Episode 43: Financial ABC's of Starting Your Private Practice

We want you to feel 100% confident about your finances when opening your first private practice! Julie has curated her top financial building blocks for therapists and is sharing them in today's episode. Episode Highlights: Take (A)ction If you are wanting to open your practice... go for it! The sooner you open, the faster you can start making money You do not need to spend a lot of money on equipment or space to get started (especially in a world where teletherapy is growing!) - it's better to come up with an intentional plan on action to open your practice rather than focus on the material things (B)ootstrap Your Business Invest quality time in the beginning of your practice in order to build the equity of your practice in the future You do not want to become burnt out from doing everything yourself, so make sure that as the business grows, you can outsource tasks effectively (C)runch Your Numbers There are 5 main ways that you will spend money in your practice: Operating Expenses Payroll/Salary Investments Taxes Emergency Fund Make sure to keep ALL business and personal expenses separate Start out by using an accounting software - we recommend QuickBooks Online Links & Resources: GreenOak Accounting Therapy For Your Money Podcast Episode 40: All About Quarterly Estimated Taxes Episode 13: Profit First in Private Practice (with Mike Michalowicz)