Budgeting vs. Investing: Smart Financial Decisions for Therapy Practice Owners

In this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, discusses how therapy practice owners can navigate the challenging decision of when to be frugal versus when to invest in growth. Julie offers a step-by-step guide on setting up a startup budget, allocating funds, and revisiting financial milestones. She also explores the pros and cons of taking on debt and the importance of marketing investments in the early stages of a practice. Key action steps include knowing your startup budget, dividing funds strategically, and continuously evaluating financial needs as your practice grows. Julie emphasizes the need for using accounting software and saving for taxes to ensure a financially healthy practice.

Show Highlights

00:00 Introduction to Therapy for Your Money

00:45 Deciding When to Spend or Save in Your Practice

01:57 Setting Up Your Startup Budget

03:32 Allocating Your Budget Wisely

09:22 Marketing and Growth Strategies

11:43 Managing Debt and Financial Caution

15:18 Final Tips and Resources

16:57 Disclaimer and Legal Information

Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup

GreenOak Accounting - www.GreenOakAccounting.com

Therapy For Your Money Podcast - www.TherapyForYourMoney.com

Profit First for Therapists - www.ProfitFirstForTherapists.com

GreenOak Courses: https://www.greenoakaccounting.com/courses

Profit First Academy - www.ProfitFirstForTherapists.com/Academy 

Podcast Production and Show Notes by Course Creation Studio