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Avoid These $7,500 Mistakes When Starting Your Private Practice
In this episode of the Grow Together Podcast, Kate shares the raw, behind-the-scenes story of how she lost over $7,500 in her first year of private practice—all because of confusing business logistics and skipping the foundational steps.
If you're dreaming of starting a side hustle, preparing to leave your 9–5, or trying to get out of burnout and into aligned private practice ownership, this episode is for you.
Kate breaks down the not-so-glamorous (but absolutely crucial) setup steps like choosing your business structure, preparing for taxes, handling your legal paperwork, and managing your business finances with clarity and ease.
What You’ll Learn:
- The 3 main business structure options: Sole Proprietor, LLC, or S-Corp—and how to choose the right one for where you’re at
- How not understanding your structure could cost you thousands in taxes and payroll mistakes
- What to do today to legally register your practice at the state and federal level
- The 3 “money buckets” method to organize your finances (Corporate Allocation, Payroll, Growth)
- Kate’s go-to malpractice insurance recommendation and why it’s a non-negotiable
- Common tax write-off categories for therapists—and how to stay organized all year
- The top 5 mistakes most new private practice owners make (so you don’t!)
Resources & Links Mentioned:
- Artful Contracts - Save 10% with code "KATE" – Done-for-you legal templates by real attorneys
- HPSO Malpractice Insurance – Kate’s recommended provider for comprehensive coverage
- Private Practice Money Bucket Calculator – Track your finances with Kate’s simple tool
Episode Highlights:
“I paid over $7,500 in the first year of business because I didn’t understand how to pay myself correctly or choose the right business structure—and I want to make sure you don’t do the same.”“You can register your business, get your EIN, open a bank account, and get insurance—all in ONE weekend. Don’t overthink it.”“Protect what you’re building. Anything worth building is worth protecting.”Connect & Grow With Kate:
Want help setting up your private practice with done-for-you templates, expert strategy, and mindset support? Join my membership or coaching community!
Learn more here
Final Reminder:
You don’t need a perfect plan—you just need the next right step. Don’t grow alone…
Let’s Grow Together.
View all episodes
By Kate McCommonsIn this episode of the Grow Together Podcast, Kate shares the raw, behind-the-scenes story of how she lost over $7,500 in her first year of private practice—all because of confusing business logistics and skipping the foundational steps.
If you're dreaming of starting a side hustle, preparing to leave your 9–5, or trying to get out of burnout and into aligned private practice ownership, this episode is for you.
Kate breaks down the not-so-glamorous (but absolutely crucial) setup steps like choosing your business structure, preparing for taxes, handling your legal paperwork, and managing your business finances with clarity and ease.
What You’ll Learn:
- The 3 main business structure options: Sole Proprietor, LLC, or S-Corp—and how to choose the right one for where you’re at
- How not understanding your structure could cost you thousands in taxes and payroll mistakes
- What to do today to legally register your practice at the state and federal level
- The 3 “money buckets” method to organize your finances (Corporate Allocation, Payroll, Growth)
- Kate’s go-to malpractice insurance recommendation and why it’s a non-negotiable
- Common tax write-off categories for therapists—and how to stay organized all year
- The top 5 mistakes most new private practice owners make (so you don’t!)
Resources & Links Mentioned:
- Artful Contracts - Save 10% with code "KATE" – Done-for-you legal templates by real attorneys
- HPSO Malpractice Insurance – Kate’s recommended provider for comprehensive coverage
- Private Practice Money Bucket Calculator – Track your finances with Kate’s simple tool
Episode Highlights:
“I paid over $7,500 in the first year of business because I didn’t understand how to pay myself correctly or choose the right business structure—and I want to make sure you don’t do the same.”“You can register your business, get your EIN, open a bank account, and get insurance—all in ONE weekend. Don’t overthink it.”“Protect what you’re building. Anything worth building is worth protecting.”Connect & Grow With Kate:
Want help setting up your private practice with done-for-you templates, expert strategy, and mindset support? Join my membership or coaching community!
Learn more here
Final Reminder:
You don’t need a perfect plan—you just need the next right step. Don’t grow alone…
Let’s Grow Together.