How to Invest In Your Practice | PoP Bonus

How to invest in your practice

Are you wanting to start a practice, but you’re not sure what to focus on first? Have you been running a private practice for a while, but don’t know how to take your practice to the next level? Are you wanting to upgrade your solo private practice to a group practice?

In this BONUS episode, Joe Sanok speaks about how to invest in your practice.

Podcast Sponsor

 

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In This Podcast

Summary

In this episode, Joe speaks through the various offerings Practice of the Practice provides to help start, grow, and scale your private practice. No matter what stage of practice you find yourself in, Joe can help you take your practice to the next level. Here are different ways you can invest in your practice.

When you’re passionate about something, selling it is easy.

Reasons to Re-Invest in Your Practice

  • When you reinvest all of your profits, you don’t pay taxes and can save 25%  per quarter
  • Understand the ROI on your time and money

PoP Things To Invest In

Useful Links:

Meet Joe Sanok

private practice consultantJoe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

 

 

 

 

 

Thanks For Listening!

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Podcast Transcription

File: PoP BONUS How to Invest in Your Practice
Duration: 00:17:21:24

[START] [MUSIC]

Joe Sanok: This is the Practice of the Practice Podcast with Joe Sanok, session number Bonus.

[MUSIC] [INTRODUCTION] Did you ever have those mornings when all of your technology doesn’t work like it’s supposed to do? Today, has been one of those mornings. And you know you have some best laid plans, just plans that you are going to kill it for the day and then, boom. They don’t. Yesterday, I did the very first webinar for our next level practice. The next level practice is our supportive community that we launched, at the time of this recording, last week. So it would have been mid-January, had 50 people sign up for it within the first 24 hours with 35 of those people signing up in the first seven minutes. And this community is going strong in Facebook. They are loving each other and sharing, and saying things like this is what I needed. This is the support I needed as I started practice. And we had some amazing webinar yesterday, where about half the people showed up. A bunch of the people let me know that they are going to be in sessions, so they weren’t available. So the recording I was going to post it into the Facebook group and email it out to everybody. And then I found out the way that the series was set up in WebinarNinja which is the webinar platform I use, it won’t automatically record it. So I was on help with them all morning, texting, doing this back and forth. And basically long and short of it, this awesome webinar wasn’t recorded, and then found out that for it to be recorded in the future, I have to have everyone re-register for each individual webinar which is so, so frustrating. But then as I drove over here to the office, I called my wife, and in Awesome Gottman style fashion had a stress reducing conversation with her. And she was on my side and she said, Joe, you saved so much time with what you do that when a few things screw up your time, like don’t be hard on yourself. This is outside your control, and you’re amazing. And it was just like I told her that was the perfect stress reducing conversation. You totally nailed it. John Gottman would be proud of you, but you know I think it goes by approach new things. You know, I want them to be perfect. I want them to rock out. I want them to flow how they flow in my brain, but I also recognize that really happens. And that’s why I take such a approach of experimenting of seeing what works and recording it out to you and doing my best to just continue to level up and to show you how to do that as well. And that’s why this first group. I let them know, hey, you are getting if for 55 bucks a months instead of the normal $77 a month because I need your feedback on what works and what doesn’t work, and right now I know what’s not working. But this group is really giving some good feedback on what they need, what they want, and the kind of questions they have.

[REASONS TO RE-INVEST IN YOUR PRACTICE] So today we are talking all about kind of leveling up by reinvesting in your practice. And the reason I want to talk about this, especially in a bonus episode that I am just kind of throwing in there, in addition to our regular episodes, is that it’s something that as counselors, as mental health workers, private practice owners. I think I have this radar of sliminess that goes up when anyone wants our money. I think that’s appropriate in so many ways. I remember I sold back even cleaners door to door in the summer before I went after college, and it was terrible. I didn’t believe in the product. I didn’t believe in my myself selling the product. I did terrible at it. But I believe in counseling. I believe in consulting. I believe in helping people grow. I’ve seen thousands of practices now level up from listening to the podcast, doing consulting, coming to conferences, and what’s amazing about having seen so many people continue to level up their practice is that I get to notice trends. I get to kind of anticipate where people are going to screw up ahead of time and save them time by telling them to stop doing that. And when you are passionate about something like consulting and helping people level up their practices or for you having your private practice when you’re passionate about it selling is easy. Now, why do we reinvest? Well, there’s a couple of reasons that we should reinvest in our practice. So if you look at any business, say they bring in $15000 and they reinvest all that money back into their practice. The amount of taxes that they pay… and I am not an accountant or attorney, so make sure you check with your own. But my understanding is that then the amount of taxes they pay is zero off of that profit because they have spent it all. Now, one would say you’re just kind of throwing away money, but if you are saving the taxes on it, it’s sort of like you get 25% or 30% more because you’re reinvesting back into your practice. And so imagine you do that for four years and you save 25% a year. That’s like an extra year of income that you have reinvested in your practice. So you are actually a year ahead of where you would have been if you had just pulled than money back out. So you have grown a practice basically tax free by re-investing that money back into the practice. And so when you do this in a smart way, it really can help your grow faster. Now, there’s tons of people that will take your money and they don’t have the results and they can’t speak to ROI. So you really want to understand the ROI, the return on investment, for your time and for your money. So if you are going to sign up for a mastermind group or for consulting or for any sort of thing that’s going to cost you money, you need to understand what the ROI is, and so what’s it going to take to pay yourself back, but also what’s it going to take to multiply that payment back to you. So if you put a $100 into something and it gets you a $1000 in clients, that’s a 10 times ROI. So it’s a really good thing. We want to really strive for that 5 to 10 times ROI with the things that we invested, whether it’s advertising, consulting or other things. So I wanted to walk you through the different things that you can invest in, that right now we offer, because often times with Practice of the Practice, we launch things, we send it to our email list. You put on Facebook. I might mention it here or there on the podcast, but I haven’t really taken the time to say here’s all the ways that we can help you, that we can have you reinvest in your business, that we can structure things in a way that it can help you grow faster this year.

[‘PRACTICE OF THE PRACTICE’ THINGS TO INVEST IN] [One Year Practice Plan] So, I want to start with the most, most basic, basic thing. And that’s going to be that you can reinvest in your business by signing up for the one-year practice plan. So one-year practice plan is a paced out email for people that are just starting a practice. They don’t have very much money that they can reinvest. It’s $17, one-time fee, and you get an email every single week walking you through exactly what to do at each phase of practice. So for lot of people, you have hardly any money. But that’s like, you know, dinner at a food truck. And so if you go over to www.practiceofthepractice.com/plan, you can sign up for that one year practice plan email. So [00:07:38.01] when you are first starting at, you’ve hardly any money. You’re like I just want to put a little bit and I want to go from just free stuff to having a little bit more guidance to save me time. So /plan.

[Next Level Practice] Now, if you’re that kind of next level, you are ready to start to really grow a little bit faster, then I would say Next Level Practice would be the best thing for you. Now, next level practice is a supportive community that is really aimed at helping people go from when they first start a practice to have that idea to growing and scaling. We’re starting with this community with people that are at that startup phase and then as they grow, as they get into that growth phase, adding clinicians, group practice, we are going to build out more content from them. And then as they continue to grow there, we are going to open it up to people that are scaling their practices as well, with our idea being that we want to go from start to scale and be that authoritative learning place around private practice that really can take you from the idea of “I want to start a practice,” all the way to scaling a private practice where you have access to experts, you have access to live webinars, past webinars, that every single month we are giving away things that are at least the value of that $77 per month. So things like a free logo, parts of paperwork packet, extra learning materials. We might give away some tangible things like our Practice of the Practice trucker hats or sunglasses, things that really make it work it so that you would say, that 77 bucks is totally worth it because I was able to level up my practice. There’s a couple of arms to next level practice. The first arm is that supportive community and we right now have a Facebook group that’s very active in supporting each other. I’m on there. I do Facebook lives. I am interacting with people, so does Alison Pidgeon, one of my other consultants that works with Practice of the Practice. Sam our chief marketing officer, she is in there speaking from kind of a marketing and visual standpoint. And then Emily, my director of details – she jumps in there also to help with virtual assistance things in optimizing your time. So you’re really supported there, but then you also get put into a community of 6 to 8 people. And then, the next arm is our training arm. And so that’s going to be live webinars, live Q&A, and recorded past webinars – a library that you have access to. And as we grow, we continue to build out that hub. And then the last area is giving you feedback. So feedback on your website. We are going to give you resources to help you continue to grow that feedback, so that you really are taking action, but then adjusting to optimize things as best as possible. So if you want to get your invitation for that, we’re launching a next cohort of 50, that’s going to be in March. And so you can get that over at www.practiceofthepractice.com/invite. Again, that’s practiceofthepractice.com/invite.

[Mastermind and Slow Down School] So imagine you’re kind of kicking in, you are going along. You got your solo practice going well, and you say, you know, I am ready for a group practice. Well, that’s kind of the next thing that we’re launching. Allison Pidgeon and I are launching our mastermind group around starting a group practice. And this is a small group of 12 people. The way it’s structured is that at the beginning everybody gets their wins of things that have been wins for them. Then we have hot seats where you are on the hot seat. You ask questions about starting a group practice. We give you feedback on that. And then at the end, it’s time for Alison to really kind of give you some ideas. So she leads that portion of it. And then once a month, we have Q&A with me, around starting a group practice, marketing it. How do you get to that next level? You show up and we just chat, and whatever questions you have, rapid fire. I answer them. And so that’s starting in early February, and if you missed that if we have spots you can still apply over at www.practiceofthepractice.com/apply, and you’re just going to want to click that you’re interested in that mastermind group on starting a group practice with Alison and Joe. So that’s coming up, and we’re going to continue to have mastermind groups there.

The next thing that we also have with Alison is she does one-on-one consulting. So, Alison – She started working with me several years ago when here practice was a $30,000 a year practice. In 2017, she had her first $30,000 month in her group practice. So she has leveled up very quickly. She came to [00:12:05.10] one of the conferences that I launched here and she is just this person that goes after things and is really good at teaching people. She is so approachable. She has a mixed model of having private pay and insurance, so she could speak to the insurance side way better than I can. So she is amazing at that one-on-one consulting as well. So again if you want to apply, you can just go over to www.practiceofthepractice.com/apply to work with her.

Also, I have limited one-on-one consulting that I do, but one of the big things that I am spending time on right now is called Next Level Mastermind. So the Next Level Mastermind group is aimed at people that are at $60,000 or higher and they have a practice that’s going well, that’s growing. They probably have a group practice, but they also have some sort of big idea that goes beyond that, could be an e-course, it could a podcast. It could be something else like that. Really want to do more speaking. And so Next Level Mastermind is really aimed at getting a cohort of six people together. We meet twice a month where we have hot seats, where the same model of the Mastermind group as well we have some live events.

And so in April, we are doing Next Level Living Room where people are flying into Traverse City and hanging out in my living room, and we are going to just work on their businesses for a couple days in Joe Sanok’s living room.

Then in July and early August, we have Slow Down School, which is a one-week amazing conference on the beaches of Northern Michigan. And so people fly in from Next Level Mastermind and then you get to meet all the other mastermind members. We hang out for a couple of days, slowing down where we go hiking, we can have massages, we have a yoga teacher come, and we really just let our brains reset. And then for the next three days, we run towards your business and your big ideas. And so we really take time in small groups to take some action time for you to reflect on what the big things are under that next step, over the next year. And because we are doing it in a community of people, we are all helping each other level up in new and different ways. So this is really for those kind of high achievers that need to slow down a little bit and know exactly where to spend their time. I am only going to have a couple tickets available for people that have come to Slow Down School in the past, [00:14:25.15] my consulting clients, and then if we don’t sell those tickets, then I will launch a couple of tickets for slow down school. But if you want to come to Slow Down School, the best way to do that is to join Next Level Mastermind. So we have a couple of spots for our final group of that before the next Slow Down School. And so again, if you want to apply for that, you can go over to the apply page. So that’s www.practiceofthepractice.com/apply.

[CONCLUSION AND LINKS] So we have tons, we really want to be from the very beginning when you first have the idea that you want to do a practice all the way until you have that multi-million dollar practice. We want to be the people that have the information, the tools and the community of support to help you reinvest into you practice to reach those financial goals, but even bigger than that those lifestyle goals. For me, if you listen to any episode, you know that lifestyle is more important to me than the bottom line finances. Finances are good. It’s nice to have a nice house. It’s nice to be able to pay for your kids to go whatever school you want them to go to or put into their college funds. Whatever your ‘why’ is, that’s important stuff. But our impact on the world, the way we treat other people, the goodness that we magnify, those are all what’s most important to me, and helping people reach those goals within that context of a lifestyle that is meant on creating a positive impact on the world, that’s the point of view that I come from in a unique way. And so if you want to work with our team at all, we would love to help support you and guide you so that you can have that amazing practice that you wanted to get to that next level.

So again, those websites. We have www.practiceofthepractice.com/plan for people that just want to get started at that $17 rate. For people that want to be in Next Level Practice, that’s www.practiceofthepractice.com/invite. And then for all those other consulting Mastermind groups, Slow Down School, go over to www.practiceofthepractice.com/apply.

Thanks so much for letting me into your ears and into your brain. You are amazing. We almost hit 80,000 downloads last month and I don’t take that lightly. I continually, I’m just so appreciative of all of you that are doing amazing things and letting me know what you are doing and the impact you’re making in your communities. Thanks so much for letting us into your ears and into your brain. Have an awesome day! Bye.

[MUSIC]

This podcast is designed to provide accurate and authoritative information in regard to the subject matter covered. It’s given with the understanding that neither the host, the publisher or the guest are rendering any legal, accounting, clinical or other professional information. If you need a professional, you should find one.

[MUSIC] [END OF PODCAST 00:17:20.25]

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