Q&A was part of Next Level Practice, the most supportive community for therapists starting a private practice. In this video, Joe answers the question based on what the rent options are for private practice.
What are the rent options for private practice?
Whenever you’re levelling up, there are going to be people that are disappointed. Whether that’s clients, people you’ve served, people who have had a certain way that they do it. For example, I recently stopped doing supervision for people that are newly licensed. I had done that for years, I am one of the only supervisors in Northern Michigan, but I knew that the better use of my time was doing things like this, i.e.: the podcast, consulting, Mastermind groups, etc. It’s what I love doing. But, there are these newly licensed counselors that now don’t have me as a supervisor. I was able to transition them to another one, but it’s still not me, and they wanted to work with me. There are always going to be people that are let down.
One of the rules of thumb is that you definitely should have three to six months of the expenses of your practice (required to keep it going) before you make a big financial jump into renting, for example. So, if you’re going to jump to a bigger office that costs $1,000 per month, you should have at least $3,000 – $6,000 sitting in your bank account that you can set aside for rent. You never want to be making business decisions based on being backed into a corner financially. Because you don’t make good decisions. You can’t take risk because you’re scared you can’t feed your family. So you really want to make sure you have some of that money saved up before you make that jump. So that, if you have a down month, you’re not freaking out.
Joseph R. Sanok, MA, LLP, LPC, NCC
Joe Sanok is an ambitious results expert. He is a private practice business consultant and counselor that helps small businesses and counselors in private practice to increase revenue and have more fun! He helps owners with website design, vision, growth, and using their time to create income through being a private practice consultant. Joe was frustrated with his lack of business and marketing skills when he left graduate school. He loved helping people through counseling, but felt that often people couldn’t find him. Over the past few years he has grown his skills, income, and ability to lead others, while still maintaining an active private practice in Traverse City, MI. To link to Joe’s Google+ .