5 Things to Focus On If Opening a Private Therapy Practice in 2024
Opening your own practice is both exciting and terrifying. Everything is brand-new, there are so many moving parts to manage, and you have to balance caring for your clients with making space for the business side of things. At the same time, there’s this underlying fear of investing your time and energy into something that may not have immediate success.
If you’re starting your own private practice this year, I want to first commend you! This is hard work, but you’ve risen to the challenge; congrats! I also have some advice to share based on my experiences starting my own practice and helping others run theirs.
Here are five things I recommend focusing on if you are opening your private practice in 2024.
1 - Keep the cost of starting low.
A common misconception is that it costs a lot to start your private practice. I’m here to tell you it doesn’t–and shouldn’t–be a huge investment! You don’t want to put undue financial pressure on yourself, especially during these beginning stages.
There are a few ways you can keep costs low. For one, see your clients virtually if you can to nix having to pay rent. You can plan to have an office later, when business is steadier and you have more financial security.
That being said, I know working virtually isn’t an option for everyone. If you can’t work from home, serve a client base who will do better in person, or need an office for accessibility reasons, I recommend subletting. This will keep costs low while allowing you to work in a physical space, and even if it isn’t your dream office, remember that it’s only temporary! (I sublet an office during my first year, and the waiting room environment wasn’t perfect, but I just let my patients know what to expect–and all was well.)
Other than that, make sure to budget well and not spend money on things that are unnecessary. I worked with a therapist not too long ago whose expenses were only $400 a month, which just goes to show that your margins can be really great.
2- Let your practice grow organically.
It’s easy to look at other private practices and fall into the trap of comparison. This is especially common on social media, where Instagram therapists work from flawless offices and showcase their success! But you’re the new kid on the block, so you need to take the pressure off. Let your business grow and progress over time–while enjoying the early stages as you’re building its foundation.
By way of encouragement, I want you to keep in mind the supply and demand in the mental health field. There is a huge demand for therapists right now, which means you should be able to help a lot of people. Stay positive about your practice’s future, build strong relationships with your current clients, and trust that more clients will follow.
3- Find guidance from outside support.
This is a big one! I highly recommend finding a trustworthy class, coach, or membership to guide you through the beginning stages of running your private practice. You’re going to have a thousand questions about random things, like EINs, client paperwork, and more. Rather than teaching it all to yourself, some outside support can save you valuable time and energy while boosting your confidence.
Some options are more expensive than others; coaching, for example, will be more expensive since it’s tailored to you. But you shouldn’t have to dish out tons of money to gain that additional help: do some research on your options and find something that fits your budget. (If you’re interested in a class, I offer The Practice Accelerator to guide individuals starting a private practice.)
Remember: your new business is like your baby. It doesn’t know how to walk or talk yet, and it’s in a fragile state. You should give it all the support you can to ensure its growth.
4 - In the first six months of opening, decide what you’re going to let go of.
Life is busy as it is, but starting a new business is going to require tons of your time and energy. You need to evaluate your current schedule and see which commitments you can drop, chores your partner can take on, and routines you can modify. If you are a woman or mother, you most likely have even more on your plate with childcare, house upkeep, and more. Don’t feel guilty about asking for help or finding creative ways to lessen your load.
Individuals opening a private practice have the highest probability of burnout in that first year. Rather than white-knuckling through an overloaded schedule, create space for yourself and your business. Your future self–and future practice–will thank you.
5 - Create a plan for transitioning into running your practice full-time.
Working part-time at your private practice and full-time elsewhere is not going to be sustainable for long. I highly recommend mapping out a plan for transitioning to running your practice full-time. That way, you can move forward with specific goals and a timeline in mind.
To create this plan, you should first ask yourself about what needs to happen beforehand. How many clients do you want on your caseload? How much should you have in savings? What numbers should you be making monthly? Are you retaining your clients, or is your caseload constantly in flux? By setting specific markers for your transition, you’ll know exactly what you need and can take the right steps to get there.
Remember: if you’re starting your own practice this year, you likely won’t experience a straight path to success. The nature of business is that it will ebb and flow, but having a solid plan, outside support, and the right mindset is going to help you immensely.
I want to share one bonus piece of advice. This is the beginning of your journey as a business owner and as a therapist who can call your own shots. Even though you’re going to be busy, I encourage you to capture some moments during this first stage, whether that means journaling or taking photos–however you like to document your life. Not only will this practice make the hard and mundane parts of your first six months or year feel more meaningful, it will make you proud to see your growth years down the road.
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Want to hear me talk you through this advice? Check out Episode 74 of my podcast The Entrepreneurial Therapist.
The Entrepreneurial Therapist is the #1 podcast for ambitious female therapists and can be found on all the main streaming platforms.
Hi- I’m Danielle Swimm,
a Business Coach for Therapists
I’ve helped hundreds of ambitious therapists like yourself start, grow and scale their private practice. I love being a therapist, but hate the rhetoric that you need to sacrifice your energy and income to help your community. Let’s build your dream practice that allows you to make six figures and live the life you’ve always dreamed of.
