Why Now is the BEST Time to Start a Private Practice
(3 Unexpected Reasons)
Right now, many people are scared and uncertain.
It’s led many to believe, including many recent graduates, that their best bet is to stay safe and just “wait it out.”
There’s some truth to it-- the economy is struggling amid an unprecedented cultural shift. And it’s not always clear what to do with the overwhelming amount of information thrown at us every day.
But, when times are uncertain, that’s actually the best chance to take charge of your own circumstances. If you’re a pre-licensed, or fully licensed, professional that means heavily considering private practice (as long as your state allows it). I’m going to show you why now is actually the BEST time to start a private practice.
Here we go:
This Unique Situation (and How You Can Benefit)
There are several main factors in play right now that actually make this a great time to start a private practice. They are:
- Mental Health Need - There is an unprecedented need for mental health services right now.
- Covid-19 and the Economy - COVID-19 has severely impacted economic options for all (but that causes an uncommon opportunity).
- Digitalization - Almost overnight, Americans are more accepting of doing everything of consequence over the internet.
All of these factors are interacting to produce something special.
I’m going to break each point down and then tie it all together at the end.
1. The Mental Health Need in the United States
It’s no secret that this extreme circumstance has had a major impact on the mental health of so many american citizens.
A crisis mental health hotline saw an uptick of almost 900% in demand.
And plenty of surveys have come out recently showing a massive negative decline in mental health.
Things were already difficult for so many Americans BEFORE 30 Million + jobs were lost and social isolation became the responsible thing to do. Now more than ever, you will find no shortage of people that need therapeutic help.
Of course, getting full pay clients might not be quite as easy as it used to be only 3 months ago, but there is still a big opportunity. Especially if you can get your digital presence really dialed in while most others struggle.
To establish a successful practice, all you really need are 15-20 clients. Are you able to find 15-20 people who need help, and are willing to pay you for your services? Almost certainly, especially now.
2. Covid-19 and the Economy
The major loss of jobs in the US combined with uncertainty about the economy has caused consumer spending to decrease. Non-essential spending especially has plummeted.
And when spending stops, businesses shut down, and traditional economic opportunity, like the availability of jobs, really suffers. You’ve no doubt experienced something along these lines, maybe the drying up of a job for you or someone you know.
But there’s something unique that happens in downturns. It’s not a thought process that most subscribe to, but those who do find great success.
When you’re running out of options, it’s best to take things into your own hands. You can’t control the state of the world or what your neighbors believe about the economy, but starting a business ( a private practice ) is a real way that you can start taking control and directing your time and energy into something that is beneficial to you and others. When you don’t know exactly the right choice, committing your focus to something that serves you and your community is always a great decision.
Now, I want to make a caveat about money.
You want to make sure you have enough money to live on for a couple of months, because business can take a couple of months to become profitable.
But at the same time, if you have to go into a little bit of debt to start a practice with a good chance of becoming profitable quickly, it’s something you should consider. Keep your expenses low and focus on bringing in new clients and giving them the best experience possible and you’ll be surprised how quickly you might grow.
Keeping your expenses low in a private practice is now more possible than ever.
Everyone has come to see virtual interactions as more normal than they were last year.
This means, if you wanted to start a private practice that was completely digital, you can do that. And clients will be ok with it. And you can do it extremely cheaply. Here’s how.
First of all, there has been tremendous innovation in software, which allows you to do pretty much everything needed for your business digitally. For example, you can get a website for $10-20 a month, a simple teletherapy software like doxy.me for free, and get an Electronic Health Record (EHR) for storing files and keeping everything HIPAA secure. If you have a home office or a dedicated space for sessions you can start an entire practice for just a couple hundred dollars.
Second, other professionals are conducting sessions online (see the increase in doctors conducting telemedicine for proof). Meaning that possibilities for one of the most important strategies to building your practice (networking) is still 100% possible.
I’m of the opinion that therapy is often more effective in person. However, that doesn’t mean that if you take control you can’t get great results for your clients and start to establish yourself and your practice. Once established, you can choose to move things in person. One thing we do know is that it’s uncertain how long we need to be cautious around physical contact. Teletherapy means that you are prepared if everything lasts longer than we expect, and you can get to the point of helping people much sooner.
Putting it all together
It’s clear that right now there is a strong need for mental health services, and a real opportunity to start your own private practice that addresses than need, makes more money, and helps you acquire hours on the path to licensure (if pre-licensed).
How do you do it successfully? Well, if you want to take action, I’ve got proven strategies that tell you step-by-step exactly how, and provide the support you need to build a life changing practice quickly. Click here to learn more.