How do you achieve financial freedom in your private practice?
In our new series, we’re going to first talk about the switch you need to make TODAY to be on your way to achieving financial freedom in private practice.
You started your private practice because you wanted to be your own boss and make more money right?
One of the biggest mistakes I see new therapists making is that they try to save their way into financial freedom in private practice.
If you listen to people like Dave Ramsey, they’re gonna tell you to save more money. And yeah saving money is good but you’re never going to be successful, or have the financial freedom that you want that way.
You cannot save yourself into prosperity. What do I mean by that?
Let me give you an example. A Lot of people say if you cut out your Starbucks habit and you stop spending $5 dollars a day on coffee you could save so much money.
Let’s do some math. If you get a $5 dollar coffee every day, that’s $150 dollars a month, times twelve, and that’s $1800 dollars a year. While that’s a nice chunk of change, it’s not going to make you rich. If you’re trying to make a million dollars, for example, it would take you 555 years to get there by only saving $5 a day.
See, you cannot save your way into prosperity.
The real secret to growing your private practice and achieving financial freedom is investing.
You have to start thinking more like a business owner, rather than just a therapist.
Your private practice is a business just like Target or McDonalds. Do you think they expanded their franchises all across the world by saving money?
Not a chance. They chose to invest in their business and were willing to spend money to make more money.
Now you might be wondering, but what should I be investing in?
The answer is pretty simple. You should be investing in two types of things:
- Things that bring you more clients
- Things that create an overall better experience for your clients.
The more clients you get, the more money you make. And the better you help your clients, the more likely you are to keep them coming back and to receive referrals.
Sure you can focus on saving money, but at the end of the day you’ll never get to a place of financial security, and you’ll always be stuck at the same income level.
By using your money on smart investments and improvements for your clients, you can grow your business.
If you’re wondering where to begin with investing money into your business, don’t worry we’ve got you covered!
In our next video, we’re going to talk about some of the best investments you can make in your private practice, that you will see a return on almost immediately.
See ya next time!
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