Transitioning into Private Practice

Transitioning into Private Practice

Oftentimes, clinicians pursue a private practice “on the side” alongside their work in a full-time or part-time job, like an agency. This way, they can have a stable source of income to sustain them as they build their business. 

However, when they start building their private practice caseload, and we’ve seen it happen plenty of times before, the question naturally becomes: when do I transition into private practice full time? 

In this article we will attempt to answer that to the best of our ability.

1. Choosing to build a private practice slowly.

Many clinicians that want to build a private practice do so slowly. This way, they don’t have to live on the very small income private practice provides in the first couple of weeks. So, clinicians put a small amount of effort into growing their practice, and hopefully, it grows slowly. But, some clinicians are not able to achieve sustainable growth. The truth is, if the same clinicians were able to commit more time, attention, and energy to their practice alongside focused marketing efforts, they would be able to grow it faster. 

2. Viewing your private practice as a business

If you are pursuing private practice part-time, while maintaining a personal life and another job, you will need to learn to treat your practice like the business and potential revenue stream that it is. Only when you view it this way will it be able to grow at the speed you want. The point is, if you are building a practice on the side and ever want to get to the point where you feel comfortable going into it full-time, you will need to commit yourself to making it happen.

3. The transition point

When you start to achieve steady growth for your practice, it will become difficult to maintain self-care amidst all the working hours you spend. This is when you should start to consider lowering your workload in your main job or quitting altogether. Make sure to talk to your employer to see if they are flexible, or else have a plan for when it is safe to quit. So, when exactly can you feel confident in the decision to jump full-time into private practice? 

1. When the income from your practice is equal to the income from your job
2. When your practice is able to completely pay for the needs of your personal life
3. When you have a predictable source of new future clients. 

Ideally, your practice is going to be in a place where it meets all 3 of these factors. However, if it’s not feasible, try your best to have at least number 2 and 3 covered. That way, you ensure the best chance of success in private practice. Finally, consider the fact that when you are able to focus full-time on your practice, it has the chance to grow much faster. Focused, intelligent action will yield great results. 

If you’re interested in learning more about how we help clinicians create the practice of their dreams that they can work on full time, apply now for a FREE strategy session. Our experts have helped it happen many times over with clinicians all across the country, and we would love to help you too.