Episode 151 | The 5 Financial Pitfalls of Starting a Practice

Avoiding Common Financial Pitfalls in Private Therapy Practice

In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.

Episode Highlights

• 00:00 Welcome to Therapy for Your Money
• 00:48 Common Financial Mistakes in Private Practice
• 01:17 Mistake #1: Short-Term Thinking
• 04:12 Mistake #2: Underestimating Startup Effort
• 07:11 Mistake #3: Misunderstanding Fee Retention
• 09:08 Mistake #4: Ignoring Taxes
• 11:02 Mistake #5: Feeling Guilty About Profit
• 13:45 Introducing the Money for Therapists Practice Startup Course
• 16:23 Conclusion and Disclaimer

Links and Resources

• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy
• Podcast Production and Show Notes by Course Creation Studio