If you’re considering going into private practice, it’s always smart to talk to other clinicians who have been there. When I opened my practice years ago, I had very little business experience. Luckily, I did a few things right that allowed me to be profitable (and it didn’t hurt to be married to a CPA). Over time, I learned that I have a knack for marketing and networking that has allowed my practice to continue to grow, even during a recession.
Few private practitioners are armed with small business skills when they venture into private practice. According the U.S. Small Business Administration, around 50% of new businesses will close their doors within 5 years. The realities of making a profit and running a successful private practice can be discouraging and exhausting. If you’re considering opening a practice, I think you’ll enjoy several seasoned practitioners answer the question,”What do you wish you’d know before starting your private practice?
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Another great post! I wish I had known ahead of time that the process of getting on insurance panels took several months. I knew it would be confusing and disorganized at times and was prepared for a lot of paperwork. Maybe it was the timing of the applications, the economy, or that San Diego is saturated with therapists, but I hadn’t anticipated such a long process.
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