Building a Practice: Where to Save and Where to Splurge

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Starting a business is scary, especially when you consider the statistics that most small businesses fail within their first year. That’s why if you want to succeed, you’ve got to be smart about how you start.

One of the hardest decisions to make when starting a practice, is where to spend your start-up money. They certainly didn’t teach you this in graduate school, and sometimes it can be hard to find fellow practitioners to ask these kinds of things, so let us share some of the strategies that have worked for us.

WHERE TO SAVE

Office Space And Furniture

Especially, when you are first starting out, it’s a good idea to look for shared office space. That may mean that you rent out a room in an office, or it may mean that you rent space by the day, or even hour. Finding a location that allows you to rent one or two days a week while you get started can save you a ton of cash.  One option is fellow Therapy Hive member Sharewell, a co-working shared therapy space.

For furniture, go for clearance sales, or maybe try using one of these sites, where you can buy used goods. There’s nothing wrong with a vintage feel in your office, it may even help elicit client memories!

Website And Marketing

If you are lucky enough to have someone close to you who builds websites, ask them for help! Maybe you could pay a reduced rate, or if its a tech savvy teenager, you might even be able to pay in pizza. If you aren’t blessed with such tech-savvy companions, try a site like fiverr. They offer freelance services for just $5.

Continuing Education

This one could actually be in either category, because going to a great conference, like one put on by the Milton Erickson Foundation can be extremely motivating. However, when you are on a budget, sometimes you just need to get those CEs done without extra expenses like traveling. Many websites, like Ce4Less allow you to earn your credits at home, and this particular site even has specials where you can earn all the CEs you need for $69. That’s a bargain!

Of course, sometimes you want to get out of the house to learn, and get the chance to network with other professionals, which -let’s face it- is priceless. We offer a range of CE classes, here at Therapy Hive, as well as an events calendar that showcases many local, in person events.

WHERE TO SPLURGE

Administrative Help

As a therapist, you may want to do everything by yourself, but trust us when we tell you, a good administrative assistant is worth his or her weight in gold. With all of the money that you saved from our previous suggestions, you’ll be able to fork out some cash, so that someone besides you can handle your insurance claims. Think of all the money you’ll be saving on Tylenol alone!

Good Technology

It’s imperative that you have a reliable phone, a good computer, and a printer that doesn’t quit.  It’s also important that all of this technology abides by HIPAA requirements, so be sure to check the most up to date privacy laws.  Plus, these technology expenses are great write-offs!

Here at Therapy Hive, we want to see your business succeed! Contact us to find out how we can help you grow your practice.

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