There is a lot of economic uncertainty at the moment both financially and politically. Many of us are and have been concerned about what the future holds, and whether or not we can handle any unexpected economic turmoil.
This may seem like an unusual time to start a new business. It might even scare you away from it.
But I would argue that this is EXACTLY the time to start your practice. In fact, I would argue that it’s a necessity.
I want to explain why starting your own practice now – RIGHT NOW – can be one of the best ways to protect yourself from this economic uncertainty.
Reason 1: You’re Creating New Income
If you want to make the complete plunge and quit your job to start a practice, that’s great. I strongly encourage anyone that can do that to do so, as it will help you succeed.
But as I’ve mentioned multiple times in the past, you don’t have to quit your job to start a practice.
You can start a practice *while* you’re currently employed.
What this can do, if you’re concerned about your finances, is make sure that your therapy practice is actually extra income – income that can help protect you from economic downturn. As your practice grows, that’s when you can decide you’re ready to leave your job and become a full time therapist. But for now, you can see starting your practice like entering the gig economy, but for something with the potential to support you financially and personally.
Reason 2: You Control It
When you own your own practice, you cannot be laid off. You are entirely protected from the immediate effects of economic uncertainty.
Can a recession affect your income? Of course.
But no boss can fire you because you’re trying to save money for themselves. No company can choose to close or downsize and see you as expendable. No single funding source can dry up. It is your practice, and you can never be fired from it, so you’re always at least partially protected from urgent, unexpected financial misfortune.
Reason 3: You Can Charge Anything You Want
Let’s pretend there is a sizeable economic downturn – one that completely wipes away the average person’s ability to spend money. This could absolutely trickle down to the mental health world.
Yet one advantage to owning a practice is, if you’re struggling to find clients, you can always charge less. If people cannot afford $150 per hour, you can charge $125. You’re always in a position to respond to the market in a way that those that are employed by others typically cannot.
That means that you usually have ways to keep your client list full no matter the economy. You can offer less money per hour. You can work weekends. You can do what you need to do to survive.
And that’s a *worst case scenario*. Business owners that are thriving are often protected from significant drops, because clients tend to stay as long as possible and your revenue is spread out over multiple sources.
Compare that to some public health positions, which may relying on grants, government funding, or other funding sources – if anything happens to them, as the sole source of revenue, the business would dry up. Therapists do not typically have the same challenges.
Your Practice Starts Today
It’s time to stop delaying. If you have economic concerns, you should see those as motivation to get started as soon as possible rather than as yet another excuse to hold yourself back.
Starting your own private practice can be life changing.
Contact me today for private practice coaching, and to build a practice that survives any economic challenges.