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.