How to Grow to a 6 or 7 Figure Therapy Group Practice
Did you learn in grad school that you didn’t go into this field to make money? That you will have to sacrifice your own needs for the sake of clients? That you shouldn’t be selfish and should make yourself affordable to any clients? Many therapists heard similar messages, and even if these statements weren’t directly said, it’s a general feeling many therapists have. This is a one way ticket to burnout. Well what if you could both help a lot of people AND make a lot of money? And you’re probably going to be way better at helping people if you’re not burned out and can actually take care of yours and your family’s needs. So how do you do this?
Get a Solid Business Foundation in Place
This will include determining your niche, determining if you will take insurance or private pay, and getting a solid marketing plan. You can earn a lot more money per client if you decide to only be private pay and out of network with insurance companies, you will just have to do more marketing up front to put yourself out there.
Solo Practice or Group Practice
Once you start to fill up your own caseload, then you can determine if you want to just continue as a solo practice or expand to a group practice. You likely won’t be able to achieve a 7 figure business if you are just a solo practice and it’s your only stream of income, and that’s okay. If you want to just stick to just yourself and no other income streams you can still make a really good living with 6+ figures if you build your business right. But some people as they fill up want to expand and hire other therapists, or want to create another stream of income through courses, coaching, retreats, podcasts, writing, etc.
Expand Your Vision
If you want to grow a 7+ figure business, then it’s time to think big and expand your vision of what is possible. You may feel that as a therapist you can never achieve this. Well I’m here to tell you it’s possible. Mindset is everything with learning to expand your income, because if you don’t think it’s possible then you probably won’t achieve it. This is where it can be really important to read books, listen to podcasts, follow other successful therapist entrepreneurs, buy courses, or hire a business coach. They will walk you through the mindset and marketing to grow a successful and sustainable business.
Make a Plan for the Future
If you are happy with where you’re at, then great. But you will still need to make a plan to sustain it. If you want to keep expanding, then make a plan for how. Will you hire more therapists, open up more locations, start creating courses, became a life or business coach, start a podcast, etc. The possibilities are endless. Just take it one step at a time, it may feel overwhelming right now but with baby steps it is very manageable and not overwhelming.
If you want to learn how to build a 6 or 7 figure private practice, click here to work with me!
