How Do I Know When to Take the Leap?

All too often, I see this question come across my Facebook newsfeed: "When do I take the leap fully into private practice?" It's a question that many therapists struggle with as they balance their full-time jobs and see a few private practice clients on the side. Your caseload may be made up of insurance-based clients, but you dream of building a thriving private practice that allows you to serve the clients you truly want to work with. But how do you know when it's time to make that leap?

The reality is, that your practice may not be making enough yet to replace your job income yet. But you also can't imagine taking on more clients in your current situation. You're ready to have the freedom of private practice, but you’re not sure how long it will take to fill your caseload. Or you may not even know what number of clients would constitute a full practice for you. Both of these need to be in balance.

A smiling young woman contemplates taking the leap and starting her own private practice. One-on-One Business Coaching in Sacramento, CA can help.

In Order to Answer When You Need to Ask Yourself Some Questions

To figure out when you can take the leap, there are a few questions you need to be able to answer first. These questions will help you determine if your practice is financially stable enough for you to rely on as your main source of income. Addressing any problems that may arise as you build your profitable and balanced practice can help you make the decision to take the leap easier. Some questions to ask yourself include:

How Much Does Your Practice Need to Earn to Support You?

While there's no one-size-fits-all answer to this question, knowing your freedom number can help you determine when it's time to make the leap. This is the minimum amount of money you need to earn each month to cover your basic expenses and maintain your desired lifestyle.

This includes not only your personal expenses, but also business expenses such as rent, insurance, and marketing costs. Plus, if you have a family or other dependents, you'll need to consider their needs as well. Making sure your business is bringing in enough income to meet all of these needs is crucial before taking the leap.

Do You Have a Safety Net?

Taking the leap into private practice can be a risky move, so it's important to have a safety net in place. This could be savings, another source of income, or even support from family and friends. Having this safety net will give you peace of mind and the ability to take risks without worrying about financial stability.

If you're struggling to build a safety net, consider reaching out for one-on-one business coaching in Sacramento, CA, or nationwide to support you in this process. A business coach can help you create a solid financial plan and help you navigate any challenges that come up along the way. They will show you how to make data-driven decisions while also honoring the very real challenges you face as a therapist and private practice owner.

How's Your Marketing Plan Working?

Having a solid marketing plan is crucial for building your private practice. If you're struggling to get new clients or haven't put much effort into marketing yet, it may not be the right time to make the leap. Take some time to assess your current marketing strategies. Even take the time to consult a business therapist in Sacramento, CA, or nationwide who can provide one-on-one business coaching.

How Many More Clients Do You Need, and at What Fee, to Reach Your Minimum Viable Income?

Once you know your freedom number, you can determine how many more clients you need to reach that income goal. Consider the fee you charge for your services and whether or not it's sustainable for your business and lifestyle. Remember to think about what your value is and how much you're worth as a therapist.

By being strategic with your fees, you can ensure that your practice will be financially stable when you take the leap. You may need to adjust your fee or take on more clients in order to reach your minimum viable income. Ensuring that you have a solid plan in place will give you the confidence to make the leap and achieve success in your private practice.

A private practice owner works on making a data driven plan to grow his business with the help of a private practice business coach in Sacramento, CA.

Make a Data-Driven Plan

When you can answer these questions, you're well on your way to having the information you need to make a data-driven plan to finally take the leap. Having a solid understanding of your numbers and goals will help you make informed decisions about when to leave your full-time job. This way you can focus on building your private practice. Having a data-driven plan can support reworking your business strategy and help you make decisions based on tangible information, rather than emotions or guesswork.

You can make your practice work for you and your goals. So if you're a therapist in Sacramento, CA, or anywhere else looking to make the leap into private practice, be sure to take the time to answer these important questions and create a plan that works for you. And don't hesitate to reach out for support from a business therapist or one-on-one business coach in Sacramento, CA. The sooner you have all the information and support you need, the closer you'll be to taking that leap with confidence. So are you ready?

Learn How to Take the Leap into Private Practice with One-on-One Business Coaching in Sacramento, CA or Nationwide!

Don't let fear or uncertainty hold you back from building the private practice and life you truly want. With a solid plan in place and support from a business coach, you can take that leap with confidence and achieve success. Remember, it's not just about making a profitable business, but also finding balance and avoiding burnout. At Balanced Private Practice, we understand the unique challenges and struggles of therapists in private practice. That's why we offer one-on-one business coaching in Sacramento, CA, and nationwide to help you create the life you deserve. Let's work together to build a sustainable and fulfilling private practice! If you're interested in beginning:

Apply to Work with Me
Learn More About Me and My Programs
Leap with Confidence and Build Your Dream Practice Today!

Other Business Programs Offered at Balanced Private Practice

You might want to take a peek at the other amazing business programs we have available for you at Balanced Private Practice. We've got a wide array of programs that'll help you build a sustainable private practice and transform your life for the better! I offer a range of programs specially designed for therapists, including marketing coaching and training, as well as business planning and consulting. This means you can start building your private practice with confidence, knowing that you have access to all of the support, tools, and resources you need. The programs I provide are: One on One Business Coaching, Private Practice Mentorship, Private Practice Quick Start, and Fee Setting Success. If you want to have a practice that is successful and aligned with your personal goals, these programs were created just for you.

Audrey Schoen is a Private Practice Business Coach in Sacramento who offers One-on-One business coaching.

About the Author

Audrey Schoen, LMFT, is a seasoned business consultant and financial boundaries expert, boasting firsthand experience as a successful practice owner and parent of twins. She specializes in guiding therapists poised to take the leap from a Full-Time Job to establishing a Part-Time Practice. Audrey equips them with actionable steps and empowering insights, ensuring they can confidently set fees and serve clients effectively. With Audrey's unwavering support, therapists can boldly transition into full-time private practice, creating thriving businesses that prioritize both financial success and client well-being. The journey to this new professional chapter becomes an exciting reality with Audrey as your guide.