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Do you want to grow your practice into a million-dollar practice? Do you know what’s involved in getting your practice to that stage? Do you know your ‘why’?
In this podcast episode, Joe Sanok speaks with Kasey Compton on how to start a million dollar practice by starting with purpose.
This might not be for everybody. But, some of you out there want to start a million-dollar practice. You know inside of you that you could scale huge, you could impact your community, you could make a lot of money, but, even more importantly, you could be able to serve so many more people.
If you want to start a million-dollar practice. If you want to grow, know the systems, and have us help you, Kasey Compton and I are launching a brand new Mastermind starting soon. It’s called: How to Start a Million-Dollar Practice.
It’s going to include:
- Having time at Kasey’s office learning directly from her
- Coming to Traverse City with me to learn about marketing a practice
- A year of us teaching and walking you through exactly how to set it up so you can have a million-dollar practice
To apply for this Mastermind Group, head on over to practiceofthepractice.com/milliondollarpractice.
Meet Kasey Compton
My area of specialization is in anxiety and panic disorders. I work with clients from early childhood to ages 65+. I use a very successful treatment program to reduce and/or eliminate the anxiety and panic that you are experiencing in your life. All of my clients who have completed this program have experienced significant results. I look for people who are dedicated and willing to commit to the treatment process. These clients are always the most successful!
- Website: https://www.mindsightbehavioral.com/
- Facebook: https://www.facebook.com/mindsightbehavioral/
Kasey Compton’s Story
In This Podcast
In this episode, part one of five in the podcast series, ‘How to Start a Million-Dollar Practice’, Kasey Compton provides an overview of the five phases of starting a million-dollar practice. These include purpose, planning, process, profit, and people. In this podcast episode, Kasey delves into knowing your purpose and how to work this out in your practice.
5 Phases of Starting a Million-Dollar Practice
- Purpose – knowing what your purpose / passion is & how you choose to impact your community. Define your ‘why’.
- Planning – market research, knowing reimbursement rates etc. if you’re insurance-based, cost of living, what insurance do most people have?
- Process – in order to make your private practice scalable and effective, you need to have processes and systems in place.
- Profit – looking at your numbers, i.e.: top-line revenue versus profit margins, looking at your profit and loss statements – seeing everything from a percentage-based point of view.
- People – finding people that support your other 4 ‘P’s’, that support your purpose, that are team-players and that are willing and excited to be participants in your process. People that are hungry for growth and share your perspective in the field.
Know Your Purpose
Understanding your purpose is knowing your ‘why’. Furthermore, it’s important to be as specific as possible. Look for the deeper meaning underneath why you want to achieve certain goals in your life. Think back to when you were child, what jobs interested you?
In all your marketing, and how you run your practice, you should be incorporating your why. It’s essentially about communicating who you are to your target audience.
- Apply for the Million Dollar Practice Mastermind
- Our 300th Episode with Pat Flynn, John Lee Dumas, Kelly Higdon, and More!
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 that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
Thanks For Listening!
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HOW TO START A MILLION DOLLAR PRACTICE WITH KASEY COMPTON
START WITH PURPOSE 1 OF 5
This is The Practice of the Practice Podcast with Joe Sanok – Session Number 301. Well today on The Practice of the Practice Podcast, we have Kasey Campton who has been on this podcast before. She has a million-dollar practice and is on track to be a 3 or maybe 5 million dollars this year. You have such a huge, awesome list that I know are listeners, Kasey, listened to your previous podcast interview. And, we got so much feedback. We’re having you back on to a 5-part series on How to Build a Million Dollar Practice. How are you doing today?
INTRODUCTION TO KASEY[KASEY] I’m good. I’m excited, actually.
[JOE] I know. I’m inspired. We just scotched out a mastermind for people that want million-dollar practices. And, I’m just like so geeked out about it.
[KASEY] I know. I know. I love it. It’s really kind of forced me to step back and break this down into more doable steps and that’s going to be fun.
[JOE] Yeah, totally. I think that’s what I love about your consulting even when just when I hear you speak what your practice is. I think if I wanted to do a million-dollar practice and stop doing consulting, you make it seem that it’s so easy and doable to do this. It’s just if you follow these steps, it’s like just super easy.
[KASEY] Well, it’s really not. It’s not super easy but it’s definitely doable. Definitely.
[JOE] Maybe it’s just you are kind of compassionate the way you talked about it that it seems like it’s doable and realistic.
[KASEY] Maybe. One of my staffs is like, “Do you ever get stressed out?” And, I was just like, wow, I must be a really good fighter. It’s doable and it’s fun. It’s just I think a lot in your approach and your attitude towards it, seeing it as challenges and how am I going to overcome this one and so on.
[JOE] Well, you have 5 different phases that we’re going to go over these 5 different days. Why don’t you give us a summary of the 5 phases and just kind of share with us a few of the steps that we see during those phases? And, we’ll dive into the first one today. In the coming 4 podcasts, we will have you kind of go more in-depth into the other 4. So, maybe, give us a summary of these 5 phases.
PURPOSE[KASEY] Okay. You know, I try to break this down in a lot of different ways. At first, I thought let me make these steps. And, how many steps is it going to take to get someone really where they need to be? It started that way. And then, last night just had a little bit of an epiphany and thought you know, I must really like peace because everything that I was thinking of starting with a “p”.
The 5 P’s I guess would be the main one and it’s the one that I’ve been preaching a lot lately is “Purpose.” Sometimes we start practice and we’re so consumed with all of the nuts and the bolts and just running day-to-day that we can easily lose our purpose. A big part of it is just knowing what your purpose is and what your passion is, and how you choose to impact your community. I know that I talked the last time I bow about purpose. We talked about defining your “why” and why people should come to your company, why clinicians should want to work there. Just clearly define that through a lot of different ways. I think it’s often underestimated but it’s so important. So, that would be the first one.
[JOE] And then, what’s the second one? That’s the one. You know, our purpose, we’re really going to dive into. I have to get the overview. What’s number 2?
PLANNING[KASEY] Two is “Planning”. Not in-depth planning at this point really. Just more planning and doing your market research. If you’re insurance-based, knowing your reimbursement rates, knowing your face schedules, knowing what’s allowable in your state. Are there certain codes that you can build that you can increase your revenue? What is the cost of living? Where you’re from? What insurance most people have? Just the basic planning can do wonders in a private practice.
[JOE] Yeah, yeah. I see so often that people maybe start a practice and then, they say, “what have I gotten myself into?” Some of those basic planning, knowing your numbers, knowing the basics, it’s not always fun to do but it’s necessary if you’re going to scale especially if you want to get to the level that you’re at.
[KASEY] Right. Definitely, yeah. You definitely don’t want to go and do that to your zen. That’s something that needs to be done pretty soon.
[JOE] Sure. So, purpose, planning, then?
PROCESS[KASEY] Then, one of my favorites would be “Process”. I was reading about this again last night. Just to get acclimated to it. I think about it so much myself. And sometimes I try to explain to people, it can get a little muddy. So, I was reading about it and I was just thinking about the processes that we have, the systems that we have, how we preach process systems so much. In a private practice, in order to make it scalable, you have to have processes in place. And, what your processes going to do is increase effectiveness. So, everything you’re doing should be highly effective. And then, looking at your systems which will increase efficiency. How you get balance off your processes and your systems are a huge component to a scalable practice.
[JOE] Yeah. I know one thing when I talk to people that really want to grow their practice and scale. An indicator I say to them is if you could stay away from your practice for a month, and it wouldn’t completely fall apart, it’s a good sign that your systems are really supporting what you want to do with the practice. Whereas, if everything’s held together about you, then, that’s probably a big problem. So, if you’re looking at eventually selling your business, or you’re looking at stepping away for a creative time, or if you’re just having a life outside of your business, you really got to have those systems in place. I’m excited that “Processes” is day 3 of this course we’re doing here.
[KASEY] I love the process. It’s fun.
[JOE] Real quick. Why do you love process because lots of people would think the process and say that it’s not some fun to me? Well, you know, I’m not sure why I love it, but I think it’s just seeing a problem, recognizing that it’s a problem, coming up with a solution, implementing that solution, evaluating, and then just continuing to change it. You know, I always tell people that if you are someone that like things down the same way all the time forever and ever, you would hate working for me because if I find something better and it’s going to make everyone’s life better, I will work through that transition period to get there. Maybe that’s just it is. It’s just seeing a different approach and seeing it work. It just feels… Feel from it.
[JOE] I think back to when Christina and I first got married, we did Dave Ramsey’s approach to kind of financial peace. To have a process that brought us on the same page, and to just be able to, “Okay, she has been raised with not necessarily saving money in the same way I’ve been raised. But now we have a process. We could go back to that process. What does the process tell us to do to pay off this debt? And for us, that was really helpful for our marriage. I think that that’s just one of those real-life indicators of when you have a process that defines it, it makes it so much easier to not have to use that mental space to decide what you need to do next.
[KASEY] Exactly. And that’s when your effectiveness and your efficiency come into play. To where things just become automatic and you’re doing them without thinking. You don’t even realize that there’s a bigger system in place. You’re just doing them because that’s your process. That’s what we try to do here.
[JOE] Yeah, absolutely. So, what’s number four?
PROFIT[KASEY] Number four is profit. This is really looking at your numbers. It’s not just about the dollar but more just about numbers in your company. Your top-line revenue versus your growth profit margin, your net profit margin, looking at your profit in loss statement, looking at your budget, and really learning how to convert everything into a percentage way of thinking. Because when you’re looking at scaling at practice, if you get locked into dollar amounts like, “Well, I’m going to spend a $100 on marketing and next month if you hire 10 new clinicians, you’ve already blown your budget.” So, your budget really needs to convert over to a percentage-based model. That’s really the biggest piece of the profit kind of born.
[JOE] Yeah, so we’ll kind of go into day 4 what that looks like with regards to percentage of your marketing equals this. How do you figure out then? How do you scale that way?
[JOE] Awesome. And then, what’s number 5?
PEOPLE [KASEY] Number 5 is the “People.” That one I saved for last because this was a personal mistake that I made. I think it was a valuable learning experience. And so, finding people that support all your other four Ps, finding people that support your purpose, that are team players, that are willing and excited to be a participant in your process, people that are hungry for growth, and those that really share your perspective in the field, if you bring on… if you start trying to hire massively too soon, you’re really going to throw a range in everything. Because if you don’t have clearly identified process, you’ve not planned, and you don’t know your numbers, bring on more people can actually make it a bigger problem than a good thing. I’ll leave people for last because when you do bring people on, you want everything else to be running smoothly. You want him to walk into something they feel like, “Wow, this is awesome.” It makes people want to have their crap together. People is that last one and maybe among the most important.
[JOE] Yeah. We got the purpose, planning, process, profit, and people. Cool. So that’s where we’ve headed folks over the next 5 days. So, let’s dive into purpose. What do clinicians need to consider when it comes to starting with purpose?
[KASEY] Okay. Well, really just why. You know, if I turn the tables back on you and said, “Why are you doing what you’re doing?”
[JOE] So, do you want me to answer that?
[KASEY] Yeah, I do!
[JOE] Well, look at you are turning the tables. Next thing you’re going to have a podcast take over.
[KASEY] I’ll take over your podcast.
[JOE] I love it, just like Allison did. I’ve been actually listening to Simon Sinek’s Start with Why recently, and I’ve been thinking, “Why does Practice of the Practice exist?” I think at our core, it’s giving people their lives back. And so, you don’t have to work at a non-profit if you don’t want to. You don’t have to work 50 or 60 hours a week. You don’t have to take that supervisor job to make $60,000 but there are ways that you can have a lifestyle. You can have big ideas to change the world and a practice. Also, through that, we’re helping the clients get their lives back by serving more clinicians more than helping there’ll be more people that are starting practices and growing practices. So then, I kind of sort through, “Well then, how do we do that while we help people start growing skill private practices?” But also, we help people launch their very big ideas, whether that’s a podcast, e-course, speaking, or consulting.
Right now, my working thing is helping people get their lives back.
[KASEY] Yeah. And that’s a great lie. It’s simple. It’s straightforward. It tells people exactly what your purpose is. For us, our tagline in the company is “Using knowledge to empower.” And, I really truly believe that sometimes people accept what’s given to them because they don’t know that there’s a better option. Or they show a better 9 – 5 jobs because that’s what they think they have to do. And so, whether it’s a client or a clinician or a staff member, giving them the knowledge that they can use to empower and change their own lives, I think is a big lie for us. Whether that be providing the most innovative and progressive services that we can provide in Somerset, Kentucky. Then, I’ll take it. Whatever we need to do to help people be better and feel empowered. So, a lot of purposes is just really finding you’re way and not the superficial lie that you know…
[JOE] I want to change the world. That’s a good thing but… Somebody says, you know, I think my purpose right now is to pay off my student loan debt. How would you challenge them to really think through a deeper purpose if, you say, you were consulting with them?
[KASEY] One of the things that I use in my clinical life is primarily focused on anxiety and panic disorders. I use a lot of Dr. David Burns’ technique. Specifically, it’s Downward Arrow Technique. To me, when someone says that it would almost be like “that’s not truly what their purpose is.” That’s just something that leads to bigger something. Just getting into the main reason why paying this debt off is important to you. Is it just having something hanging over your head that you owe? Maybe you grew up with parents that didn’t believe in debt. I don’t know. I’m just really trying to find out what the deeper meaning area. Is it liberation? Is it a sense of achievement? Is it going to help your pride? What is it? And then, let’s start to find other things that can help support that same goal in a more fulfilling way. Does that make sense?
[JOE] Yeah. Totally. I think one activity that’s been helpful for me for my consulting clients and some of my mastermind groups too is to think back to when you were a child, what are the jobs you’re interested in or things that you’re drawn to, and then looking at jobs or volunteering activities or experiences that really let you up, or excited by. For myself, I think about when I was a kid, I remember my first jobs. I want to do related by a train track. I want to be a train engineer at night because we saw trains go by at night and I thought that’s the only time trains run. Doing the day, I was going to be an actor and I wasn’t going to sleep. So, as a kid, I thought sleeping was stupid.
Even in that, you know, that idea of acting, you know, giving people the joy of performing or thinking through big ideas… And then, when I think about in my late teens or 20s, I did a ton of travel. I went to Europe for 6 weeks on my own and just kind of went hostile to hostile. There’s this also this sense of adventure and innovation and seeing how other people think. They’re all threads that are now part of Practice of the Practice. Not just this kind of typical, I’m going to teach you how to make money, so you can buy your next fancy car. But, there’s also this purpose that’s a part of it. There’s this authenticity. Also, we could do this awesome adventure of creating a practice for launching big ideas.
I think when people go back to over your lifetime. What was your purpose? When have you been lit up? When have you felt inspired? Oftentimes, you can then pull out and say, “Well, how does this apply to your practice. Where does this apply to what you want to do now?”
[KASEY] Yeah. I agree. I think that’s a good point about going back and looking what your passions were when you were a child. I’m not sure why this came into my mind. But, whenever I was in middle school, I had a teacher. Her name is Lori Carter. It’s funny because she’s a friend now. I tortured her.
[JOE] How did you torture her? I want to hear a good story here.
[KASEY] I know this is bad. I was in the Beta Club and she took us on this school trip and all the beta people.
[JOE] What’s the Beta Club?
[KASEY] It was just like you have to have a certain grade to get in. It’s supposed to be the best of the best.
[JOE] Like an honour society?
[KASEY] Yeah, kind of, yeah. Well, she takes us two and a half hours away from our family for several nights to stay at this big hotel. She was going to… Actually, we didn’t sneak out of our rooms at night. So, she taped our doors from the outside. Well, of course, I get out. And, figure out how to get the tape back on. You know, like, yelling at people walking down the hall. “Hey, can you put the tape back on my door.” Anyway, she called all our parents in the middle of the night and we all have to go home. But, I remember talking to her a couple of years ago and she was just laughing about that story. She was just like, “You were this little, stubborn, eccentric freckle-faced kid.” You know, now, if you walk into my practice, you will kind of see some of that because we are different. We are corky. We do odd things. That’s who we are. We embrace that. I mean we see it in our staff. We don’t have a stereotypical…
Not everyone’s the same. Everyone’s different. We embrace differences. It all kind of falls back into my why and my purposes. Let’s find who we are and let’s just really put that out there. And say, “Hey, you might not like us. You might not like this, but this is who we are and if you do that’s wonderful.”
[JOE] Yeah. I love that. It’s interesting to see kind of how your adult personality comes out as a kid. Even just seeing my 6 and 3-year-old, I’m like, “We’re in for quite the ride.” So, when someone establishes their purpose. They establish them why. They’re like: Okay, I feel like at least I have a working purpose. It might not be where they land. How do they then translate that into their practice, into their cultures? I mean culture is such a buzzword that people hate in businesses. Their culture, for lack of better words, in their marketing, their social media, how does that become embedded into the business?
[KASEY] Well, you kind of read my mind. I’m pretty sure I didn’t send you my notes.
[JOE] You didn’t. No. I love when that happens.
[KASEY] Yeah but that’s what my next thing. It actually says, “When you’re looking at your company’s branding, its message, its online presence, you’re why should be speaking to your market loud and clear.” So, yeah. You incorporate that into everything. It is just a reflection of who you are. If you’re passionate about marriages. And, if you’re passionate about keeping families together. Then, say that. Make that your header on your flyers. Put that on t-shirts. Just be very, very deliberate about it. And make sure that all work together. I don’t have any wonderful, great advice on that except we really embrace our branding and our message. I remember back when I thought, “Do I really need to have a website because it seems it’s really not important?” People don’t even go online. In almost every clinician that we interviewed, they talk about it when they come in. And, they’ve already looked who their team leader would be based on their area. They know they’ve put faces with names. They know our passion. They know our mission and our message. So, they already kind of know before they come in. Oh, this is the place I want to work. In the beginning, we didn’t really have that luxury because we have not established ours why. Now, it just seems… You know, we interviewed three people last week, sent 3 job offers, and had 3 job offers accepted. I knew within the first 5 minutes that everyone on those interviews that I was going to hire that person because they were just a perfect fit. That’s kind of when you know that your whys are working.
[JOE] It sounds like your purpose then starts to define other parts of the businesses especially the people you end up bringing in.
[KASEY] Yes. So then, whenever you have people that are all very like-minded, it cuts down on the HR issues. It cuts down on the drama. There’s just not much of that when you have a bunch of people that are all in it for the same purpose.
[JOE] Yeah, yeah. Awesome. So, what else do we have to cover with purpose before we move onto your planning phase?
[KASEY] That’s it.
[JOE] Alright. Cool! Well, you nailed it. This is the first day of our Million Dollar Practice Series here with Kasey Compton. We are going to be launching a mastermind later on in the future here. It’s going to be actually kicking off in July 2018. And, if you hear this in the future. Well, I hope you have flying cars when we’ve gone to Mars in the future. But, if you hear that, you can apply for it over at practiecofthepractice.com/apply just a couple of the quick highlights of what we’re covering. This is for people that have just established a practice. It could be just you but you’re already on some insurance panels. We’ve got some of your system set up, but you want to be like Kasey. You want to have that Million Dollar Practice. And so, a couple aspects of this, you’re going to need it 2 days down at Kasey’s practice with the rest of your mastermind group to really see all of her systems live. You’ll get 2 days with me in Traverse City. We’re going to focus in on your marketing. Twice a month we’re going to have 90-minute mastermind meetings where Kasey teaches 45 minutes. And then, we have 2 hot seats. We’re also going to have Q&A monthly with me, with your group of 12, we’re going to have a private Facebook group. We’re going to get tax and phone support with Kasey. If you want to apply to that Million Dollar Practice Mastermind, head on over to practiceofthepractice.com/apply and we would love to talk about whether or not you’re a fit for that group of 12.
Thanks so much for letting us into your ears and into your brain. We’ll talk to you tomorrow. [So, if you want to apply for that mastermind, we would love to have you in it. Head on to practiceofthepractice.com/milliondollarpractice. Come to join us. We would love for you to be in there. Also, thanks to the band sound, Silence is Sexy for the intro music. And, this podcast is designed by an act toward the information with regard to a subject matter covered is given to the understanding that neither the host, the publisher, or the guests are rendering legal accounting clinic or other professional information. If you need a professional, you should find one.]