The Start-Up Costs For Launching A Counseling Practice
What is the cost of running a private practice?
I did not take any graduate school course explaining how much it will cost to start a private practice. Instead, we learned how to build a clinical mindset. Unfortunately, we did not learn enough about the entrepreneurial mindset. I jumped into private practice without knowing what to do. Luckily, my wife saved me.
You need an idea of what the startup cost looks like. First, is there a specific number to start a counseling practice? The answer is it depends. Do you want to take the DIY route, or do you want to spend money and get experts to help you?
Here are some essential items that you are going to have to figure out when starting your private practice:
1. Your place of practice. There are different avenues you can go down. People might want their own office suite with a waiting room. This could essentially run you $3,000 in rent. Another route is renting office space from someone else.
2. Covering your butt. Insurance is a must-have! It can be a decent amount of money. Typically, it can range from $200 to $1,000. It depends on the size of your practice. If you have a group practice, that will increase the charge. Once you connect with an insurance representative, they will be able to give you a quote.
3. Marketing. This is a startup cost. Organic marketing is reaching out to other counselors in the area and making relationships. One expense is buying your new contact a cup of coffee. Over some time, those coffees will add up. Also, when you spend time doing marketing, that costs you money. If you’re not seeing clients, then you most likely are not making money. Therefore, that needs to be considered when thinking about your startup costs.
4. Directories. PsychologyToday charges $29.99. You are paying a directory to put your name out there and market you to the field. If you haven’t done so already, visit ACounselorsJourney.com. I have created a FREE course about building a kick-ass Psychology Today profile. That way, you will be able to build a solid caseload and increase your revenue.
5. Technology. You want to look at the startup costs for your work phone, computer, and tablet. Your computer may cost $200 or $1,000. Most of us already have these devices. You can look at keeping the material you have, waiting for a few conversions, and then putting that money back into your business and investing in new materials.
6. Internet. Keep in mind how much your internet will cost each month. This can be $20 a month or $100 a month. I know clinicians that team up together for the internet. That way, they all used the same internet, and it dropped their fee.
7. Physical materials. This includes your flyers, business cards, and pamphlets.
8. Your furniture. Where are you going to sit? Think about how much you want to invest in your chairs, desk, and tables. Take your time when investing in furniture; sometimes there’s a deal right around the corner.
9. License. Maintaining your license and doing continuing your education will cost you money each year. Calculate how much that will cost you each year. It will help you in the long-run to understand this price.
10. Printer. A printer will come in handy whether you are printing receipts for your clients or marketing materials. You can probably get a used printer for $50 or a new printer for well over $1,000. Get what you need today. Then, you can always go bigger and better moving forward.
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