Opening a private therapist practice: what are the common issues?
Opening a private therapist practice can be a challenging experience and you may encounter some setbacks along the way.
Many therapists dream of having their own practice, but there are several things to consider when you’re starting out. We’ve listed some common issues that come with opening a practice and how you can overcome them.
Insurance
When opening a practice, it’s daunting to know that you are carrying your career and a new business on your shoulders. However, it can be incredibly rewarding if the correct measures are put in place from the outset.
You should always get insurance designed for therapists to protect you and your business. It offers the peace of mind that you and your clients are covered in case of anything going wrong. It’s a necessary expense that cannot be overlooked.
Funding
Starting your own practice will require a large investment, including renting a location, buying furniture and paying for marketing, licensing fees and potentially employee salaries. These costs can certainly create some challenges for new business owners.
Using any savings you have can help, or a loan may be a last resort. Aim to cut costs where you can – do you really need to spend money on a private space, or can you sublet? Do you know of anyone that has some furniture in storage that they no longer need?
Career Growth
Running your own business means you’re at the top of your game and there is far less room for progression. Being an independent therapist with your own practice may mean a lot of your time is taken up and you may not have the chance to interact with industry peers.
Try to refresh your knowledge when you can, or even bring in some new employees to help ease your workload. It’s easy to feel overwhelmed when setting up a business and you don’t want this to impact your personal and career growth.
Clientele
Finding new clients can be tough if most have already built trust with other therapists or attend practices through public services.
It’s important to promote and showcase your business, so ensure you make the most of any marketing services and resources that are available to you. Pricing should be competitive yet reasonable.
Legal Matters
Always ensure you are complying with the law and that your business is registered. It’s important to determine your business and legal structure right from the start.
In the early stages you may want to set up as a sole trader, but it’s also possible to register as a partnership or limited company. This will affect the amount of tax you will have to pay on your profits, so choose wisely and seek financial advice if you’re unsure.
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