The Money Part of Private Practice (Heard Business School)

Therapy hasn’t historically been accessible to everyone.

And by “everyone,” we mean those from different backgrounds, communities, and cultures.

Dr. Ayanna Abrams, licensed clinical psychologist and founder and executive director of Ascension Behavioral Health, identified a need in her community and took action.

In her conversation with host Michael Fulwiler, Dr. Abrams shares her journey starting a private practice as a Black woman and the challenges she encountered along the way.

She covers the unexpected difficulties she faced becoming a business owner, her journey with personal accounting and challenges with financial literacy, and the value of building genuine connections and relationships within the mental health field to grow a clinical practice.

Hear how personal relationships and genuine networking can fuel your referral network, and be ready to explore new consulting opportunities outside the traditional therapy space.

In the conversation, they discuss:

• The challenges and surprises Dr. Abrams faced while transitioning from being a therapist to a business owner, including the exhaustion and lack of social life that comes with entrepreneurship
• The steps Dr. Abrams took to build her clinical practice and referral network through personal connections and relationships with colleagues and peers
• How Dr. Abrams navigated financial management in her private practice, from setting flexible fees to eventually hiring an accountant to manage her business finances

Connect with the guest:

• Visit her website: https://www.ascensionbehavioralhealth.com/
• Dr. Abrams on Instagram: https://www.instagram.com/dr_ayanna_a/
• Dr. Abrams on LinkedIn: https://www.linkedin.com/in/ayanna-abrams-psy-d-08826556/

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Dr. Ayanna Abrams

[02:59] How Dr. Abrams's background has impacted her career

[08:16] Dr. Abrams's goal with a private practice in grad school

[12:28] How she navigated how much to charge her clients

[18:23] How Dr. Abrams fulfilled a need in the community

[21:35] What Dr. Abrams would’ve done differently if she could go back in time

[25:24] What Dr. Abrams did well when she first started her private practice

[29:31] The shortage of Black therapists

[31:44] What surprised Dr. Abrams when starting her practice

[38:08] The power of finding and forming a community

[44:11] Building a referral network and developing strong relationships

[45:16] How Dr. Abrams balances her business and clinical work lives

[53:30] Dr. Abrams’s biggest takeaway from the conversation

[55:17] Closing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Representation matters, especially in men’s mental health.

Dr. Justin K. Dodson, a licensed professional counselor based in Memphis who specializes in adult men’s mental health, knows this as well as anyone. 

As the first Black male to obtain a PhD in Counselor Education and Supervision from the University of Memphis, he’s paving his own path as an entrepreneur. 

In this conversation with host Michael Fulwiler, Dr. Dodson shares the essential steps for therapists transitioning into private practice, expanding their client base, and gearing up to grow their business.

You'll learn the challenges and rewards of starting a private practice, tracking key performance indicators (KPIs), and how to navigate the emotional landscape of setting fees and enforcing a cancellation policy. 

Tune in to hear practical tips on creating a business strategy, understanding the client acquisition process, and maintaining quality over quantity.

In the conversation, they discuss:

• The significance of representation in the field of therapy, particularly for Black men, and the courage required to forge a path in an underrepresented area
• The vital role of understanding the business aspects and tracking key performance indicators (KPIs) in starting and running a successful private therapy practice
• The importance of self-belief, setting clear boundaries, and focusing on quality client relationships to overcome challenges like self-doubt and setting fees

Connect with the guest:

• Visit his website: https://www.navigatingcouragecac.com/
• Dr. Dodson on Instagram: https://www.instagram.com/itsdrjkeith/?hl=en
• Dr. Dodson on LinkedIn: https://www.linkedin.com/in/justin-keith-dodson-ph-d-lpc-74747063/
• Dr. Dodson on X: https://twitter.com/itsdrjkeith
• Read more about Dr. Dodson’s story: https://www.joinheard.com/articles/how-dr-justin-dodson-started-a-private-practice-on-his-friends-couch 

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Dr. Justin K. Dodson

[02:07] Switching from wanting to be a lawyer to a therapist

[04:21] Dr. Dodson’s experience being the first Black male to get his specific degree

[08:02] Why there isn’t a big presence of Black men in therapy

[09:39] Why Dr. Dodson switched from non-profit work to private practice

[16:11] How Dr. Dodson got his initial clients

[19:48] Moving away from the guilt mindset of setting fees

[24:56] KPIs and other things Dr. Dodson is tracking in his business

[32:19] Dealing with pressure around performance and showing up for clients

[38:01] Building a therapy practice and bringing on more therapists

[40:34] How Dr. Dodson thinks of his role now ad a therapist and entrepreneur

[43:28] Building a personal brand and utilizing social media

[49:14] Men going to therapy

[51:58] Dr. Dodson’s top takeaway from the conversation

[54:20] Closing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Starting a private practice can be tough, both emotionally and financially. 

Dr. Marie Fang is a private practice owner and host of the popular YouTube channel, Private Practice Skills. She has lived the entrepreneurial journey from struggling to get clients to building a successful practice while also being a content creator.

In this conversation with host Michael Fulwiler, Dr. Fang shares her experiences and practical strategies for managing the financial and emotional challenges of private practice. 

You'll learn how to set sustainable rates, attract clients without a huge marketing budget, and diversify your income streams. Plus, get an insider's look at using SEO and YouTube to grow your online presence.

In the conversation, they discuss:

• The financial challenges and considerations involved in setting therapy rates for a private practice, including taxes, expenses, and business reinvestment
• The importance of authenticity and leading with personal values in the therapy profession, especially in online content creation
• Dr. Marie Fang's experience and strategies for building a sustainable income stream through diversified revenue sources and transitioning to an owned audience

Resources:

• Subscribe to Private Practice Skills on YouTube: https://www.youtube.com/c/PrivatePracticeSkills
• Watch Michael’s episode on Private Practice Skills:  https://youtube/mvVlpsT-zPk?feature=shared 
• Download Dr. Marie Fang’s free private practice checklist: https://mailchi.mp/1f706ad367a3/start-a-private-practice-in-counseling

Connect with the guest:

• Dr. Marie Fang on Instagram: https://www.instagram.com/privatepracticeskills/
• Visit the Private Practice Skills website: https://privatepracticeskills.com/
• Dr. Marie Fang’s therapy website: https://affirmingchristiancounseling.com/ 

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Dr. Marie Fang

[02:34] How Dr. Marie’s upbringing has impacted where she is now

[05:00] The steps Dr. Marie Fang took to start her private practice

[06:19] The challenges she faced when starting a practice and the tactics that worked for her

[14:03] The financial side of a private practice

[16:02] Figuring out how much to charge clients

[20:20] What surprised Dr. Marie about starting a private practice

[21:34] When the Private Practice Skills YouTube channel started

[27:03] How Dr. Marie creates authentic content

[31:05] Brainstorming therapy topics for content creation

[34:16] How Dr. Marie grew her following on YouTube

[40:15] How income generation on YouTube works

[44:04] Building an email list and its impact

[47:23] Common misconceptions therapists have about private practices

[50:23] Challenges Dr. Marie Fang is facing currently with her practice and media

[53:49] One thing therapists should take away from this conversation with Dr. Marie Fang

[55:27] Closing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Many therapists struggle with the complexities of managing their private practice, especially when it comes to financial planning, but understanding these elements is essential.

Enter Ryan DeRousseau, a CERTIFIED FINANCIAL PLANNER™ specializing in the unique needs of therapists and small business owners. 

In this Office Hours episode, host Michael Fulwiler jumps into key topics with Ryan, from the benefits of solo 401(k)s and SEP IRAs to the importance of building a support team of professionals. 

They also discuss common financial pitfalls therapists face and practical strategies for mitigating them. Plus, Ryan covers investment frameworks, types of retirement accounts, and how to incorporate retirement savings as a fixed expense within your budget.

In the conversation, they discuss:

• The benefits and differences between various retirement accounts such as solo 401(k)s, SEP IRAs, and Roth IRAs, and how they can reduce your overall tax bill
• The importance of having a professional team, including accountants and certified financial planners, to support the financial health of therapists and small business owners
• The significance of starting retirement savings early to avoid common pitfalls such as unpredictable income and the risk of working in retirement due to lack of funds

Resources:

• The Everything Guide to Investing in Crypto Currency: https://www.amazon.com/Everything-Guide-Investing-Cryptocurrency-Everything%C2%AE-ebook/dp/B07GNTLHZN/
• Learn how to turn income into wealth: https://thinkingcapfinancial.com/selfemploymentincometowealth/
• How to save for retirement as a therapist: https://www.joinheard.com/articles/how-to-save-for-retirement-as-a-therapist
• The complete guide to financial planning for therapists: https://www.joinheard.com/articles/the-complete-guide-to-financial-planning-for-therapists
• Webinar: Financial planning for therapists: https://www.joinheard.com/events/financial-planning-for-therapists-with-ryan-derousseau

Connect with the guest:

• Ryan on Linkedin: https://www.linkedin.com/in/ryanderousseau/
• Ryan’s website: https://www.ryanderousseau.com/
• Thinking Cap Financial: https://thinkingcapfinancial.com/ryan-derousseau/

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Ryan Derousseau

[01:54] What a CFP is and their role

[03:50] The importance of a CPA or CFP when it comes to owning a business

[05:19] Ryan’s business model and how he works with clients

[06:57] Common financial challenges Ryan see’s when working with therapists

[09:09] Why therapists need to save for retirement

[13:37] The skull, the brain, and the neurons when it comes to investing

[15:54] How a 401K works

[20:03] What a Roth 401K is and how the Roth is different

[22:38] What the SEP IRA is

[26:29] The range of risk when it comes to investing in retirement

[30:30] The issue of taking money out of retirement early

[34:01] The difference between a Simple IRA and Traditional IRA

[37:15] All about Capital Gains

[37:52] The most powerful tool in retirement tax savings

[40:52] Common mistakes Ryan see’s therapists make

[42:48] The impact of compound interest

[44:26] Other common forms of investing Ryan teaches therapists

[46:06] How Ryan how helps clients navigate this process of investing into their business

[48:23] The difference between income and wealth

[51:27] Ryan’s free ebook about turning income into wealth

[52:26] Closing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Sometimes, taking the next step is all you need to expand your therapy practice in ways you never imagined.

Dr. Racine Henry, a marriage and family therapist, has not only built a thriving private practice but also developed innovative approaches to her work with couples, such as her Integrative Culinary Therapy, or ICT. 

She shares her rich experience from starting Sankofa Marriage Family Therapy to overcoming the challenges of setting up a business in New York.

In this episode, Dr. Henry discusses everything from setting private pay rates—without guilt—to effective marketing strategies that truly resonate. 

She touches on the importance of cultural competence, the transition to virtual therapy, and the power of staying true to your identity as a clinician.

In the conversation, they discuss:

• Dr. Henry’s advice on why clinicians should identify and stay true to their own identity, integrating it into their therapeutic approach and business model.
• How to market and gain clients through word of mouth, online directories, media appearances, and networking.
• The impetus and execution of Integrative Culinary Therapy to address the unique therapeutic needs of black couples, merging cooking and group therapy to foster relational healing.

Connect with the guest:

• On Instagram: https://www.instagram.com/sankofatherapynyc/
• On LinkedIn: https://www.linkedin.com/in/rhenrylmft/
• Book an online appointment with Racine here: https://www.sankofatherapynyc.com/contact
• Sign the petition to declare August as National Marriage and Family Therapy Month: https://www.change.org/p/declare-august-as-national-marriage-and-family-therapy-month

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Dr. Racine Henry

03:04 How Dr. Racine got involved in marriage and family therapy

04:54 Dr. Racine’s experience getting her PhD

08:58 The magic of relationships

13:13 More people are joining therapy

16:30 Steps taken to start Dr. Racine’s business

21:50 Income streams in private practices and getting clients

25:21 How Dr. Racine’s business has changed her

28:50 Integrative culinary therapy

40:45 How Dr. Racine got into teaching

45:21 The future of therapists and predictions

49:05 Working with new therapists and including that into an income stream

51:51 Building a practice that’s unique to you

55:07 Dr. Racine’s top takeaway from the conversation

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Having a bad experience with an employer may feel terrible at the time, but it can fuel a fire to create something amazing. 

Elizabeth Earnshaw, a Licensed Marriage and Family Therapist and Certified Gottman Therapist, did just that by launching and expanding her group practice, A Better Life Therapy, to six locations across Pennsylvania and New Jersey.

Elizabeth speaks with host Michael Fulwiler as she shares her personal experiences and practical tips on expanding from a solo therapy practice to managing a group practice, highlighting the challenges and rewards along the way. 

She also discusses the importance of niching down, explaining how focusing on a specific area not only enhances your expertise, but also attracts a dedicated client base.

She underscores the value of networking with lawyers, accountants, and other professionals and how these connections have been pivotal in her business's growth and success. 

She also emphasizes a care-focused approach with her employees, maintaining an environment of integrity and trust, ensuring that paying employees, even during tough times, can reap long-term benefits.

In the conversation, they discuss:

• Networking as your secret sauce in intentionally connecting with the right people where you can make all the difference for them.
• Invest smartly in your practice and strategically focus on what matters most to prioritize essentials and provide quality care for patients.
• Attracting and retaining top talent is crucial for a thriving practice. Fostering a supportive and collaborative environment while offering growth opportunities within the organization is key to building loyalty and satisfaction among her team members. 

Connect with the guest:

• On Instagram: https://www.instagram.com/lizlistens/ 
• On Facebook: https://www.facebook.com/lizlistens/  
• Elizabeth’s website: https://elizabethearnshaw.com/ 
• Preorder her book: ‘Til Stress Do Us Part: How to Heal the #1 Issue in Our Relationships

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Elizabeth Earnshaw

03:12 Working in community mental health

05:47 On starting a private practice

10:42 On accepting all types of clientele and not niching down

15:59 Challenges during the first year of practice

20:56 Managing the financials

24:50 Unexpected surprises during practice 

26:42 Building a network of professionals 

28:03 Keys to successfully opening your own practice

32:15 Business growth objectives 

34:06 On finding the right therapists to hire

39:56 On building the brand and its presence on Instagram

43:04 Challenges in maintaining social media

46:00 On Elizabeth’s overall role in the practice

48:23 Conquering current challenges 

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

With the rise of social media, many therapists are elevating their online presence. 

This is undoubtedly true for Jeff Guenther, better known as @TherapyJeff on TikTok and Instagram where he’s built an audience of more than 4 million followers.

Jeff, a licensed therapist, author, podcast host, and private practice owner based in Portland, OR, has founded multiple companies, including TherapyDen, a popular therapist directory.

In his conversation with host Michael Fulwiler, Jeff explores the complexities of balancing an online persona with maintaining a private practice. 

He discusses how this dual role can blur professional boundaries and lead to unexpected client interactions. Jeff advises new therapists to be mindful of the emotional impact of their online influence and to respect boundaries with their clients.

The discussion also delves into Jeff’s journey to becoming a therapist, highlighting his relationship with his mother and his struggles with anxiety as a new therapist. He shares how he overcame feelings of worthlessness, built his client base from scratch, and balanced his professional and personal life. 

Jeff also touches on the often unspoken truth about therapists working through their own issues and what it means for their professional journey.

As a heads-up, this episode contains some strong language.

In the conversation, they discuss:

• Personal struggles and the quest for understanding often lead us to the most fulfilling careers. 
• By recognizing your worth and gradually adjusting your rates, you will find a balance between financial stability and authentic practice. 
• While social media has advantages, it can blur professional boundaries and lead to unexpected client interactions. Stay grounded and true to your therapeutic roots while exploring new avenues for growth.

Connect with the guest:

• On Instagram: https://www.instagram.com/therapyjeff/ 
• On TikTok: https://www.tiktok.com/@therapyjeff 
• Jeff’s website - https://www.therapyjeff.com/about
• Buy Jeff’s book - https://www.therapyjeff.com/big-dating-energy-book

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Jeff Guenther

03:16 Decision to enter therapy as influenced by his mother

07:51 On true therapist cliches

10:12 Anxieties in starting a private practice at 24 years old

24:16 Misconceptions on private practice

27:34 Reflecting on the importance of variety in work

31:52 On building a social media persona and creating content

37:55 Decision not to accept new clients due to social media influence

40:56 Insight into Jeff’s book, Big Dating Energy

47:09 Reflecting on the challenges experienced during practice

51:49 Advice on becoming an online therapist/content creator 

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Quarterly taxes do not have to be overwhelming.

In this first Office Hours episode of Heard Business School, host Michael Fulwiler sits down with Heard co-founder and CEO, Andrew Risen, to give you a masterclass in paying your quarterly taxes as a therapy practice business owner. 

Andrew breaks down the essentials of keeping your financial house in order, from understanding the deadlines and penalties associated with quarterly taxes to the best practices for estimating and setting aside your payments.

 Learn how overpaying can result in refunds and discover the strategies to avoid penalties from underpayments. Plus, get to know the importance of considering your entire financial picture, which includes not just your practice but any other sources of income.

In the conversation, they discuss:

• Why making quarterly tax payments is crucial to avoid penalties and interest accruals and how best to estimate them to stay in the clear
• Practical tips on managing your tax responsibilities to meet your tax obligations effortlessly as your business scales
• How Heard can be a game-changer for therapists by freeing you up to do what you really love—helping your clients—while feeling secure that your financial house is in order

Resources:

• How to pay income tax in every state as a therapist - https://www.joinheard.com/articles/how-to-pay-income-tax-in-every-state-as-a-therapist 
• How to pay quarterly estimates taxes for your therapy practice - https://www.joinheard.com/articles/how-to-pay-quarterly-estimated-taxes-for-your-therapy-practice 
• IRS resource - Tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimator 

Connect with the guest:

• On Linkedin: https://www.linkedin.com/in/andrewriesen 
• On X (Formerly Twitter): https://x.com/andrewriesen 
• Heard website: https://www.joinheard.com/ 

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

[00:00] Introduction to Heard Business School with guest, Andrew Riesen

[01:12] Understanding quarterly tax payments

[03:49] Understanding who needs to pay quarterly tax payments

[05:45] Best practices for avoiding penalties

[07:14] Computation practice

[09:46] Deadlines for quarterly tax payments

[12:05] Estimating payments

[15:58] Projecting income

[18:04] Recalculating estimates

[20:19] Tactical advice for making payments 

[23:09] Bookkeeping essentials 

[25:41] Penalties for non-compliance

[27:06] Multistate taxation challenges 

[28:48] Consulting tax professionals 

[33:06] Specifics for S corporations 

[37:56] Handling multiple income sources

[39:05] Role of Heard in financial planning

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Inconsistencies in service, financial instability, management difficulties, and burnout are all issues that can affect a group therapy practice. 

But what if the practice was built with not only the therapist in mind but also a mission to meet an unmet need in the community?

That’s exactly why Lisa Savage started her group practice almost 20 years ago, now the country's largest Black-owned therapy practice. 

Lisa, a Licensed Clinical Social Worker, is the founder of the Center for Child Development in Delaware and the co-founder of Clinicians of Color, an online community with more than 20,000 members.

She speaks with host Michael Fulwiler about her journey, how she identified an unmet need in her community, and how she has built a therapist-first practice with high retention rates and incredible support for personal growth. 

In the conversation, they discuss:

• The ins and outs of navigating insurance, especially the nuances of Medicaid, to ensure you get paid fairly and promptly.
• The importance of transitioning from contractors to employees to maintain control and protect your brand.
• Outsourcing bookkeeping and accounting can save your sanity and help your practice thrive.
• Real talk about the difficulties of managing rapid growth and diverse employee values.
• The secrets to forging strong referral relationships and connecting your passion for therapy with community needs.
• Valuable advice for new therapists on the benefits of starting in a group practice versus the risks of going solo.
• Insights into red flags in group practice contracts and how to make sure you’re entering a fair agreement.
• The powerful impact of advocacy work and how Clinicians of Color is making a difference for Black and Brown mental health professionals.

Connect with the guest:

• On Linkedin: https://www.linkedin.com/in/lisasavagelcsw/ 
• On TikTok: https://www.tiktok.com/@clinicians_of_color 
• On Instagram: https://www.instagram.com/clinicians_of_colortm/
• Clinicians of Color website: https://www.cliniciansofcolor.org/ 
• The Center for Child Development website: https://thecenterforchilddevelopment.com/ 

Connect with Michael and Heard:

• Michael’s LinkedIn: https://www.linkedin.com/in/michaelfulwiler/
• Heard website:  https://joinheard.com/ 
• Newsletter: https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the conversation:

00:00 Host Michael Fulwiler introduces the Heard Business School podcast with special guest Lisa Savage

02:31 On opening her own private practice

05:12 Navigating challenges, Medicaid, and insurance complexities

11:23 Challenges as a black business owner

16:06 On past mistakes and what she could’ve done differently

20:37 Unexpected and surprising experiences upon starting the business 

23:08 Keys to success when opening up your own business

28:49 Pros and cons of being self-employed vs. working at a group practice

34:01 Advice for those who wish to work at a group practice

37:00 On clinicians of color

41:06 Role of technology in building practice vs. paper billing

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.

Oftentimes, therapists have their sights set on private practice after grad school. But what about going beyond the 1:1 therapy sessions as a business opportunity?

Dr. Alex Auerbach is a powerhouse in sports psychology. He has experience at both the college level with the University of Arizona and the professional level with the Toronto Raptors. He’s a seasoned entrepreneurial therapist who owns multiple companies, including a thriving coaching business. 

With an MBA under his belt, he seamlessly blends psychological insight with business savvy to think outside of the box. 

In this episode, Alex speaks to host Michael Fulwiler about his journey as an entrepreneur and offers advice on how to “level up” your existing practice by going beyond individual therapy sessions. 

In the conversation, they discuss:

• Confidently setting prices that reflect your true worth while ensuring business sustainability
• How focusing on a specific market enhances credibility and trustworthiness
• Embracing experimentation and learning from rejection and failure
• The importance of self-care, setting boundaries, and finding a community to mitigate feelings of isolation
• Foundational elements to build a practice that serves others and feels good to you
• How therapists can expand their scope by offering coaching services

Connect with the guest:

• On X (formerly Twitter): @alexauerbachphd
• On Linkedin: https://www.linkedin.com/in/alexauerbachphd
• Sign up for his newsletter: https://perform.alexauerbach.com/
• Check out his website: https://alexhuerbach.com 

Connect with Michael and Heard:

• Michael’s LinkedIn - https://www.linkedin.com/in/michaelfulwiler/
• Heard website - https://joinheard.com/ 
• Newsletter - https://www.joinheard.com/newsletter 
• Book a free consult: https://www.joinheard.com/welcome-form 

Jump into the Conversation:

[00:00] Introducing Heard Business School and Dr. Alex Auerbach

[02:41] Getting an MBA and how it affected his future career

[09:12] Shifting from professional sports to private practice and executive coaching

[14:55] Importance of aligning pricing with market and personal worth

[21:32] Translatable skills from being a sports psychologist to coaching

[28:29] Understanding what it takes to build a therapy business 

[35:35] Building trust in a specific market segment

[39:43] Importance of routine, boundaries, and social support

[41:32] Addressing loneliness and building a supportive network 

[42:36] The importance of joining classes and exploring non-professional interests

This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.