Episode 15: Financial Hurdles Transitioning from a Solo to Group Practice

Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE! Growing from a solo practice to a group practice doesn't have to be a challenge! This week, Julie breaks down common financial hurdles that most therapists encounter when growing their private practice, and different ways you can avoid them to make your transition easy. Episode Highlights: Hiring: Your first hire is critical! You are setting the stage for all future hires Compensation: This will become the highest expense of your practice once you transition into a group. Setting up compensation correctly can make or break the business Take a look at your numbers and ratios (expenses based on your income) in order to hire at a proper compensation rate Make a Plan: Roughly calculating where you want to see your business financially in the future can help determine compensation rates that will help your business flourish Benefits: Slowly grows over time - you won't start out offering full benefits but will be able to make a plan to add vacation time, health insurance, etc. over time Links & Resources: Gusto GreenOak Accounting Therapy For Your Money Podcast