The Business Mindset

You entered the world of being a therapist, where you completed your training and studies. Many therapists begin their careers working in hospitals, schools, child protection services, or social services. For some, they enter private practice immediately after graduation. 

Unfortunately, many therapists lack a business mindset and are not familiar with the challenges of thinking like an entrepreneur. To be an entrepreneur, you must endure some level of uncertainty. Numerous therapists worry about attracting clients, marketing, experiencing imposter syndrome, and managing business finances.  

Purpose 

Before starting your practice, consider your “WHY”. Why are you starting a private practice and what is your purpose? For some, it is about earning extra income; for others, it is about autonomy or flexibility in their work, hours. Whatever the reason, be clear about your purpose beyond income.  

TIP: It is advisable to identify your passion and purpose for starting a practice to help prevent burnout and dissatisfaction later on.   

Wearing different hats 

In private practice, you need to wear multiple hats, including the clinician's hat, the business owner's hat, the ethics hat, the accountant's hat, and the administrative hat. Some of these hats you will excel at, while others may not be a good fit for you. Consider which tasks you prefer to handle yourself and which ones you might outsource.  

TIP: If you outsource services, make sure your assistants follow your ethical and jurisdictional guidelines.   

Making money as a professional 

This is challenging for many people in the therapy field. It’s ingrained that you need to be selfless and helpful. However, you can be supportive while also taking care of yourself and earning an income. Your clients need you to do this so that you have the capacity to assist them. We’ve heard of therapists not charging enough and having to shut down their practices. When this occurs, you are serving no one, and it is a disservice to your community. We suggest that when setting your fees, you base them on your years of experience, level of training, and what others in the industry and your community are charging.   

Know your ethics 

There are numerous things you can do in the business world that are not applicable in the therapy world. You may have a family member or friend who owns a business, and they might offer you advice. Remember that they don’t have the same rules and ethics they must adhere to. Additionally, if you're seeking guidance from a business coach outside your jurisdiction or tuning into a podcast from another country, the strategies may not align with your ethical standards. 

Conclusion

As you can see from the points above, having a private practice is much more than just getting online or renting space and starting to see clients. It requires you to learn how to think like an entrepreneur and a business person if you want to thrive and be successful in your private practice. Remember, just like in grad school, if you do not know how to do something and feel ill-equipped for a task, reach out to professionals who are experts in the area. You will be able to find consultants with the skills necessary to help you avoid costly mistakes later on. Be sure to find someone who is from the country where you work, as the laws vary greatly from country to country and even within a country.