The Cost of NOT Starting a Private Practice
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Why do SLPs think they need thousands of dollars to start a private practice?
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 true 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. One reason why SLPs put off starting private practices is because they worry that they need a lot of money for startup costs. But have you ever thought about the cost of not starting a practice? Both in terms of money you could be earning and also time you could be spending with the people and things that you love doing? Today I want to flip the script and talk about the cost of not starting a private practice. So stay tuned. 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. Hello and welcome to this episode of the Private Practice Success Stories podcast. Today, I want to talk to you about the cost of not starting a private practice.
I'm going to talk about some startup costs if you're interested in hearing about that, but I'm also going to talk about what you've been missing out on by not getting started. Because we tend to think about costs as financial, but there are also time costs and psychological and emotional costs as well. And I want to make sure that we're talking about those two. So, first, let's talk about the surface level issue, the monetary cost of starting a private practice. Let me just say that starting a private practice isn't as expensive as you may think.
What are the actual essential costs to launch a private practice?
Are there startup costs? Yes, but many SLPs tell me that they want to wait until they have $5,000 to $10,000 or more saved up before starting their private practice. The practices. Guess what? On a typical SLP salary, that could take years, and Lord knows you have other things to allocate your money toward, so that is one reason why SLPs keep putting it off. Fans of The Office may remember the episode where boss Michael Scott thinks that you're supposed to save three years salary for an engagement ring, not the general rule of closer to two months salary. That is very similar to what SLPs think that they need to have saved up before starting their practice. Most SLPs put unnecessary barriers in front of them and think that they can't start with private clients until they have a brick and mortar space, which, depending on where you live, could be anywhere from $250 a month to $5,000 a month or more.
And once you have an office space, you need office furniture, desks, computers, and decorations to fill that. space. Standardized assessments, logos and branding. People also think that they can't get started until they've bought standardized assessments, had a logo made and branding done, having a professionally done website and having a lawyer to help you file your business designation.
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Chapters
8 chapters
1
Why do SLPs think they need thousands of dollars to start a private practice?
0:00–3:09
2
What are the actual essential costs to launch a private practice?
3:09–6:05
3
How can a new private practice help you pay off student loans and other debt faster?
6:05–9:27
4
What income are you missing by saying no to private‑client opportunities?
9:27–11:56
5
How can you set realistic financial goals and calculate your earning potential?
11:56–14:38
6
What hidden time costs arise from staying in traditional employment?
14:38–16:58
7
How does burnout relate to not having control over your schedule?
16:58–19:46
8
Why is investing in a private‑practice roadmap a better long‑term investment than a one‑time cost?
19:46–21:37
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