How to Minimize Risks Associated with Starting a Private Practice
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Why is starting a private practice easier and cheaper than before?
Starting a private practice isn't what it used to be. Today's clinicians are starting private practices much quicker, easier, and cheaper than before. And they aren't guessing their way through it or getting stuck in analysis paralysis, they're following a tried-and-trude roadmap in order to save time, money, and frustration. There is no reason to reinvent the wheel or struggle to figure out how to start a private practice on your own. We've helped thousands of SLPs and OTs through this process and now we want to help you too. For a limited time, I'm offering a free copy of our private practice roadmap, specifically for SLPs and OTs who are curious about private practice and want to see what the journey looks like.
To download your free copy, please visit startyourprivatepractice.com backslash roadmap to sign up. Now on to the episode. I'm Jenna Castro-Kasbon, speech language pathologist, business coach, and creator of the Start Your Private Practice System. And I'm on a mission to turn stuck SLPs into successful private practitioners. If you're tired of dealing with high productivity requirements, high caseload sizes, and low pay, it's time to take control of your professional, personal, and financial life and finally get the freedom, flexibility, and financial abundance that you deserve by working with private clients in your own practice. Join me here each week as I share tips, best practices, and inspirational interviews on the Private Practice Success Stories podcast.
If you're a private practitioner or one in the making, you're in the right place, so let's get started.
So today on the Private Practice Success Stories podcast, I want to talk to you about how you can successfully protect yourself and minimize your legal, personal, and financial risks. Because if you've ever wondered if it's risky to start a private practice, the answer is that it can be if you don't set it up right from the beginning, which is why I feel like it's my duty to help SLPs with this process.
How can SLPs turn perfectionism and fear of mistakes into learning opportunities?
Now most SLPs tend to be pretty risk averse, which is a main reason why people don't start private practices in the first place. SLPs tend to be more perfectionistic and they're scared of making a mistake. SLPs tend to be perfectionists who are so scared of making a mistake that they may never start their private practices. Now, I'm not talking about big mistakes, but remember, mistakes are learning opportunities. Now, unless you do something fraudulent or unethical, you know, that mistake is on you. But I'm talking about little mistakes, like not charging enough at first, or forgetting to bill a client, or Or forgetting to put your email address on business cards and having to get them reprinted. Yes, I did have to do that.
There are easy ways to minimize risk. There are ways to document your services properly. There are ways to make sure you have enough of the right type of liability insurance. And there are ways to make sure that you don't bite off more than you can chew expense-wise. And while it may feel scary to wonder where your clients are going to come from, the marketing methods that I teach in my courses help people not only get their first clients but then replacement clients after that. And while it may feel scary to wonder where your first clients are going to come from, the marketing methods that I teach my students in my courses help them get their first clients in the door and then additional clients after that.
What are the most cost‑effective ways to begin a private practice on the side?
One of the easiest ways to minimize your financial risk is to start seeing private clients on the side versus leaping or jumping into private practice. You can see clients after work, on the weekends, or over the summer. Then you'll build your caseload, your income, and your confidence. Then, as your caseload grows, decrease your hours at your regular job and increase your time in private practice. Hey, did you know that most private practitioners work in private practice part-time? That's what Asha found in their 2015 healthcare survey, where they reported that 64% of private
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Chapters
8 chapters
1
Why is starting a private practice easier and cheaper than before?
0:00–2:21
2
How can SLPs turn perfectionism and fear of mistakes into learning opportunities?
2:21–3:45
3
What are the most cost‑effective ways to begin a private practice on the side?
3:45–5:03
4
Which essential legal protections and licenses do I need to launch my practice?
5:03–6:01
5
How much does professional liability insurance really cost and why is it vital?
6:01–7:15
6
What basic documentation and forms must I have to get paid and stay protected?
7:15–9:04
7
Why is the biggest risk of private practice actually not starting at all?
9:04–10:13
8
How can I access affordable, lawyer‑reviewed legal form templates right now?
10:13–12:35
Speakers
1 identifiedMore from Private Practice Success Stories
She Spent 5 Years Too Scared to Start - Now She Has a 4-Room Clinic with Tiffany Fairdosi
She Started With Two Clients on the Side - Now She Has Nine SLPs and a Clinic with Samantha Taylor
From 2 Clients on the Side to Ready to Hire — Then She Decided She Didn't Want To with Bianca Gizzi Fusco
She Told Her Dad She’d Never Start a Private Practice - Now She Has a Successful Clinic and Growing Team with Sarah Landry
She Started at 26 With One Referral - Now She Has a Downtown Office and a 3-Year School Contract with Becca Vilsaint
She Didn't Hate Her Job BUT She Left to Start a Private Practice Anyway with Heather Danielkiewicz