I was inspired to write about this topic because when I was getting my practice going I really struggled with where to invest my money- and when to do it! I started in a group practice, which was an incredible experience. However, when I started out on my own I had some of the same expectations of how my practice should look (both literally and in practice). This was a great thing- I had mental model of a great successful practice to strive towards. But... I JUST DID NOT have the money to make my practice like this group practice- not right away at least.
I wanted to focus on spending money on myself first…I know, I know, it feels weird when you are trying to get a business off the ground. But to me the most important places to spend money are on things that are going to help you develop wonderful roots and set you up for long-lasting success.
Professional development is what your name is built on. Your training, your expertise, and your professional identity are what people use to decide if they want to refer to you. It is essential that most of your money is spent on professional development if you want private pay referrals. If you have your fingers crossed for getting called randomly from insurance lists or finding you on Psychology Today, that's another matter. If you want to establish yourself in this town as someone to send clients to, then here are your steps.
- Consultation groups
- Your own therapy
- CEU opportunities
- *Although these can cost a lot, AND you will again build confidence as well as meet others in your field (added bonus)*
Stay tuned as we are going to be continuing the money conversation all month, and we will expand the spending list. As always, leave any comments or questions you may have