Episode Details
Back to Episodes514. What It Really Costs to Launch a Testing Practice (and How to Pay for It)
Description
Would you rather read the transcript? Click here.
In this episode, I break down one of the most common and anxiety-inducing questions I hear: “How much does it actually cost to start a private testing practice?” I walk through the key categories of startup costs—legal setup, clinical readiness, and marketing/admin—and share detailed estimates based on real-world examples. I also highlight hidden or overlooked expenses that can sneak up on you. And if you don’t have $10K–$20K saved up? No problem. I share multiple funding strategies, including 0% APR credit cards, SBA loans, grants, peer lending, and bootstrapping. My goal is to give you clarity and confidence so you can move forward with a smart, grounded plan for launching your practice.
Cool Things Mentioned
- The Testing Psychologist mastermind groups and business consulting
- Beginner Practice Checklist: A step-by-step guide to launching your practice: https://www.thetestingpsychologist.com/wp-content/uploads/2023/12/Beginner-Practice-Checklist.pdf
Digital Scoring Platforms
- Q-interactive (Pearson): https://www.helloq.com
- PARiConnect (PAR): https://www.parinc.com/PARiConnect
Low-Cost Website Platforms
Squarespace: https://www.squarespace.com
Wix: https://www.wix.com
WordPress: https://wordpress.com
DIY Logo & Branding Tools
- Logo.com: https://logo.com
- Canva: https://www.canva.com
Grants for Entrepreneurs
- Amber Grant (for women): https://ambergrantsforwomen.com
- NASE Growth Grants: https://www.nase.org/become-a-member/grants-and-scholarships
Small Business Loans & Credit Lines
- SBA Microloans: https://www.sba.gov/funding-programs/loans/microloans
- BlueVine (business lines of credit): https://www.bluevine.com
- Fundbox (credit lines): https://fundbox.com
Peer-to-Peer Lending Platforms
- Kiva: https://www.kiva.org
- LendingClub: https://www.lendingclub.com
Secure Email & Fax Providers (for HIPAA compliance)
- GSuite + Google Workspace with HIPAA BAA: https://workspace.google.com
- Paubox: https://www.paubox.com
- SRFax: https://www.srfax.com
Featured Resources
I am honored to partner with two AMAZING companies to help improve your testing practice!
PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to br