Is Private Practice Right For You?
Many health professionals dream of owning their own practice, but not everyone is ready, or a good fit for this path. And that's okay!
There are 12 questions you should ask yourself before going into private practice.
1. Why do you want to go into private practice?
Ask yourself honestly, are you running away from something or toward something. Running away is not a good enough reason on its own to start a practice. You must actually want to be a business owner.
2. Can you think of yourself as a business owner?
Being in private practice means you are in business. If you dislike business or don't want to think of yourself as a business owner then private practice probably is not for you.
3. Are you disciplined with your time?
Do you have the capacity and support to sacrifice your time to establish a successul private practice?
4. Are you good at making hard decisions?
No one else is going to make the hard decisions for you when your own a practice. Some of the choices you will need to make can make or break your practice, so you must feel confident in your ability to make the right call.
5. Do you desire constant affirmation?
We all like to receive that "way to go" from others. But in private practice, those are few and far betwee. No one says, "hey way to go doing those tax returns like a boss!", but you do it anyway.
6. How much of a sense of community do you want from work?
Whether you are in a solo or group practice, private practice can feel very isolating. Are you ready for that?
7. Do you have support, or are you willing to seek it out?
Having the support of your loved ones is vitally important, as growing your practice can be all-consuming in the beginning. You must also be willing to acknowledge when you need help and support.
8. Are you willing to take on numerous responsibilities?
Can you handle beitn the marketer of your business, the one providing the service, and the one handling the accounting? Even if you outsource things like bookkeeping, as a business owner, it's critical to have working knowledge of your business finances. Are you willing to juggle mutiple roles?
9. How much runway do you have OR do you have a fall back?
If everything goes wrong - literally everything - how long do you think you have before you're eating 2-minute noodles for breakfast, lunch and supper? How long can you survive and continue to grow your practice if no revenue comes in?
10. Do you need consistency and stability?
Businesses, especially new ones, are likely to have both thick times and lean times. If you are not willing to give up the stability of a set and predictable income month in and month out when first starting a practice, then private practice may not be for you.
11. Are you ready to market yourself?
Regardless of industry, a substantial component of starting a business is marketing yourself as the face of your business. this includes whether you are selling your service, or trying to attract the best staff.
12. Are you willing to take risks, fall, and then dust yourself off again?
If private practice doesn't turn out the way you thought it would, are you okay with that? Are you willing to learn from the lessons of failure and apply those lessons in your decisions going forward?
Tasneem is an Occupational Therapist in private practice and the founder of the Private Practice Growth Club. She is passionate about developing the mindset and business skills of health professionals. She is a book lover, is passionate about supporting female entrepreneurship and always sees the potential of every glass to be filled.
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