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:

Take Private Practice Quiz 

Join The Dope Therapist Tribe Waitlist


 
Connect:
Find | Doctor TK

On Instagram: @DoctorTKPsych

On Facebook: @DoctorTKPsych

On Pinterest: @DoctorTKPsych

On Youtube: @Doctor TK

 

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