It’s Time to Rethink Going Into Business For Yourself

For many therapists, their bucket list includes dreams of becoming their own boss.

Generations of private practice owners before them have seemingly retired healthy, wealthy and smart.  These former practice owners are spending their golden years checking experiences off their bucket-list chasing once-in-a-lifetime adventures.

Baby boomers are traversing the outback in Australia, skydiving from 15,000 feet, biking across America or climbing the Great Wall of China. Enjoying the golden years is part of the reasons why they worked so hard to earn the gold in the first place.

Young therapists who aspire to go into private practice don’t want to put off their bucket-list until later. They want to make the most of their life right now. Waiting for retirement to travel seems ridiculous when many of them have studied abroad in high school and college.

What’s not to love about a life full of dream vacations and living large?

Unfortunately, there’s quite a lot.

 

Going into Business For Yourself (and nobody else)

 

As a mentor, I’ve spoken to many young therapists who want to go into business for themselves. I mean that literally.

For themselves, they want the income, perks, and flexibility that they believe comes with being the head honcho. They see Instagram photos from digital nomads working on the beach that fuel their desire to be self-employed and self-fulfilled.

It’s hard to build a successful practice when it’s all about you. Most consumers are concerned about what you can do for them not the other way around.

Therapists I coach have a difficult time seeing the treatment experience through the eyes of the consumer. They’re blind to simple market realities because of their knowledge, confidence and the authority driven medical culture.

Websites are jam-packed with their credentials, specializations, and what they do to their patients. The website content is overloaded with information but lacks empathy and authenticity.

Somehow we don’t connect with what our patients really want. As a result, attracting and keeping patients is a lot more effort than they ever imagined.

Rather than feeling exhilarated by launching a private practice, they often end up feeling stressed and isolated. Startup owners begin to realize it takes considerable effort and there are tradeoffs.

 

Tradeoffs

 

As they generate cash to travel the globe for new experiences, too many therapists lose their connection to what really matters– meaningful relationships with patients, colleagues, family, and friends.

They can feel like outsiders in their profession and communities. The fundamentals of client-centered marketing are passed over for the quick fix tactics in social media marketing.

Eventually, the bucket-list can become somewhat of an addiction. The high from doing your own thing doesn’t last. Last month’s income doesn’t satisfy. Therapists keep piling on goals, plans to scale and bucket-list experiences to make the sacrifices seem worth it.

Unfortunately, this can lead to more demanding schedules and further disconnection at home.

 

A Way of Escape

 

There is a way of escape. Therapists should think about using all the advantages of private practice, such as wealth, flexibility and innovation, to create something much more meaningful.

Instead of “going into practice for yourself,” you should use your expertise and resources to create something more lasting. Whether that means creating a new business model to deliver therapy to an underserved population or reimagining physical therapy provided in a more affordable way.

Rethink your travel adventures as a way to share your knowledge and expertise with populations across the world that desperately needs our help.

At the same time think of other businesses, schools, and non-profits in your neighborhood to partner with to do good right down the street.  Go against the appeal of something novel and invest in your community in unseen ways.

Local change often comes about slower but it can have a more lasting impact if you persevere and partner.

 

Revisit Your Bucket List

 

Having a bucket list that includes practice ownership isn’t necessarily a bad thing. The key is what is on the rest of it.

Therapists who want to pursue business ownership should ask themselves a few questions:

 

  • Do I only want to make more money?

 

  • Is it only to be able to travel and spend time with my partner?

 

  • What’s my life’s calling?

 

  • Whom do I feel called to serve?

 

  • What needs in my neighborhood am I uniquely gifted to help?

 

  • What are the tradeoffs?

 

  • Will this pursuit lead to disconnection with family, friends and my community?

 

I have no doubt; if you rethink your motivations for your bucket-list practice, you’ll be able to create a new list that is more meaningful and rewarding.

 

What’s on your bucket-list?

2 responses to “It’s Time to Rethink Going Into Business For Yourself

  1. p. gainan says:

    As a practitioner who has both worked for a hospital, and now self employed. I believe the best quote that comes to mind to me is ‘ the grass is greener on the other side.’ I once enjoyed health insurance benefits, paid vacation, continued education ,etc. Sometimes owning your business can add stress that just was not there when working as an employee. Pros and Cons to both.

    1. Paul Potter says:

      Ah yes, contentment. As economist Thomas Sowell wrote: “There are no solutions. There are only trade-offs”.

      As Greg McKeown elegantly states in his book “Essentialism”,

      “Essentialists ask the tougher but ultimately more liberating question, “Which problem do I want?”

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