Episode 151 | The 5 Financial Pitfalls of Starting a Practice

Avoiding Common Financial Pitfalls in Private Therapy Practice In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners. Episode Highlights 00:00 Welcome to Therapy for Your Money 00:48 Common Financial Mistakes in Private Practice 01:17 Mistake #1: Short-Term Thinking 04:12 Mistake #2: Underestimating Startup Effort 07:11 Mistake #3: Misunderstanding Fee Retention 09:08 Mistake #4: Ignoring Taxes 11:02 Mistake #5: Feeling Guilty About Profit 13:45 Introducing the Money for Therapists Practice Startup Course 16:23 Conclusion and Disclaimer Links and Resources Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio