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 43: Financial ABC's of Starting Your Private Practice
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Julie Herres
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Season 2
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Episode 43
We want you to feel 100% confident about your finances when opening your first private practice! Julie has curated her top financial building blocks for therapists and is sharing them in today's episode.
Episode Highlights:
- Take (A)ction
- If you are wanting to open your practice... go for it!
- The sooner you open, the faster you can start making money
- You do not need to spend a lot of money on equipment or space to get started (especially in a world where teletherapy is growing!) - it's better to come up with an intentional plan on action to open your practice rather than focus on the material things
- (B)ootstrap Your Business
- Invest quality time in the beginning of your practice in order to build the equity of your practice in the future
- You do not want to become burnt out from doing everything yourself, so make sure that as the business grows, you can outsource tasks effectively
- (C)runch Your Numbers
- There are 5 main ways that you will spend money in your practice:
- Operating Expenses
- Payroll/Salary
- Investments
- Taxes
- Emergency Fund
- Make sure to keep ALL business and personal expenses separate
- Start out by using an accounting software - we recommend QuickBooks Online
- There are 5 main ways that you will spend money in your practice:
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Episode 40: All About Quarterly Estimated Taxes
Episode 13: Profit First in Private Practice (with Mike Michalowicz)