Scaling Therapist Podcast: More Income, More Independence, More Impact (Not More Hours)

Do you ever find yourself in a situation where people keep coming to you for advice on a particular topic? Maybe you're amazing at organizing your office, hiring employees, or filling up your therapist schedule with clients. Well, if that's the case, you might have thought about adding a professional consulting service to your practice. In this article, we'll dive into the process of adding a consulting service to your practice. Let's get started!

🚀 Getting Started: Discovering Your Expertise David started offering consulting services for free when people noticed his skills in certain areas. He would have friendly chats with colleagues and give them advice on things like marketing and organizing an office. As he realized the value of his knowledge, he started creating trainings and courses. Eventually, he began offering paid consulting services when people asked for personalized help. However, David learned the importance of pricing his services correctly and being careful when choosing clients who had already taken his courses.

🎯 Identifying Your Expertise When thinking about adding consulting to your practice, it's essential to figure out your area of expertise. As David Hall says, "What do you know that will be helpful?" Think about your skills, knowledge, and what people trust you in. Avoid being too general in your pitch because it won't reach your preferred clients. Narrow down your offering to a specific skill set or talent that you can teach or help others improve. 💲 Pricing Your Consulting Services Determining the price for your consulting services can be a tricky task. David Hall emphasizes the importance of understanding your target audience and their ability to pay. Think about your audience's background, experience, and the positive changes you can bring to them. Adjust your pricing to make sure it's reasonable and appealing to your ideal clients.

🎯 Connecting with Your Audience When considering consulting, it's crucial to narrow down your expertise and define your target audience. David emphasizes that a vague and general pitch won't attract the right clients. Instead, focus on what you're credible in and what will be helpful to your audience. Consulting should be based on a specific skill or knowledge base that provides value to people. If you don't have an exciting offer, you may not be ready for consulting yet. After finding your consulting niche, it's important to connect with your target audience. Figure out where and how they look for information or professional guidance. Use platforms like social media, professional networks, and industry events to establish your presence and build trust. By understanding your audience's needs and effectively reaching them, you increase your chances of success.

✅ Pros and Cons of Adding Consulting to Your Practice Consulting offers many benefits and brings a different kind of energy compared to therapy. David Hall points out two significant advantages: the ability to charge higher rates and reduced emotional strain. Consulting allows you to leverage your expertise and charge accordingly, giving you the potential for higher income. Moreover, the emotional energy required for consulting is often less intense than that of therapy, making it a refreshing addition to your practice.

💲 Charging Higher Rates for Your Consulting Service Depending on your knowledge and target audience, you can charge much more for consulting services compared to therapy. By evaluating the positive changes you offer and understanding your clients' desired outcomes, you can determine a pricing structure that reflects the value you provide. This flexibility in pricing allows you to maximize your earning potential.

🌟 Reduced Emotional Strain Unlike therapy, consulting typically involves working with clients seeking guidance and expertise instead of dealing with emotional distress. This difference can ease the emotional strain associated with therapy. However, it's important to remember that each client interaction may still require empathy and understanding, even if the focus is on professional development.

💡 Actionable Tips for Starting a Consulting Service To successfully launch your consulting service, keep the following tips in mind:

1️⃣ Identify your area of expertise: Determine what you know a lot about and what people often ask for your advice on.

2️⃣ Define your target audience: Understand who your ideal clients are and how you can help them. Customize your services to meet their specific needs.

3️⃣ Develop a compelling offer: Create a unique value proposition that sets you apart from other consultants in your field. Clearly communicate the benefits clients can expect from working with you.

4️⃣ Price your services strategically: Consider the positive changes you provide and the time it takes to achieve them. Set your prices accordingly, taking into account your target audience's ability to pay.

5️⃣ Market yourself effectively: Use various marketing channels to reach your target audience. Build a strong online presence through social media, creating valuable content, and networking within your industry. 6️⃣ Provide exceptional service: Deliver value beyond your clients' expectations. Stay professional, communicate effectively, and continuously improve your expertise to stay ahead in your consulting field.

Welcome to this episode of the Scaling Therapy Practice, where we delve into the fascinating world of scaling as a solo practitioner. In today's discussion, James Marland and David Hall explore the journey of starting as a solo therapist and the reasons why many therapists choose this path. We'll uncover the benefits and challenges of running a solo practice and provide valuable insights on how to make the most of this exciting phase. So sit back, relax, and join us on this enlightening exploration of growth as a solo practitioner.

One of the main reasons therapists choose to start a solo practice is the sense of autonomy it offers. Being your boss means you have the freedom to make decisions about how you want to run your practice. David shares his experience of wanting to wear jeans to work and realizing that as his boss, he gets to set the dress code. Similarly, a friend of his enjoyed having the freedom to decide on the decor of her office space. Being in a solo practice allows therapists to align their work environment and style with their preferences, providing a greater sense of control and satisfaction.

Another appealing aspect of solo practice is the potential for increased income. Compared to working for a group practice or agency, therapists can keep a higher proportion of their client fees in a solo practice. However, it's important to be aware that the income numbers can sometimes be misleading. Running a practice also comes with its costs, such as overhead expenses, marketing, and maintaining a steady flow of clients. David emphasizes the importance of considering these factors and managing the financial aspects of a solo practice effectively.

For some therapists, the simplicity and solitude of a solo practice are appealing. James mentions how therapists in agencies often feel overwhelmed with mandated paperwork, strict schedules, and bonus structures. In a solo practice, therapists have the freedom to choose how many clients they see and can focus more on the therapeutic work rather than bureaucratic requirements. Some individuals prefer the peace of working alone and enjoy the absence of team-building events or company parties that are common in larger organizations.

While the potential for increased income exists in a solo practice, therapists also bear the responsibility of covering all the costs. These costs can include office space rent, utilities, insurance, marketing expenses, and electronic health record systems. David shares his early experience of using his cell phone as the office phone, doing notes by hand, and managing physical files. However, modern solo practices can utilize electronic health record systems, which streamline billing and documentation processes. It's important for therapists to carefully consider and plan for the financial responsibilities associated with running a solo practice.

One of the challenges of a solo practice is generating a steady stream of clients. Unlike working in a group practice or agency where referrals may be provided, solo practitioners need to actively market themselves and build their referral networks. David highlights the importance of having a good referral network and establishing relationships with other professionals in the community. Building a strong online presence, creating a professional website, and engaging in community outreach can also contribute to attracting clients to a solo practice.

Running a solo practice involves taking care of various administrative tasks, including billing, record-keeping, maintaining malpractice insurance, and managing advertising efforts. The transition from paper-based systems to electronic health record (EHR) systems has made certain aspects more streamlined, but it also represents additional expenses. As one therapist mentioned, "And now telehealth is something that's, and so there's, I bring that up because there's a lot more that makes it simpler now, right? But it also represents expenses."

To effectively manage these expenses, solo practitioners must have a clear understanding of their financial responsibilities. This includes maintaining a monthly budget for EHR systems, malpractice insurance, advertising, and other necessary expenses. Additionally, solo practitioners should consider quarterly estimated tax payments to avoid penalties and ensure they have set aside sufficient funds for taxes.

Solo practice can sometimes be isolating and lonely, especially when faced with ethical or legal dilemmas. Having a supportive community or network can provide a sense of solidarity and emotional support. As one therapist noted, "I think my anxiety would've been quite a bit more heightened. If I was on my own in that and, you know, that's a pandemic. But there are other things too of just, you know, what happens when the unexpected happens."

To mitigate the emotional toll and avoid potential ethical or legal violations, it is essential for solo practitioners to find ways to connect with others in the field. This can be through attending professional meetings, seeking supervision or consultation, or participating in online forums or support groups. Building relationships and engaging with peers can offer opportunities for learning, collaboration, and support.

The solo practice offers therapists the opportunity to invest in their professional development and expand their skill set. James and David encourage therapists to take advantage of the autonomy and flexibility of solo practice by pursuing additional training, attending workshops, or participating in online courses. By continuously improving their therapeutic abilities and exploring new modalities, therapists can enhance the quality of care they provide to their clients and stand out in the competitive mental health field.

For solo practitioners who aim to grow and maximize their practice, it is crucial to find ways to streamline non-therapy-related tasks. By identifying areas where time is allocated to administrative work, therapists can brainstorm strategies to improve efficiency. As one therapist emphasized, "Thinking about how to streamline the process of everything else, how do you keep the therapist hat on the longest while streamlining the other systems and responsibilities that keep your business running."

A self-audit can help identify areas where time is being spent on non-therapy tasks. For instance, using technology solutions like online booking systems can reduce time spent on scheduling and client communication. Collaborating with other therapists or outsourcing certain administrative tasks, such as billing or insurance filing, can also free up time for therapists to focus on therapy-related activities.

Know where your time and energy are going by conducting a time audit. "One of the most useful things we did at the virtual assistant company was we did a time audit for where all our time was going and then we saw where the hotspots were and we could apply resources to it." Assess how much time you spend on non-essential tasks like insurance or scheduling and consider hiring a virtual assistant to free up your time for more client sessions.

Use your time audit to decide where you need help. Determine the tasks that you don't enjoy or that hinder your productivity. For example, if you dislike administrative work, hiring an assistant to handle phone calls or intake coordination can increase efficiency. "Decide what headache you want to deal with because solo practice doesn't have to be completely by yourself."

Consider the cost-benefit analysis of outsourcing tasks. Just as it is more efficient for someone to pay for lawn mowing services instead of doing it themselves, therapists should evaluate if it's worth investing in support services. Calculate the income potential from additional therapy sessions compared to the cost of hiring a virtual assistant or administrative staff. "What would a virtual assistant cost me to have them? How many hours a week would I need somebody? And what would that cost and what does that equate to my income-producing time?"

Play to your strengths. Focus on activities you enjoy and excel at to maximize both your joy and your income. By delegating tasks that you don't like or aren't good at, you can streamline your practice and concentrate on the aspects that bring you fulfillment. "Find the things you like and maximize that. That's where you make a lot of your money."

Be on the lookout for shared expenses. Explore opportunities for collaboration and shared expenses with other practitioners. While running your solo practice, you can still find ways to benefit from community and camaraderie. Consider forming an associate collaboration or a group practice where certain expenses, like a website or an intake coordinator, can be shared among members. "Solo practice doesn't have to be completely by yourself. There are practices in town... that are true associate practices... There could be ways to have certain group practice feels where you can have a sense of community."

Another option is to go to a conference and make connections there. Some of my best professional relationships have come from going to conferences. You just never know who you will meet. Being a part of the PsyChraft Network is a direct result of meeting Gordone Brewer at a conference. 

Be open to change and adaptability in your practice. Your circumstances and preferences may shift over time, and it's essential to be willing to explore new possibilities. While you may currently enjoy solo practice, you might find value in joining an associate group in the future. "All I to say, I don't assume anything forever... Things are flexible... I could see myself one day not wanting to be the principal of a group practice... I don't assume anything forever."

Scaling as a solo practitioner offers therapists a unique and fulfilling experience. Starting a solo practice allows therapists to embrace autonomy, make their own decisions, and create a work environment that aligns with their preferences. While there are challenges, such as managing financial responsibilities and marketing efforts, therapists can overcome them by careful planning and leveraging their strengths. By investing in professional development, streamlining tasks, and exploring collaborative opportunities, solo practitioners can maximize their efficiency, build a supportive community, and adapt to the changing landscape of their practice. So, whether you're embarking on your solo journey or considering joining a group practice in the future, remember that growth and evolution are essential elements of a successful therapy practice. Keep nurturing your practice, and let it flourish like a beautiful, thriving garden.

Welcome back to the Scaling Therapy Practice podcast! In this episode, James Marland and Dr. David Hall discuss the importance of having a niche in therapy and delve into the specific niche of addiction counseling. They kick off the episode with a tech tip, sharing their podcast recommendations.

Dr. David Hall recommends "The Art of Online Business" podcast hosted by Rick Maretti. He praises Rick's down-to-earth approach and willingness to share his mistakes and lessons learned. The specific episode he mentions is titled "Six Mind-Blowing AI Tools That Will Save You a Ton of Time." James Marland adds that he was inspired by the podcast to create a mini-course on using AI for various purposes, such as creating quizzes, emails, and scripts.

James opens up about his struggles with guilt when it comes to balancing work and family time. He shares how setting deadlines and goals sometimes leads to feelings of guilt when he can't meet them. He emphasizes the importance of finding realistic work-life balance and reframing negative thoughts. James encourages therapists to understand that it's okay to take time off and have focused work time without feeling guilty.

Dr. David Hall introduces the concept of niches in therapy, explaining that niches can be based on population, procedure, or specific problems. He emphasizes the significance of having a niche to build a reputation and connect with ideal clients. James Marland adds that having a niche allows therapists to serve specific clients and effectively communicate that they are the right fit for them. They both agree that niches provide a sense of focus and purpose in therapy practice.

Dr. David Hall highlights the increasing demand for addiction counseling. He explains that addiction counseling has expanded beyond traditional substance use addiction to include areas such as sex addiction, food addiction, gambling addiction, and even technology addiction. Dr. Hall mentions the Washington State program called "Restart" that specifically addresses video game addiction. He concludes that addiction counseling is a valuable niche due to its relevance and the diverse client base it attracts.

Addiction work offers therapists a unique and fulfilling career path that can be both interesting and financially rewarding. Dr. Hall shares an example of a friend who started his journey by joining a wilderness experiential addiction program in Utah. Through this experience, he gained valuable expertise, got licensed, and built a successful career. Dr. Hall emphasizes that addiction work doesn't have to be a lifelong commitment; it can be a stepping stone towards a positive career pathway. He states, "You can have an nitche. It doesn't have to be your forever niche. It just needs to be interesting enough." This flexibility allows therapists to explore different avenues and find their niche within addiction work.

Addiction is not only costly for individuals but also for the community and the state. Shoplifting, for example, is a common activity among people struggling with addiction. The refund process for stolen items involves returning the purchase price and sales tax, resulting in significant financial losses for the state. Senator Briggs, a conservative advocate for addiction treatment, emphasized the billions of dollars addiction costs Tennessee, emphasizing the public health aspect of the issue.

Addiction deeply affects individuals' ability to function in their lives, jobs, and relationships. Young adults and college students often find themselves unable to live independently or hold down a job due to addiction. The consequences extend beyond individuals to their families and society at large. Addiction treatment has become a significant industry, providing numerous job opportunities for addiction specialists.

Programmatic addiction treatment, including outpatient, intensive outpatient, day treatment, and residential programs, offers a more flexible job market. These programs often hire therapists without independent licensure, as long as they have the required education and qualifications. In contrast, outpatient offices that bill insurance based on individual providers may have more restrictions for non-licensed therapists.

While specific degrees and certifications exist for addiction counseling, it is not necessary to have them to work in the field. Most states have certifications or licensure for drug and alcohol providers that require less education than traditional counseling licenses. However, having a master's degree in mental health counseling, marriage and family therapy, clinical social work, or psychology allows therapists to work with addiction. Additional addiction coursework or specialized supervision can enhance competency in this area.

Various educational programs and certifications, such as the Master's of Addiction Counseling (MAC), are available for therapists interested in obtaining credentials in addiction counseling. However, these credentials are not mandatory to work in the field. The most important aspect is being skilled and knowledgeable about addiction, which can be achieved through continuous education and training.

Dr. Hall shares his personal journey into addiction work, highlighting that it's not necessary for therapists to have gone through their own addiction struggles to excel in this field. He initially had resistance due to his lack of personal experience with addiction. However, his involvement in the startup process of a drug and alcohol treatment center changed his perspective. Recognizing the opportunity and need, he decided to contribute by acquiring addiction training and certification. Dr. Hall brings a fresh set of eyes to addiction work, offering a unique perspective that allows him to appreciate it in different ways.

It's important to note that addiction work requires compassion and a desire to help people in acute distress. Therapists who choose this niche are driven by the fundamental purpose of making a positive impact in the lives of individuals struggling with addiction. Dr. Hall affirms, "Most of us got into this field of mental health to help people." Addiction work provides an avenue for therapists to fulfill this purpose and provide essential support to those in need.

To establish a successful niche, therapists need to define their problem, population, and procedure. James Marland suggests that having one element in place is a good start, and having all three is even better. By identifying a problem within a specific population and offering a unique procedure to address it, therapists can create a clear and distinctive definition of their expertise. Communicating this specialized knowledge in marketing materials and on their website helps them become known as the go-to professional in their field.

Remember, exploring a niche doesn't require a long-term commitment. It's an opportunity to discover your interests, strengths, and the areas where you can make a meaningful impact. As James Marland concludes, "Exploring this niche or any niche doesn't involve signing a 30-year lease."

Addiction work requires counselors to have good boundaries and strong self-care practices. Many addiction specialists have personal experience with addiction and have successfully navigated their own recovery. They often feel a sense of gratitude and transformation, motivating them to help others on their recovery journeys. Additionally, possessing empathy, patience, and the ability to resist manipulation are vital traits for addiction counselors.

In conclusion, finding a niche in therapy is crucial for building a successful practice and connecting with ideal clients. Addiction counseling is a valuable niche due to its high demand and broad scope. By specializing in addiction counseling, therapists can serve a diverse client base and make a significant impact. Remember to reflect on your practice, choose a niche that resonates with you, and continuously refine your approach to provide the best possible care for your clients.

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind

Welcome back to the Scaling Therapy Practice Podcast! In this episode, we tackle the importance of establishing financial boundaries with clients and implementing effective policies and procedures. Money conversations can be uncomfortable, but they are crucial for creating a thriving therapy practice. Join us as we explore the reasons behind financial boundaries and share practical tips for a smoother financial process.

Setting financial boundaries with clients serves multiple purposes. It not only helps scale your practice but also frees up mental space to focus on therapy. As David Hall emphasizes, "It helps scale, which is what we're about in this company." Well-defined policies, procedures, and boundaries streamline financial processes, prevent exploitation, and protect therapists from future difficulties. James Marland adds, "Having these policies makes the policies the bad guy, not the therapist."

Implementing financial boundaries safeguards therapists against potential exploitation and ensures a smoother workflow. Being kind to your future self, as David Hall suggests, means thinking ahead and making life easier down the line. By addressing uncomfortable financial conversations head-on, therapists avoid creating more work for themselves. James Marland uses an insightful metaphor, "If you've got to eat a frog, go on and get it done." Promptly and effectively dealing with financial boundaries prevents problems from piling up, allowing therapists to focus on their main objective—providing therapy.

To make financial interactions smoother and more efficient, we provide practical tips for therapists:

1. Collect Credit Card Information at Registration

By obtaining clients' credit card details during registration, therapists can avoid missed copayments or declined payments. As David Hall suggests, using modern electronic healthcare record systems securely saves credit card information, streamlining the payment process. However, it's crucial to ensure clients have an easy way to update their credit card information if needed.

2. Charge for Paperwork

Implementing a policy to charge for paperwork allows therapists to account for their time spent outside of therapy sessions. David Hall emphasizes the importance of having a written policy to inform clients and manage expectations. By establishing a fee structure for paperwork, therapists can avoid the frustration of unpaid administrative work.

In therapy practices, therapists' time is valuable, but so is everyone else's. It's important to account for everyone's work time and avoid elitism. Having a clear cancellation policy in place ensures that time is not wasted. As David Hall's cancellation policy includes, a 24-hour notice is required for cancellations. Failure to provide sufficient notice results in a 50% session fee charge. Extending grace can be done while still maintaining a hard policy.

A clear cancellation policy helps build a healthy relationship between therapists and clients. It demonstrates that the therapist values their time while setting expectations and boundaries, which are essential in building trust. As a client, being responsible and respectful of the therapist's time is essential. Give notice as soon as possible for cancellations and be mindful of the policy in place. As a therapist, having a clear cancellation policy is crucial for maintaining professionalism and building trust with clients.

Managing outstanding balances in therapy practices can be a sensitive issue, especially when dealing with clients who have their parents' credit card on file. Direct communication with parents may not always be possible, requiring careful navigation and effective communication with the client. Having a well-defined policy regarding outstanding balances is crucial to set expectations and preventing confusion and misunderstandings.

Managing outstanding balances involves ensuring accountability within the practice. Therapists are typically paid based on money received, not money billed. This creates an incentive to stay on top of collecting payments and monitoring outstanding balances. David Hall highlights the importance of therapists diligently noting if they have collected payment to catch any discrepancies or lapses in billing.

Establishing an efficient system for managing outstanding balances is vital. Conducting a monthly audit of the books helps catch any outstanding balances, ensuring open lines of communication between practice management and therapists. Timely detection of outstanding balances prevents financial complications and maintains a healthy practice.

Without a reliable system in place, outstanding balances can go unnoticed for extended periods, leading to financial issues and disputes. Establishing a consistent system ensures that no outstanding balance slips through the cracks. James Marland emphasizes, "Having a system in place is crucial to prevent financial surprises and maintain a healthy practice."

In conclusion, setting financial boundaries and implementing effective policies and procedures are essential for a smoother therapy practice. By having clear guidelines, therapists protect themselves, streamline processes, and focus on therapy. Remember, respect each other's time, communicate effectively, and establish accountability to create a thriving therapeutic environment.

Remember, you can listen to the full episode of the Scaling Therapy Practice Podcast for more insights and tips. Stay tuned for the next episode where we explore more topics related to scaling your therapy practice.

Psychraft Network

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind

In this episode of Scaling Therapy Practice, James Marland and Dr. David Hall discuss adding a testing psychologist to one's practice. A testing psychologist is a licensed psychologist who specializes in administering, interpreting, and writing reports on psychological tests. This role is unique to psychology, as it requires extensive training and qualifications to perform. The hosts talk about how adding a testing psychologist to one's practice can help provide valuable services to clients, particularly in areas such as EAPs and disability testing.

Read More on the blog along with links and pros and cons

 Starting a private practice can be daunting, but with the right mindset, it can become a successful business. In this conversation, James Marland interviews Gordon Brewer, a licensed marriage and family therapist and the owner of Kingsport Counseling Associates in Tennessee. Brewer talks about his journey from starting a counseling ministry in his church to owning a successful group practice. In this blog post, we will highlight the key takeaways from the conversation.

Brewer began his journey by starting a counseling ministry in his church, where he saw the need to provide counseling services to his community. As he became more invested in providing care, he decided to open a private practice. At first, he was seeing clients part-time while working at an agency. He used some office space at his church to see his clients and eventually moved to his own office space. "Ultimately I just wanted to provide care to people. And I don't think that most people would care whether it's a nonprofit or not within the context of this." - Gordon Brewer

Brewer eventually transitioned to a group practice when he saw that he had reached his maximum client capacity. He wanted to provide more opportunities for other clinicians to work alongside him and also increase the services offered to clients. He started his group practice by bringing in other clinicians, and they shared the cost of renting an office space. As the practice grew, Brewer hired an admin person to handle intakes, phone calls, and billing. "I was reaching kind of the maximum number of clients that I wanted to see, and then also I was just looking at from a profit..." - Gordon Brewer

Starting a private practice comes with its set of challenges, and Brewer faced his fair share. One of the challenges he faced was the lack of knowledge about running a business. He had to learn how to manage his finances and handle the administrative tasks that came with owning a private practice. Another challenge he faced was managing his time between seeing clients, managing his practice, and his personal life. "I think just learning about the business side of things was a challenge for me, just figuring out how to manage the finances and all of that sort of stuff." - Gordon Brewer

Podcasting has been a growing medium over the years, and many have found ways to monetize their podcasts. James suggests using affiliate marketing, where the host talks about a product and receives a commission if a listener buys it. Additionally, creating a community of like-minded individuals can increase engagement and income. James notes, "when you have an audience, there's ways to reach out to people, and you're creating thePsychCraft Network with a community of people that are willing to help each other...the community's a really good community."

Gordon emphasizes the importance of trying new things and learning from mistakes. He shares his approach to starting new projects: "I'm gonna build the airplane as I fly...that's how we learn anything. We have to be willing to make mistakes and learn from our mistakes." However, he also notes that it's essential to be persistent and consistent in your efforts.

One of the challenges of starting something new is feeling like an imposter. Gordon shares his experience with imposter syndrome and how it can hold you back. James suggests being open to learning and seeking validation from others. "Being able to validate from your audience or from people that are involved...okay, is this a good idea or not? Or is this something that resonates with you or not? And so being able to think about things in that way, that mindset is really critical."

When asked what advice he would give to someone just starting, James emphasizes the importance of consistency, patience, and having a positive mindset. "You have to be persistent and consistent with what you do. You have to just kinda keep at it...being able to listen to others...being able to think about things in that way, that mindset is really critical." Gordon adds that it's essential to be open to learning and making mistakes, but also recognize when something isn't working and be willing to pivot.

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind 

In this episode of "Scaling Therapy Practice", James Marland interviews Julie Herres, the founder of Green Oak Accounting and the author of "Profit First for Therapists". Julie is an expert in profit first who has helped hundreds of private practice owners gain financial freedom.

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind 

According to Julie, the Profit First system is a simple but effective way of managing your finances. It involves separating your money into multiple small plates or bank accounts. Each account is allocated for a specific purpose, such as taxes, operating expenses, and profit.

“Profit First is not just a block of money in the bank account, but real numbers on taxes, profit, and operation expenses,” says James.

By following the Profit First system, you ensure that your practice always remains profitable. The system helps you to be disciplined with your finances and to make informed decisions based on real data.

According to the book Profit First, here are the steps for implementing a Profit First system for a small business:

Set up multiple bank accounts: Open multiple bank accounts and label them according to their purposes, such as Income, Profit, Owner's Pay, Taxes, and Operating Expenses.

Allocate funds to each account: After each deposit, allocate a percentage of that money to each account based on predetermined targets. For example, allocate 5% of the total to Profit, 50% to Operating Expenses, 15% to Taxes, and so on.

Use the Profit account: Use the Profit account to pay yourself first and reward yourself for your hard work. Take a portion of the money in the Profit account and use it for something that brings you joy or invest it back into the business.

Adjust the allocation percentages: After a few months, adjust the allocation percentages based on your actual revenue and expenses to make sure that you are on track to meet your goals.

Monitor your finances: Regularly monitor your bank accounts and make adjustments as needed. Use financial reports and cash flow projections to make informed decisions about your business.

By following these steps, small business owners can gain a better understanding of their finances and take control of their profitability. Implementing a Profit First system can help them avoid the common pitfalls of poor cash flow management and set them on a path toward financial success.

One of the key concepts of the Profit First system is using small plates or bank accounts. Julie explains that small plates help you to avoid Parkinson's Law, which states that your demand tends to increase to meet the supply that is available.

"When you see a bunch of money, you're like, okay, we have plenty of money let's go we can spend something, right?" says Julie. "But that doesn't take into account your tax payment, maybe rent is due next week, or payroll's in six days."

By using small plates, you can allocate funds for specific purposes and avoid overspending. You can also plan ahead for upcoming expenses, such as taxes and rent, and ensure that you have enough funds to cover them.

Julie's company, Green Oak Accounting, specializes in serving the mental health industry. According to Julie, specializing in a particular industry allows you to provide better service to your clients.

"Our clients are great at accounting, they're great at tax prep, but they don't know your industry the way that we do," says Julie.

By working exclusively with mental health practitioners, Julie's team has developed expertise in the unique financial needs of the mental health industry. They can provide tailored advice and help clients make informed financial decisions based on real data.

Julie's book, "Profit First for Therapists", is a guide to help mental health practitioners implement the Profit First system in their practice.

"Every practice deserves to be profitable," says Julie.

The book provides step-by-step instructions and practical advice to help practitioners take control of their finances and ensure that their practice is always profitable. It also includes helpful tools and templates to make the process easier.

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind 

In this episode of the Scaling Therapy Practice, David Hall, a therapist and practice owner, discusses the topic of employee turnover in a group practice. James Marland, the host, asks him to share his experience with the issue. Hall talks about his history of turnover in his counseling practice and how it impacted his scaling plan. He discusses the effects it had on him and how he felt when two people quit unexpectedly. He shares that he had a closer relationship with one of the two employees, and looking back, he was not surprised that this person left. The unexpected departure made him question his plan for scaling and how he should deal with employee turnover.

Hall's experience with employee turnover in his counseling practice led to the realization that it can be challenging to handle, both emotionally and operationally. The two employees' unexpected departures caught him off guard and made him feel like he was throwing hand grenades behind them. He shares, "I felt like somebody was leaving and kind of throwing hand grenades behind them as they went." The situation was personal, and Hall found it hard to separate business from the personal aspects. He discusses how managers can become emotionally involved in their employees' lives and take it personally when employees leave. He shares, "as the manager, as the people who are responsible for this, I think some of the feelings in there and taking it personal make it much harder than just, oh. You know, uh, they're making a business decision to leave."

Hall's experience with employee turnover impacted his scaling plan. He had a plan to grow his practice to a certain size, and the two employees' unexpected departures disrupted his plan. He was forced to question his plan for scaling and how he should handle employee turnover. He shares, "It interrupted my plan, and I didn't want it to happen." Hall realized that employee turnover could disrupt his plans, and he needed to have a plan in place to manage it. It's important to note, we often do not have plans in place until something bad or unforeseen happens. The therapy practice owner that anticipates turnover and who has a plan before this happens will be able to weather the storm of turnover better than the practice owner who is surprised. 

Hall shares some tips for managing employee turnover in a group practice. First, he recommends having a plan for managing employee turnover. This plan should include a transition plan for departing employees, ensuring the transition is smooth and not disruptive to the practice. Second, he suggests having a policy in place for exit interviews, which should be conducted in a professional and respectful manner. Third, he recommends setting expectations for employees' roles, responsibilities, and performance to reduce employee dissatisfaction and turnover. Lastly, he emphasizes that managers need to remember that turnover is a natural part of running a business, and they should not take it personally.

Employee turnover is an inevitable part of running a business. As a manager, it is essential to have a plan for managing employee turnover, as it can be emotionally and operationally challenging. The experience of employee turnover can disrupt a manager's plan for scaling, and it is vital to have a plan in place to manage it. A transition plan, an exit interview policy, setting expectations for employee roles and responsibilities, and remembering that turnover is a natural part of running a business are some of the tips that can help manage employee turnover.

Psychraft Network

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind 

Hosts James Marland and Dr. David Hall start by discussing a story of disappointment.  "The Online Course Show with Jacque Hopkins" podcast and its latest episode featuring Matt Ronins. Ronins has an online course on book writing that made over $3 million in sales in 2022. However, the conversation pivots to how Ronins' success did not come easy, and he shares his experience of not selling a single copy of his course the first time he launched it. This is a significant example of dealing with disappointment, which is the main topic of the episode.

When things do not go as expected, it can lead to disappointment. This is especially true when scaling a business or a practice. Marland and Hall discuss the reality of disappointment and how to deal with it effectively.

Hall shares Ronins' story to highlight how disappointment is a common occurrence in business. He explains that it took time and effort for Ronins to achieve his success. The first launch of his course was a failure, only one person purchased it, and that person later requested a refund. This was hugely deflating for Ronins, but he persisted and eventually made over $3 million in sales in 2022.

Marland and Hall emphasize the importance of reframing the experience of disappointment. Instead of dwelling on the negative, it is crucial to focus on the lessons learned and use them as opportunities for growth and improvement. Hall gives an example of how he reframed his experience of a canceled speaking engagement. He used it as an opportunity to develop new skills and create better presentations.

Hall emphasizes the importance of having a support system during difficult times. Having people who understand the journey can provide a sense of comfort and understanding. They can also offer encouragement and guidance.

Marland highlights the significance of taking care of oneself during challenging times. Practicing self-care techniques such as exercise or meditation can help reduce stress and negative emotions.

In conclusion, disappointment is a natural part of any journey, and it is essential to understand that setbacks and failures are part of the process. By reframing the experience and learning from it, one can use disappointment as an opportunity for growth and improvement. Having a support system and practicing self-care techniques can help manage the negative emotions associated with disappointment. Remember, it is okay to feel disappointed, but it is crucial to learn from it and keep moving forward.

The Therapy Show With Lisa Mustard

Psychraft Network

Email James to talk about questions or problems about scaling: [email protected]

PsychMaven - Find more resources here

Builder Type Assessment - grow without the grind

The Online Course Show

Yeti Blue Microphone

Crucial Conversations

In this episode of the Scaling Therapy Practice Podcast, the hosts James Marland and David Hall discuss the concept of scaling a therapy practice. The conversation centers around when to stop scaling and what limits to set for a practice. David shares his experience of having between 17-18 therapists in his practice and deciding not to expand to another location. He emphasizes the importance of setting boundaries and goals for scaling. 

According to David, there is a limit to how much a practice can scale, and there is a stopping point. He suggests that it is essential to set goals and boundaries while scaling. He explains, “people don't have to become a group practice or a multi-site practice or all those things. There is a limit to where you want to scale, a stopping point.” The hosts talk about how some therapists believe they can grow their practice indefinitely. However, having a plan and setting limits can be crucial for sustainable growth.

James and David also discuss the three primary problems that therapists encounter while running a practice. David credits his friend and consultant, Jay Ostrowski, with the concept. Jay said, "When you're going to practice counseling, psychotherapy, you always have one of three problems, sometimes two problems, but you always have at least one of these problems because they're three; not enough therapists, not enough clients, not enough space." David explains that space becomes an issue when running a physical practice. On the other hand, virtual practices face different dynamics. 

The hosts also discuss the crucial decision of selecting a building for a practice. David shares his experience of starting a psychiatry practice before starting a counseling group. He credits Jay Ostrowski, a consultant and telehealth expert, with helping him think through the decision of selecting a building for his practice. Because of that advice, David chose the problem of “not enough space” as the issue he would choose to manage. Choosing the problem you can live with is crucial for deciding on the right building for a practice.

Lastly, the hosts discuss the importance of culture in virtual workspaces. They reference a recent episode with Daniel Fava, where he talks about the culture in virtual workspaces. David shares his experience of having one remote worker in his practice. While having remote workers can be helpful, maintaining the right culture can be challenging.

 In conclusion, this episode of the Scaling Therapy Practice Podcast offers valuable insights into scaling a therapy practice. David emphasizes the importance of setting boundaries and goals when scaling, and the hosts discuss the three primary problems that therapists face when running a practice. The discussion also covers the importance of selecting the right building and maintaining the right culture in virtual workspaces.