514. What It Really Costs to Launch a Testing Practice (and How to Pay for It)

Would you rather read the transcript? Click here. In this episode, I break down one of the most common and anxiety-inducing questions I hear: “How much does it actually cost to start a private testing practice?” I walk through the key categories of startup costs—legal setup, clinical readiness, and marketing/admin—and share detailed estimates based on real-world examples. I also highlight hidden or overlooked expenses that can sneak up on you. And if you don’t have $10K–$20K saved up? No problem. I share multiple funding strategies, including 0% APR credit cards, SBA loans, grants, peer lending, and bootstrapping. My goal is to give you clarity and confidence so you can move forward with a smart, grounded plan for launching your practice. Cool Things Mentioned The Testing Psychologist mastermind groups and business consulting Beginner Practice Checklist: A step-by-step guide to launching your practice: https://www.thetestingpsychologist.com/wp-content/uploads/2023/12/Beginner-Practice-Checklist.pdf Digital Scoring Platforms Q-interactive (Pearson): https://www.helloq.com PARiConnect (PAR): https://www.parinc.com/PARiConnect Low-Cost Website Platforms Squarespace: https://www.squarespace.com Wix: https://www.wix.com WordPress: https://wordpress.com DIY Logo & Branding Tools Logo.com: https://logo.com Canva: https://www.canva.com Grants for Entrepreneurs Amber Grant (for women): https://ambergrantsforwomen.com NASE Growth Grants: https://www.nase.org/become-a-member/grants-and-scholarships Small Business Loans & Credit Lines SBA Microloans: https://www.sba.gov/funding-programs/loans/microloans BlueVine (business lines of credit): https://www.bluevine.com Fundbox (credit lines): https://fundbox.com Peer-to-Peer Lending Platforms Kiva: https://www.kiva.org LendingClub: https://www.lendingclub.com Secure Email & Fax Providers (for HIPAA compliance) GSuite + Google Workspace with HIPAA BAA: https://workspace.google.com Paubox: https://www.paubox.com SRFax: https://www.srfax.com Featured Resources I am honored to partner with two AMAZING companies to help improve your testing practice! PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to bring you featured items from their catalog! Listen to each episode for specific product recommendations and links. Learn more at www.parinc.com. TherapyNotes is the leading EHR system for mental health practitioners. I’ve used TherapyNotes for over 10 years, and it just keeps getting better. Use this link and the promo code “testing” to get two free months and try it for yourself! www.therapynotes.com/testing The Testing Psychologist podcast is approved for CEU’s!I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health! About Dr. Jeremy Sharp I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology from Colorado State University. These days, I specialize in psychological and neuropsychological evaluation with kids and adolescents. As the host of the Testing Psychologist Podcast, I provide private practice consulting for psychologists and other mental health professionals who want to start or grow psychological testing services in their practices. I live in Fort Collins, Colorado with my wife (also a therapist) and two young kids. Ready to grow your testing services? Click below to schedule a complimentary 30-minute pre-consulting call! Schedule Your Call