109 - What You Need to Do Before Going from a Solo Practice to a Group Practice with Miranda Palmer
In this episode of The Private Practice Elevation podcast, we’re going to talk about what you need to do before you go from a solo private practice to a group practice. Many private practice owners build their solo practice one step at a time. Perhaps they start out with little to no business experience and slowly get the pieces in place in order to get clients, make the business profitable and grow. And then, they decide the next stage of growing their business will be to build a group practice by adding more therapists into the mix. So they start hiring and figuring out this new phase and all the challenges that go along with it. The trouble is that there are many key steps that are missed way back in the solo practice phase that can make building a profitable and sustainable group practice even more difficult. This means that many therapists end up just doing the best they can instead of setting their private practice up in such a way that they can scale in the future. And when you add more clinicians into the practice, things get more complicated, and those steps missed at the solo practice stage can turn into big headaches and liabilities. You can end up with a “full” private practice with 5 employees and only making $20k a year (a common occurrence!). To help you avoid these missteps and start creating a sustainable practice that sets you up for future success, we’re talking to Miranda Palmer. In This Episode, You’ll Learn: The foundational principles you need in place to create a profitable, sustainable group private practice that works for you, the team, and clients How many private practice owners end up with group practices that are not profitable and don’t allow them to make the income they want or take the time off they need How to create a livable wage for your solo private practice and the numbers you need to know Why you need to disconnect from your fee so that you can pay yourself what you need in order to have the life you want Understanding your limits and how to give yourself permission to work in a way that makes sense for your life How to decide whether a group practice model is even right for you so that you don’t go down the wrong path or get burnt out Links mentioned in this episode: ZynnyMe Free Training: How To Have A Group Practice that Pays You and Your Employees Well About Miranda Palmer Miranda Palmer, LMFT loves helping therapists bridge the gap between what it takes to be a great therapist who gets great clinical outcomes and what it takes to run a successful therapy practice. She has helped thousands of therapists from around the world make the mindset shifts that allow a more effortless application of marketing strategies that grow a private practice that is not just financially sustainable, but that gets great clinical outcomes. Subscribe & Review in Apple Podcasts If you’re not yet subscribed to the podcast I want to encourage you to do that today. This is the best way to make sure you don’t miss an episode! Click here to subscribe on iTunes. And if you’re feeling extra generous, I’d love to hear what you think about the podcast. Reviews help others find the podcast plus I’d really love to hear what you think! Click here to leave a review. Just click on “Ratings & Reviews” then “Write a review.” Let me know what you like best about the podcast. Thank you!