Have you wondered how many successful group practice owners started their businesses? For which reasons do people decide to start their group practices? Do you want to hear some of the greatest lessons that you can learn from for your journey?
In this podcast episode, Joe Sanok speaks with LaToya Smith and other panelists about how they knew it was time to start a group practice.
Podcast Sponsor: Level Up Week
Our Level Up Week in March was a grand success, and we’re so excited to bring it back from September 18th to 21st! We have over 20 webinars, all designed to help you Level Up your private practice, no matter what stage you’re at.
Plus, it’s all entirely FREE.
So why Level Up Week? Because we provide you with practical, actionable strategies from top leaders in the field. You’ll gain tools to elevate your practice, expand your knowledge, and engage with a community of like-minded professionals.
Let me break down why this event is tailor-made for you: If you’re a new therapist looking to start or grow a solo practice, we’ve got insights tailored just for you, like the ‘Solo Practice Panel and Q&A.’
Or maybe you’re a seasoned professional wanting to grow, then you’ll want to learn from experts in the field on topics like ‘Growing a Group Practice’ and ‘Keys to Successfully Accepting Insurance in Your Practice.’
And if you’re looking to harness technology for your practice’s advantage? Don’t miss ‘5 IT Things You Have to Master.’
Don’t let this opportunity slip by. Register now to attend one of more of these amazing free webinars and take the next step in your private practice journey.
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcomes.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
In This Podcast
- A desire to do different things
- To try something new
- Managing the finances of launching a group practice
- The biggest mistakes made and lessons that were learned!
A desire to do different things
Most people might start a private practice because they want to increase their income, to see their preferred clients, or to serve more people in their community.
However, another reason that some people start a private practice – and also a group practice – is to do different things other than direct therapy.
A group practice allows you to sustain the income so that you can enjoy doing, running, and creating other projects.
I had a private practice but I didn’t want my butt in the chair too much … and I also wanted to reflect the diversity of our community … so some folks at Killin’ It Camp got my wheels spinning.
Kathleen had recently retired and wanted to use her time to travel more and expand her professional skills all while making a positive impact on her community.
Additionally, Dr. Wendy had a similar experience.
I’m enjoying it. I’ve had my down months but we’re making it and moving forward!
Dr. Wendy Marsh
To try something new
On the other hand, Ashley had a different situation. For her, she wanted to start a group practice because her standard situation was not working as well as it could have been.
I pretty much knew I needed to expand and start a group practice because things were not working as well as they used to. I was wearing all the hats, doing all the marketing, accounting, billing, everything … I eventually got to a point where things started to slip between the cracks, and I was like, “That is not me, that should not be happening” … that was when I realized that I need to start a group practice and bring somebody else on.
Ashley had a consultation with Joe and ran through her numbers, and found out that she could afford to hire someone and grow her practice into a group without losing much money.
Her group practice ended up expanding and growing quickly, and now she enjoys her work because she has the help that she needs to keep the business running while she offers therapy.
If you think too long about the details, the what-ifs, and the possibilities and the fears and everything that could go wrong and could go right … you’re not going to take the first step … sometimes everything’s just aligned where you’ve got to jump in.
Managing the finances of launching a group practice
You may not need to take out a business loan. It all depends on what you are currently earning, what you want to pay potential employees, and whether you have some savings to lean on or not – among other factors.
For example, Ashley has hired practicum students into her group practice, but they understand that they only receive a salary from her once they start seeing clients and earning money for the business – and therefore for themselves.
Once they start bringing money in, it’s going to be a fee-split that’s going to be negotiated and then [they have] room to grow.
This option is a way for you to start hiring staff and pay them accordingly once they bring in some business, allowing you to start your group practice sooner rather than later if you are without a large savings account to tide you over.
Jump off the cliff and build your wings on the way down … and I think that’s what a lot of us did, we jumped off the cliff and built those wings.
Dr. Wendy Marsh
The biggest mistakes made and the lessons that were learned!
Hiring can be tricky! Especially when you want to fulfill roles quickly. However, always listen to your gut!
If your intuition is telling you that someone is not a good fit – no matter how desperate you are – listen to your gut and don’t hire them, because hiring them and having to fire them later costs you money and energy.
Also, use a self-audit form for your therapists if you can to make sure that all the numbers are in order.
Sponsors Mentioned in this episode:
- Level Up Your Practice between September 18 and 21!
Useful links mentioned in this episode:
- www.gusto.com/joe receive a few months for free!
- Visit LaToya’s website. Connect with her on Facebook, Instagram, Strong Witness Instagram, and Twitter.
- Visit Paradise Psychology and connect on Facebook, Instagram, and LinkedIn.
- Check out Adult Autism Assessment
- Connect with Kathleen Villagomez on Psychology Today
- See My Life Counseling
- Check out the Life Enrichment Counseling Center and Marriage Healing Center
Check out these additional resources:
- Apply to work with us — a decision-making matrix for your next steps
Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners who are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
Thanks For Listening!
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