Here at "The Private Practice Startup" we are uber passionate about helping professionals create and manifest their ideal business! Although we focus on working with mental health professionals, this blog is relevant for any entrepreneur ready to leap into the world of business, freedom, creativity and all the joys and challenges that come with starting your own business.
The following question emerged in a recent private practice coaching consultation with one of our raffle winners who attended our 16 Hour Approved Supervision Course. The question was, “should I stay in a group private practice or have my own private practice?”
Many people struggle with figuring out when is the right time to leave their place of employment, group practice, or insurance panels to create the private practice they have always dreamt about.
Here is what we suggested:
Vision – First, before you take action on anything, think about your ideal practice and create a concrete, DETAILED vision of what it looks like. Put your vision in writing, allow yourself to experience what it feels like, make sure you cover all of the details and share your vision with people who support you and your dreams. At K2 Visionaries, we facilitate a step-by-step visualization exercise in our Approved Supervision Course as well as in our Private Practice Coaching Workshops to help attendees solidify a specific vision for their future practice.
Identify Your Target Market/Ideal Client – identify your specific target market. Do you want to work with the elderly, veterans, young children, couples, people dealing with addictions, etc? Do you specialize in a certain area? Who is your ideal client? A common mistake new business owners make is NOT identifying a clear target market. Sometimes people skip this step due to a fear of streamlining and targeting a specific market, because they are tapped into feeling of scarcity and worry “what if I don’t get enough clients”? However, we believe the opposite is true. It’s all about positioning yourself as an expert and building a reputation as a specialist in a certain area or areas.
Market Research – Do your research before opening up your new practice. Go online, Google different practices, identify 4 – 8 practices that represent the type of private practice you want to have. Make note of what you like and don’t like about the practices. Ask questions such as: How do they market themselves? What is their price structure? What is their educational level and licensure status? What does their office look like? What do you like and not like about their website? What do they specialize in? Are they a generalized practitioner?
Marketing Strategy – you must create an on-line and off-line marketing strategy for yourself. This will keep you focused on capturing leads, attracting your ideal client referrals, and will allow you to build and maintain a thriving practice. It’s essential to have a strong presence both on-line and in the community.
Location – If you’re building a new practice, you need to identify a location unless your practice will be mobile by you traveling to your clients. Think about the feel of your future office and location… is it attractive to your ideal client? Is there enough parking? Is it easy accessible? Is it safe at night? Does the building having evening or weekend access? Do you share an office space or have a space of your own? Can you see your practice growing in this location?
Price – - How much will you charge for services? Make sure you stay competitive in the market place. Don’t over or under value your self or price yourself out of the market. -What are your expenses? Start by creating a budget. List out all of the start-up costs and on-going costs such as rent, marketing, office supplies, phone, web design/development, SEO, accountant costs, professional pictures, professional association fees, building fees and maintenance, etc. -How many clients will you need to see to sustain your desired income and pay for expenses?
Building Relationships – This is an ongoing process for any business owner. Our suggestion is to get to know others beyond their profession. Get to know them personally before you ask the age-old question, “what do you do for a living?” Get to know how you can be of service to them or what you might be able to offer their clients. Keep in mind that everyone you meet could be a potential referral source. It’s important to build lasting relationships with people associated with your field and/or target market.
We hope we’ve sparked some interest and have given you some quick guidance as you delve into the world of becoming an entrepreneur. If you liked this mini blog and want more support check out our Private Practice Coaching sessions where you can gain the tools to make your dream private practice become a reality! Until then, keeping reaching new heights and thanks for allowing us to “Inspire Your Passion”.