Episode 151 | The 5 Financial Pitfalls of Starting a Practice Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 151 | The 5 Financial Pitfalls of Starting a Practice

October 18, 2024 • Julie Herres

Avoiding Common Financial Pitfalls in Private Therapy Practice

In this episode of 'Therapy for Your Money', host Julie Herres shares insights into common financial mistakes made by private therapy practice owners. As an experienced accountant and owner of Green Oak Accounting, Julie emphasizes the importance of foresight in business planning, preparing for entrepreneurship's financial and operational intricacies, and properly accounting for taxes. The episode highlights the necessity of focusing on profit without guilt, advising on setting the right structures from the start, such as forming a legal entity like an LLC, and recognizing business costs that reduce the perception of a full income from fees. Julie also introduces her new course, 'Money for Therapists Practice Startup', to provide essential financial knowledge for new therapy practice owners.

Episode Highlights

00:00 Welcome to Therapy for Your Money
00:48 Common Financial Mistakes in Private Practice
01:17 Mistake #1: Short-Term Thinking
04:12 Mistake #2: Underestimating Startup Effort
07:11 Mistake #3: Misunderstanding Fee Retention
09:08 Mistake #4: Ignoring Taxes
11:02 Mistake #5: Feeling Guilty About Profit
13:45 Introducing the Money for Therapists Practice Startup Course
16:23 Conclusion and Disclaimer

Links and Resources

Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio