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Episode 136 10 Common Business Mistakes Private Practice Owners Make and How To Avoid Them
Startup Nation, Meet:
Jennie Schottmiller, LMFT
Jennie is a former CPA and a current LMFT in private practice. She runs a Facebook group, Simple Profit, to educate and support other mental health clinicians in the areas of accounting, tax and financial analysis.
Not having separate accounts for business transactions
Not having an accounting system even if it’s a spreadsheet; waiting until the end of the year to try and figure out all your expenses and total income
Not keeping detailed receipts
Not making time to look at your results of business regularly
Failing to pay estimated quarterly taxes
Not knowing who and when you need to issue 1099’s to at year end (such as your landlord, attorney, CPA)
Not setting financial goals or using a budget
Spending cash rather than depositing it.
Taking on too much debt
Not saving for emergencies (we don’t get paid if we don’t work!)
Resources & Giveaways
Guest's Contact Info:
Meet Your Co-Hosts:
What’s up #StartupNation!?! We’re so excited you’re here. In case you’re new to our community, I’m Dr. Kate Campbell, LMFT (on the right) and my business partner aka “BP” Katie Lemieux, LMFT is on the left.
We both built our thriving, 6-figure full-fee private practices from the ground up and love inspiring ambitious mental health professionals across the globe to brand themselves and grow their dream private practice!
We have a blast co-hosting the podcast! We look forward to inspiring you from startup to mastery!