Instability
While starting your own private practice can increase your earning potential, it may take time to get there. You’ll be responsible for building your own client base, rather than relying on a practice to do it for you. “As you build your clientele, you may face some instability at first,” says Dowd. “Staying aligned with your practice values and goals will help attract more clients, but the process can be slow.”
Marketing responsibilities
On the topic of growing your practice: As a business owner, you’ll be tasked with marketing your practice. Marketing basics, like creating an SEO-optimized website and Psychology Today profile, can be a good start in building up your client base.
But to grow your business and ensure profitability, you’ll need to go the extra mile — for example, by attending networking events and conferences or considering being active on social media. It may also be worth participating in more continuing education so you can expand your treatment modalities and, as a result, expand your client base.
Legal considerations
As head of your own practice, you’ll be responsible for legal considerations from forming your own sole proprietorship or LLC and attaining a business license to investing in malpractice insurance that protects you from legal and financial risks. It’s important to consider whether you want to take on these extra responsibilities before venturing out on your own as a therapist.
Extra administrative duties
If you’re coming from a group practice, you may have had administrative staff to take care of tasks like scheduling, credentialing, and billing. On your own, these duties will likely become your responsibility — which can take up time you may be spending in therapy sessions with clients.
“Before venturing into a private practice, therapists should weigh whether they’re OK with shifting their responsibilities,” says Dowd. “Incorporating more administrative work may mean reducing your own case load, but ultimately, you can expand your practice to help more clients.”
