Do you want to build a private practice that brings in seven figures? What do you need to do from today to make this dream a reality? What is necessary for a strong foundation of a successful practice?
In this podcast episode, Joe Sanok starts the Seven Figure Practice Series with Christy Pennison about what to do now to position yourself for a seven-figure practice.
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Meet Christy Pennison
Christy Pennison is a board-certified counselor, 7-figure business building entrepreneur, host of the Inspiring Possible podcast, and founder of Be Inspired Counseling & Consulting, a multi-location practice in Central Louisiana. She has coached and advised dozens of leaders, mental health professionals, and business owners from across the country to help them grow through the many challenges they face. Due to her knowledge and leadership, she is highly recognized by other professionals in her field. As a result, she was awarded the 20 under 40 Acadiana Leadership Award. In addition, she has been a guest on the Montel Williams’ podcast Free Thinking, and her expertise has been regularly featured in articles on NBC, Today, and many other media outlets and publications.
In this Podcast
- Develop your take-action-attitude
- What to do in year one to get to seven figures
- What you need in a strong foundation for success
- Healthy habits for successful CEOs
- Christy’s advice to private practitioners
Develop your take-action-attitude
I remember I would look at the phone and nobody would call, so I was like, “Well, if nobody’s calling, I guess this is a great opportunity for me to learn what I need to do”. (Christy Penninson)
Christy knew that she needed to get moving and implement changes in her private practice in its early days to rustle up some business. She knew that it wasn’t going to get done if she didn’t do it, so she put her mind to it, took up Joe and Practice of the Practice’s advice from her lessons in the Next Level Practice membership group that she was part of, and made good on her word. Christy hired an assistant, and later a full team to work with as she developed her business.
What I discovered is [that] for you to really be able to grow to a seven-figure practice, you have to build an incredible team that can do things better than you. It’s about finding those people and just allowing yourself to learn along the journey. (Christy Penninson)
What to do in year one to get to seven figures
- Build a referral network: get out into the community and network with other therapists who also serve your clients as well as the niches around them. Ask how you can add value to them.
- Create a great website: a fantastic website can be a gift that keeps on giving. Your blogging strategy and backlinks all boost your Google presence and help you rank higher.
- Level up your marketing: you can be the best therapist but if no one knows about you, your schedule will remain empty. Especially at the beginning of your practice, you need to invest in marketing and doing it well to connect with your ideal clients.
- Strive to learn and develop your skills: hone your business skills as you did (and still do) with your therapy. Pursue knowledge and find a mastermind group to join to practice implementing it.
That learning and the continued commitment to learning and making sure that you are consistent in learning really is what has helped me move the needle as well as we’ve grown. (Christy Penninson)
What you need in a strong foundation for success
Christy explains that it doesn’t get less scary to handle the responsibility but you do start to feel more confident and adept at doing it and following through.
Keep at it, because the fear itself is not dangerous, but the lack of action it can lead you to take is.
1 – Cultivate patience. Success doesn’t happen overnight, so keep at what you know will pay off in the long run and focus on it each day instead of trying to get everything perfect on the first try. Attempt, adjust, repeat, and have patience through it all.
2 – Build a strong team. Hire people for who they are and not just their skills, because most skills can be taught but good people with integrity and passion can be rare to find.
3 – Be clear on your values. You have to make sure that you are living them out, not just talking about them.
I know that’s so basic and maybe overstated but if you know what the values of your business stand on, you know what your mission … and your vision is, then you can attract people that are aligned with those values. (Christy Penninson)
4 – Create a management team to support you. As the CEO, you cannot handle everything. Build a team that is strategic, informed, and prepared, and allow them to handle the business with you.
5 – Implement systems. Use data and systems in your business as a goal-setting system that helps you to address problems, find weak points, and create solutions. Systems let you track success and avoid sinkholes because you can use data to plot your advance.
Healthy habits for successful CEOs
Running a business is not something to do lightly. Your team and your business depend on you, and so you need to maintain your physical, mental, and emotional well-being to show up as the person that you strive to be. Christy does:
- Work with a coach and consultant
- Regular exercise
- Engage in hobbies like reading and creative activities
- Reflection and practicing gratitude at the end of each day
All of those habits in the morning [that] help me start out and ground myself are very important and I also try to do reflection because a lot of times when you are that overachiever … then you forget how much has happened in a short amount of time. (Christy Penninson)
Give yourself space and the energy to be able to manage and maintain your mindset so that your slumps don’t impact your business. Remember that you want your success to be sustainable, and sustainable success depends on you taking care of yourself and learning when to slow down when you need to.
I think it’s [important] to be mindful of what is going to help support you in sustaining going to distance because the longer you get into business, the more you realize, “Hey, I’m trying to build something that’s sustainable. I don’t want to be a statistic that in five years [is] closing our doors.” So, remember that this is a long game, not a short game is also very important. (Christy Penninson)
Christy’s advice to private practitioners
I want you to know that you are world-changers and community-changers. The work that you do is so vital. Make sure to take care of yourself – and trust yourself – along this journey. Show up consistently and believe in yourself because you can get to the other side.
Sponsors Mentioned in this episode:
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Useful links mentioned in this episode:
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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.
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