4 Tips To Save Big When Opening Your Practice
/Opening a business is obviously going to require a financial investment on your end, and that reality can really suck sometimes. A recent article I read stated that:
“I learned that it is possible to pursue business ownership with around $15,000. To go big places, you’ll always need more money. But you can start out with very little as long as you take care of some careful planning and are passionate about your company.”
Great words of wisdom, but a majority of mental health and wellness professionals don’t have an extra $15,000 laying around (sure would be nice though!). Heck, most people don’t even have an extra $1,000 hanging out in the bank.
So, what do you do when you have limited financial backing but still really want to open up shop?
Unfortunately, a lot of people’s answer to this is to not start their private practice because they think you need to have thousands to do so.
This reality doesn’t settle well with me because I am a firm believer that everyone should be able to follow their dreams and get there in whatever fashion suits them best. Remember that being in private practice is a commitment to be an entrepreneur and being an entrepreneur is a commitment to thinking outside the box.
If you are having a hard time thinking outside the box on money saving tactics, keep reading and I will connect you with resources so you how you can lower your overhead costs and turn a profit even faster.
4 Tips To Save Big When Opening Your Practice
Use shared office space
b.mindful Louisville Group Room (Moberly Photography)
When another therapist isn’t using their office, you could use it! No one works 24/7, therefore freeing up some time that an office is sitting empty and could be subleased out to another clinician. Similar to this, there are specific companies, like b.mindful Louisville, that are dedicated to supplying mental health and wellness professionals with safe, clean, modern and practical offices to use for their practices. These are great cost-efficient options for those just starting out or for those that don’t want to hassle with the big investment of first/last month’s rent, furnishing, decorating and upkeep of an office.
Skip the advertising
A big mistake people make in the beginning stages of opening their private practice is funneling a lot of money into marketing, and frankly this just isn’t necessary right at the start. In order to have an effective advertising campaign one must have a clear marketing message, have disposable income to test what works and what doesn’t, and have the goal of bringing in the masses.
For most mental health and wellness professionals we don’t have a clear marketing message in the beginning, don’t have tons of extra cash flow (hence why you find yourself reading this blog) and don’t need to bring in 1000s of clients. Instead of spending money on advertising right now, what you should do is hone in on your marketing message. You can do this by attending networking events, clinical trainings, and talking with other professionals about what it is you do and taking note on how they respond. With this data, you can then tweak your message and elevator speech to ensure it is clear and to the point.
Use social media
In order to have a good website and maintain your SEO appropriately you will either have to hire out (and spend hundreds or thousands of dollars) or you will have to dedicate time out of your weeks to build out and maintain your site. If you have the extra $ to hire out, go for it, or if you have the drive and excitement to build out your site and learn the ins and outs of SEO for yourself, go for it. But if you are strapped for cash and aren’t digitally savvy or have any desire in learning SEO take advantage of the free online tools that are already out there!
Google+: Allows you to add your business so you’ll pop up in Google local searches.
Facebook: Allows you to create a professional looking business page that other professionals and clients can interact with all while keeping your personal page private. Also it is very easy to link your FB and Instagram accounts so everything posted on Instagram is automatically posted to Facebook.
LinkedIn: Perfect to connect with other professionals and also provides a free blogging platform.
Instagram, Twitter, Reddit: Depending on the age of your ideal clientele, it may be beneficial to have one of these accounts as well in order to meet your clients where they are hanging out.
YouTube: Fantastic, free video platform to post Q&A, interviews with other professionals, and provides a great space to reach your ideal clients via video.
Take advantage of the free incentives that directory sites offer
Majority of the online directories will offer between 1 - 6 months free if you were referred by a current member, so be sure to take advantage of this! Reminder to take your time when writing your profile, and don’t rush through it to get something posted quickly. This may be the first interaction a prospective client has with you and you want to ensure you come off as calm, professional, competent, welcoming and approachable. If you are having a hard time figuring out how to do all of this, check out this amazing resource!
Final Takeaways
There are many ways to save when starting your private practice, and I decided to just touch on 4 of the most important ones in order to not overwhelm the most likely already overwhelmed business owner!
The difference between been an entrepreneur and a smart, long-lasting entrepreneur is the ability to know when to pull back and allow others to assist you and when to jump in and get your hands dirty doing it yourself. If you feel like you are stuck in the middle and don’t know where to turn, don’t hesitate to reach out to Shannon with b.mindful Louisville and see how our office rentals, supportive community, and business building resources can assist you and your business.
But remember that you can do it and that you aren’t alone!
Shannon Gonter, LPCC, Owner and Founder of b.mindful Louisville