I know what you’re thinking: “I’ve always imagined starting my own practice, but I heard that most private practices fail in the first year?”
I understand this concern.
Starting a business CAN be scary, especially when you’re going into it alone. We’re trained to provide psychotherapy. Very, very few of us are trained on how to start a business, or marketing, or corporate taxes.
Most of the people reading this have probably never been taught the tax advantages of an S-Corp or what a “DBA” is.
“Of course private practices fail!” You’re probably thinking. “I wouldn’t know how to do it!”
First, let’s be clear about a few things:
There is no evidence private practices fail at a greater rate than any other business. 25% of businesses close within the first year, and that is essentially what research finds about psychotherapy practices. Yes, 25% do close, but so do 25% of landscapers, 25% of tech companies, 25% of nail salons, and more.
An even more scary statistic is the number of psychotherapists that quit their careers after the first year. The rate of attrition among new therapists is estimated to be >30%.
That’s worth repeating: the rate of attrition among brand new therapists that have recently entered the field and traditionally work for hospitals and other medical facilities is greater than the number of private practices that close in the first year.
That is why I encourage EVERYONE that has experienced the high burnout, the stress, poor pay, and the difficulties associated of working for outpatient agencies, group homes, and more to consider starting a private practice.
I’m not going to lie and pretend that starting a private practice is easy. It takes work.
But let’s look at why private practices fail:
- Most Therapists Have No Help
Most therapists start a private practice entirely on their own with very limited help, often after struggling for months or years at their previous place of employment. That’s going to be challenging.
- Your Support is Your Competition
In addition, it’s very difficult to ask for help from other therapists because, in some ways, they’re your competition. Every private practice is trying to add more clients, and while it’s good to have the social support of the community, you’re still going to run into issues from others that are trying to figure out how to build their own client list.
- Most Therapists Are Learning as They Go
Therapists that do run successful private practices still may not entirely know what they’re doing or how to help someone else build a private practice. I work with many therapists that are still in the process of figuring it out, even as their practices grow.
So What Can Be Done?
Now seems like a great time to introduce myself. My name is Audrey Jung. I have operated a successful private practice for 30 years.
Perhaps most importantly, I am what’s known as a “Private Practice Coach.” I specifically work with therapist that are starting or growing their private practice, and need someone to help them get to the next stage. I provide:
- Tips/Techniques
- Accountability
- Strategy Implementation
- Marketing Support
You also get someone to talk to – someone that will be there with you as your grow your practice.
Therapists need therapists. Private practices need private practice coaches. I’m here to help you launch your practice, to help you grow, and to help you make your practice sustainable. I can be there with you as you make the leap from outpatient center to private practice, or I can be there at any point in your practice to help figure out where your roadblocks are and hold your hand as we move over them, together.
Now is a great time to start a private practice. More and more people are looking for therapists. I’m here to help you find those individuals, convert them to clients, and keep them so that you can continue to grow your business AND your happiness as a result.
Let’s get started. Schedule a short call with me today and let’s talk about what’s involved in private practice coaching and how I can help you accelerate your growth.