Breaking Through Common Roadblocks to Launch Your Private Practice
Starting a private practice can be an exciting and fulfilling journey, but it's not uncommon to face some roadblocks along the way. Today, we’re diving into the three most common challenges aspiring private practice owners encounter and talking about strategies to overcome them.
I Don’t Have Enough Money
It's true that launching a practice requires financial investment but it doesn't have to break the bank. Having a solid savings plan and working with a financial advisor can help you assess your financial situation. Starting a private practice doesn't necessarily mean you need hundreds of thousands of dollars upfront. Even in an expensive state, like where I’m based in California, it's possible to launch with a reasonable budget. In my program, I provide checklists to help you manage your expenses, and I've partnered with financial advisor Gus from @moneyonthemind to create practical spreadsheets for financial planning!
I Don't Have Enough Time
Many aspiring private practice owners find themselves stuck in demanding full-time jobs, leaving them with limited time to work on launching their practices. It's important to recognize that if you're already working 40-60 hours a week, finding extra time can be extremely challenging.
However, I do recommend dedicating 16-20 hours per week to building your practice. It requires discipline and cutting back on other commitments temporarily; so consider exploring job options with fewer hours but higher pay to give yourself more time and financial flexibility. Lastly, if you're currently employed, don't hesitate to discuss the possibility of a raise if you haven't already.
I Don’t Have Enough Confidence
Confidence can be a significant roadblock, and many aspiring private practice owners struggle with self-doubt from time to time, myself included. It's crucial to remember that your licensure as a PMHNP means you are qualified to provide care, and you are likely already doing so for your current employer. If you can do it for someone else, you can certainly do it for yourself. Entrepreneurship is, in many ways, an exercise in self-belief. You invest not only money and time but also belief in yourself and your capabilities.
Building confidence in your craft is an ongoing process and entrepreneurship can help you grow in ways you might not have imagined. The act of venturing into private practice pushes you to practice self-belief daily. As you invest in yourself and your private practice journey, remember that you are capable, qualified and ready to succeed in your dream!
If you're looking for guidance and mentorship on your journey to private practice ownership, I'm here to help. At this point assisted 60+ PMHNPs in making this transition. You can find more information about how I can support you below ⤵️
If you want to get started with the Strong Roots mentorship watch this masterclass: https://event.webinarjam.com/register/2/2y6mofl
If you have already watched the masterclass and are ready to join, apply here: https://intakeq.com/new/fq5zki/wstwgu
Believe in yourself, trust in your abilities and know that support is available to help you make your private practice dreams a reality.