By Elizabeth Earnshaw, LMFT
In Phase 2, you have created a practice that is beginning to feel sustainable. You might also notice it is becoming profitable. In this stage you are operating with a full caseload so your bills are being paid and even though there are a few sleepless nights, things are mostly consistent.
The financial stability in this phase gives you the confidence and opportunity to really invest in and grow your practice. During this phase you might decide to:
- Hire associates
- Outsource jobs that are time consuming or annoying to you
- Move into a larger location
- Purchase better furniture
- Hire a business consultant to consider ways in which your practice can become more profitable.
- Lean into your expertise by declaring your niche, giving presentations, writing and sharing more blog posts, writing articles for publications, and more.
- Have your systems and policies looked at again by the pros. You want to make sure that they are growing as you grow.
- Raise your fees.
- Cut down on your caseload so you can focus on the business aspects.
- Take on new forms of marketing (uplevel to more intense or expense marketing strategies).
- Make investments in your growth by paying for a better website, SEO support, or a nicer logo.
- Become more of a presence in the community.
This is when you are not just a “therapy practice” but you are a business. Your revenue should be steadily increasing, your referral base should be strong, and you should begin to have a better work and life balance.
This is where you begin to tell yourself AND believe that it is okay to stay away from your e-mail on the weekend. Or that maybe you can cut down your caseload to spend more time with your family.
You can breathe during this phase. Celebrate. You did it! And then, keep the momentum going because there is more to come.
Elizabeth Earnshaw, LMFT is a Marriage and Family Therapist in Philadelphia, PA. She started her practice with $12.00 in her pocket, no community ties, and little idea of what she was doing and has grown it into a thriving six figure practice with several employees and plenty of referrals.
She’d like to help you get there too! Ready to see how she can help? Book your free discovery call here.