In this episode, I will detail the steps that I took to transition from working a full-time job to opening my own speech therapy private practice and working for myself.  I must admit, as with all major changes in life, this was something that I was scared to do.  I was so used to working for others that I really had to “deprogram”  my mind from all of the all of the schemata that was etched from 20 years of employment (productivity, clocking in and out, always “looking busy”, etc). I remember talking with a good friend and colleague about talking to my then current boss.  I was so afraid to let her down.  I didn’t know how she would respond.  How was I going to get paid?  Did I have enough savings?  Was I as “good” of a therapist as I thought?  Fast forward 8 years later – I should have done this sooner!

 I have had the privilege to speak to speak with many practice owners throughout the years.  Some are very successful and some fail.  The biggest mistake that I have seen is this:  A majority of people go out and borrow a ton of money from the bank, and when they do this, they end up working for the bank. Working for the bank is actually worse than “working for the man”.  That’s not self-employment. There is no freedom in this.

Basic Speech Therapy Private Practice Startup Model

In this episode:

01:25 – What can we learn from Converse sneakers and white Costco tee shirts

02:47 – Frugality

03:00 – A very small overdraft LOC

04:13 – Banks and insurance companies always get their money

06:30 – Cooking at home

06-52 – The Millionaire Next Door – Amazon

07:05 – Keep your current job

07:44 – Office versus community visits

08:40 – Marketing and websites

09:08 – Credentialing

09:28 – A professional presentation

10:04 – “Old School” follow-through

10:25 – Presentations to my community

10:50 – Business cards

11:14 – The transition at 60 hours per week

11:33 – Honesty with others is key

                Make a Successful Jump

 

Transcription of Episode Three:

Number 1, you can’t go out and borrow a bunch of money from the bank and expect to make a profitable business. Because you know, you’re gonna be working for the bank if you’re doing that.

Well, hello everyone! You’re listening to the speech therapy private practice start up podcast. This is episode number three.  My name is Kyle Meades and I’ll be your host today and I am recording this podcast from beautiful San Carlos Mexico. San Carlos Mexico is a very small beach town located about five hours south that’s Tucson, Arizona. It’s on the beach and it’s just a beautiful area. Last night I recorded episode number two. If you listen to that you’ll realize that I recorded that episode at 10:45 at night. There was a loud banging on the door. We had a tree fall on our car and I couldn’t go back to sleep. And I was very thankful that the tree didn’t do a lot of damage to the car so it kinda pushed me out to make another podcast.

Today I’m just gonna continuing that energy and to get that information out there for you. So, this podcast is going to focus on how to move into self employment the right way. Now for those people who know me personally, you’ll know that I’m not a flashy guy, I don’t drive fancy cars.