.png)
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.
Therapy For Your Money
Episode 151 | The 5 Financial Pitfalls of Starting a Practice
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