In this second post, I will continue with more Q & A from students.
Question: How did you learn what to do (where to start) when you were ready to start your practice?
Answer: I met with my accountant, who gave me a checklist of things I would need to do to open my practice. For example, opening a business checking account and getting set up to accept credit cards. He also gave me some business contacts, such as a referral to an attorney, who handled my incorporation.
Question: How did you clients initially learn about your services? How do they learn about them now?
Answer: Initially I paid for ads on the Internet and did a lot of networking. But first I had to learn how to network! I did this by attending workshops hosted by a local organization here in Florida that specializes in empowering, educating and inspiring women. After I figured out how to do it, I started attending as many events as I could. I also set up a social media presence, which helped with brand recognition.
Currently, I still do some Internet advertising and a small amount of networking. As time passes (it’s been eight years now), more and more of my referrals are coming from past clients and other practitioners who have collaborated with me on cases in the past.
Question: How much time do you usually set aside to work on the business (not the clinical aspect of it)?
Answer: In the beginning, quite a bit of time. Not only did I have to get everything set up, but I had to learn about marketing and establish business policies. I would say about 15 – 20 hours per week. Currently, my practice pretty much runs itself as I have integrated tools that minimize the busywork I have to do.
Question: What do you feel causes a practice to succeed? And fail?
Answer: Ability to think like a business-person and not a clinician is the answer to both questions. Many therapists struggle with the business side of running a practice. Not only do they fail to market their practice, but they fail to instill policies that help shape client behavior. For example, if you constantly allow clients to late cancel or no-show, you are sending them the message that your time isn’t important. There is a time to take the clinical hat off and put the business hat on; and there are times when you wear both. Those who cannot manage those transitions are bound to fail.
Yours in the Joy of Knowledge,
Dr. Barbara LoFrisco
