practice? Want some professional guidance before taking the plunge and ongoing support throughout the process? Reliant Practice can help you establish your private practice and avoid common early pitfalls. Contact us today to see how we can assist you.
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