If you’re considering going into private practice, it’s always smart to talk to other clinicians who have been there. When I opened my practice years ago, I had very little business experience. Luckily, I did a few things right that allowed me to be profitable (and it didn’t hurt to be married to a CPA). Over time, I learned that I have a knack for marketing and networking that has allowed my practice to continue to grow, even during a recession.
Few private practitioners are armed with small business skills when they venture into private practice. According the U.S. Small Business Administration, around 50% of new businesses will close their doors within 5 years. The realities of making a profit and running a successful private practice can be discouraging and exhausting. If you’re considering opening a practice, I think you’ll enjoy several seasoned practitioners answer the question,”What do you wish you’d know before starting your private practice?