In the summer of 2012, Doctor TK started her group private practice without a coach or any guidance. Not being fully equipped with a business plan and a branding or marketing plan opened her up to more mistakes, in which one is: losing $50,000 in her private practice. This podcast episode is created in order for starters to avoid going through the same mistakes. Learn more by joining in today’s discussion!
Podcast Goals: * Learn the importance of income projection and savings account dedicated during the ‘rainy days’ in your business * Understand the reimbursement schedule based on your service provided * Know what should be included in the business plan in terms of payroll rules and taxes * Make the right decision on the type of people to hire
Episode Timeline: * Where does Doctor TK dedicate this episode? [00:58]
A context on Doctor TK’s early group private practice days: Some of her mishaps and accomplishments [01:33]
Make projections about your income [04:30]
What expenses should be taken into account when making projections? [05:21]
Should taxes be included in the projection? [05:58]
What’s the importance of having emergency funds before hiring people? [06:24]
How many months worth should an emergency fund be? [06:55]
Can’t I open a private practice if I don’t have 6 months worth of emergency funds? [07:03]
Understand the reimbursement schedule: Why Doctor TK lost a lot of money in this aspect [07:23]
Payroll rules, taxes, and other fees that should be included in a business plan before hiring people [10:37]
Is the business plan for a group and individual private practice the same? [11:11]
Hiring people needed vs hiring people wanted [11:58]
Difference between the Dope Therapist Academy and the Dope Therapist Tribe [12:30]
Episode recap [14:00]
Take the Private Practice Quiz for free! What’s in it for me? [15:00]
Standout Quotes: * “You wanna atleast do a projection based on how many people you’re hiring, how much overhead you have, how much your services are reimbursing, how much it is going to cost you per month.” [06:08]
“Before you hire people, you may want to have some type of savings to protect your payment and their payment.” [06:24]
“You should have 6 to 9 months worth of emergency funds for your household to run.” [06:55]
Resources Mentioned:
Connect: Find | Doctor TK
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On Pinterest: @DoctorTKPsych
On Youtube: @Doctor TK
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