Episode Details

In this episode of the Practice of Therapy Podcast, Gordon talks about creating a sustainable practice that supports the lifestyle you want to have. He talks to about how he would have done some things differently, knowing what he knows now about being in private practice. In particular, Gordon talks about what he has learned about why private practices fail and the financial side of owning a small business.

Apply for a Mastermind Group!

*Some of the links below are affiliate links. This simply means that I get a commission, at no extra cost to you, when you purchase the books mentioned using those links… Thanks in advance for using the links!

Private Practice Isn't Always What You Think…

A book that has caught my attention here lately and I have been reading is The E-Myth Revisited; Why Small Businesses Fail and What To Do About It by Michael E. Gerber. The premise of the book is that most people that go into small business are excellent technicians but lack the skill for management and being an entrepreneur.

If you think about, that is so true for most all of us in helping professions. We are trained to help people and provide services. We have excellent clinical knowledge and know how to apply it in the therapy room. That is also where our passion lies. We do this kind of work because we truly want to help people.

What most of us never learned was how to manage a business or how to be entrepreneurs…

The primary reason practices fail is because of clinicians not knowing how to manage the financial and business sides of private practice. They also fail because they get overwhelmed with growth and not knowing how to navigate the increasing demands of a growing business.

Always Start With "WHY"

You know the biggest question that anyone should ask themselves before jumping into private practice is "why"? You hear that from me a lot. It's more than just a rhetorical question. It's about understanding what you need for yourself in life to help you feel happy and content. It's something most of us in this field ask our clients all the time…what do you need to make you happy?

Of course, there are no simple answers to that question. But if you were to peel away all the layers of this question, what would be at the core of what you need to make your truly happy?

What Has Motivated You To Go Into Private Practice?

The simple answer to this question, for most of us is simply "freedom". Freedom to set your own schedule to have the time off we need with our families. Freedom to do therapy in the way we want to do therapy. Freedom to have the kinds of clients we best work with. And finally some financial freedom with possibly greater earning potential.

I think too, that for most of us, money is important, but it is NOT what motivates us. What motivates us is knowing that we have helped someone in a genuine way. Also what motivates us is having a lifestyle that is relatively stress-free and surrounded by those people and things that bring us comfort and contentment. Family, friends, home…

Second, but not necessarily in the order, we are motivated by feeling like we matter. We want our work to make a difference and to be valued by others. We want what we do to get noticed and truly inspire change in the world.

If You Had A Million Dollars…

So, if you had a million dollars what would really change for you? For most of us, it is an idea that we associate with winning the lottery or coming into some big windfall of cash. It's a pipe dream. We think or h