Are you wanting to start a practice or business in another state? How can you organize running two or more businesses/practices from different locations? How do group practice owners with multiple businesses make the time to work on projects?
In this podcast episode, Alison Pidgeon does a Live Consulting with Stephanie Korpal about how to manage her group practice from another state.
If you have a growing group practice and are looking for ongoing business support, we have a new membership community especially for you. Every month we will be taking a deep dive into topics that group practice owners need the nitty-gritty details of including:
Managing People | Creating a Positive Work Culture | How to increase retention of clients | Money management | Hiring | Marketing and Branding | Office Space, and many more.
Meet Stephanie Korpal
Stephanie Korpal is a Licensed Professional Counselor in the state of Missouri and a Licensed Clinical Mental Health Counselor in the state of Illinois.
She is the owner of Marble Wellness, a group mental health practice in St. Louis, MO that is currently also expanding into the Chicago area.
Stephanie and the therapists in her practice work with kids, teens, and adults to help set them on a path of living a more fulfilled, calm, and happy life. Stephanie has a particular passion for maternal mental health and plans to release a podcast in the upcoming months that showcases stories from moms about their mental health journey.
In This Podcast
- Options when starting a business
- Two businesses in two different states
- Handling growth projects with two businesses
Options when starting a business
1 – Even if you want an office space for your business, you can start out not having an office. You would save money on rent and furnishings if you start out online to test it out.
2 – You could consider what it would cost or entail to register your business in a new state:
It’s not difficult but you do have to go through a process of registering as a foreign entity in another state … so there is a little bit of paperwork and time that it will take. (Alison)
3 – You could start a whole new business. If there are too many differences in state regulation between where your business sat in your previous state to the one where you are in now, you could consider opening a new business where you are now and run both of them.
Two businesses in two different states
If you think the model that you have already established in St. Louis is working well, running smoothly and not taking up a ton of your time … then you can look at that as “I’ve created this really great thing that I know I can replicate somewhere else.” So, if you do decide to start something in Chicago, you’ll find that it’s going to feel a lot easier because you’ve already done all of that initial legwork. (Alison)
If your previous business system is working for you, replicate those same systems or functions into your new business and base the new business model off of the model you have already figured out in your previous state.
Of course, it won’t be exactly the same, but there are similarities that will run parallel and you can use these to your advantage so that you minimize some of the work that you need to get done to get the new business up and running.
Handling growth projects with two businesses
What we see most group practice owners do is that they build up the group practice to the point where the bulk of their salary is coming from what the other therapists are bringing in and so they are able to reduce their caseload down to a manageable number … and they start another business or move into some other type of service. (Alison)
After growing your business large enough, you can instil levels of administrative assistance to help take off some of the responsibility from you so that you can focus on CEO-type responsibilities only, while other staff handle the admin running.
In this way, you can oversee the running of two or multiple businesses because your income stream is varied and you have the time on your hands to work on future projects.
Business Books mentioned in this episode:
Gino Wickman and Mark C. Winters – Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business
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Meet Alison Pidgeon
Alison is a serial entrepreneur with four businesses, one of which is a 15 clinician group practice. She’s also a mom to three boys, wife, coffee drinker, and loves to travel. She started her practice in 2015 and, four years later, has two locations. With a specialization in women’s issues, the practices have made a positive impact on the community by offering different types of specialties not being offered anywhere else in the area.
Alison has been working with Practice of the Practice since 2016 and has helped over 70 therapist entrepreneurs start and grow their businesses, through mastermind groups and individual consulting
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