If you’re a therapist looking to open your own private practice, we’ve got you covered with the best tips on how to get started and successfully expand. You’re probably already excited about opening day, but it’s important to keep in mind that opening a business takes effort and persistence. Follow our guide on opening and growing your private practice and soon you’ll experience positive results.
Step 1: Legal Paperwork
Nobody likes the sound of “legal paperwork”. It’s a step that needs to be done though, so be sure to fill out and submit any necessary documents to open your business. You’ll want to submit your PLLC, LLC, EIN, NPI, and Liability Insurance. These documents add up to about $300-$400, but they’re a crucial part of opening a practice.
The NPI is your National Provider Identifier, which is also used for billing. The EIN, or employee identification number, is a must-have for business owners because it separates your business from your personal assets. Your PLLC is the professional limited liability company, which is your business license. You’ll want to begin with this type of license before expanding to an S-Corp. It’s important to realize the differences between an LLC and PLLC. LLCs are for products and services, whereas PLLCs are for services that you provide.
Step 2: Financial Management
To grow a successful private practice, financial management tools keep your business information organized and accessible. You’ll be in charge of revenue, expenses, profit, and taxes, so using the right programs can make this process easier. A business bank account is free to open and keeps your profits separate from personal funds. Quickbooks and Wave are user-friendly, affordable financial management platforms that will help you in the accounting side of the business. Finally, be sure to create a budget to keep up with your finances.
Step 3: Marketing & Other Costs
Here’s where the fun begins for many business owners. This is where you get to begin expanding your practice and drawing in customers. The growth possibilities are endless. Marketing can cost any amount of money based on what you’re willing to spend, but often the more you spend, the more you’ll make in profit. The marketing process can be expanded upon slowly though.
Other necessary programs and incurred costs include a secure email, google calendar, website URL, website building platform, client paperwork, and possible office space. You’ll also want to create a business plan with quarterly goals and a marketing plan. If you’ve made it to this point in the process, you’re ready to get out there and officially begin!
Expand Your Business
We’ve gone over the beginning steps to start your own practice, so at this point, the goal is to continue growing throughout the course of your business life. Be sure to keep up with operating costs and business information through budgets, plans, and financial tools. You’ll do great within your private practice if you follow these tips. We wish you the best in the future of your business!