How Much Money do you Need to Start your Practice?
This is a common question which many therapists don’t fully understand. They naively believe that they will open the doors, and the clients will stream in.
This is far from the truth, and sadly due to a lack of proper planning many private practices fail.
When it comes down to the facts, you will be surprised how much it costs to establish a private practice, and then to maintain it over the first few months when new clients are in short supply.
What do you need to purchase?
Here is a list of your first expenses:
Forms, licenses, liability insurance, a website, business cards, letterhead, equipment, furniture, and all other items you’ll need to start your practice.
You will also need to sign up and commit to a lease. If you plan to hire other therapists, you’ll need to be prepared to pay legal fees to have contracts made as water tight as possible.
How Much Money do you Need to Start your Practice?
How long will it be before you begin to earn an income?
One question you need to answer honestly is how long do you estimate it will be before your earnings begin to cover expenses?
Many therapists aren’t fully prepared for the fact that their new practice may actually cost them money when they are first getting started.
In fact, many successful businesses have at least six months of expenses in the bank to cover any unexpected costs.
Set Realistic Goals to Ensure Your Practice is a Success
Establishing a Realistic Budget
Developing a budget and having realistic expectations for your practice during the first year to two years can help you get through this phase successfully.
Your goal should be to establish a full case load and a substantial waiting list. Once you have, your practice will truly begin to flourish.
Therasoft can take the hassles out of your professional documentation and save you time and money.
