[MUSIC PLAYING] Welcome back to another lesson on starting and running a private practice. This lesson is a reflection on how you can build your private practice. Many of the choices and decisions that will need to be made in building a practice revolve around a counselors values and vision for your practice. Additionally, persistence and determination are necessary to push past barriers and learn procedures necessary for success. Now, there can be significant payoffs for those who can persist and commit to a vision of success.
Staying focused on initial goals helps to encourage persistence and dedication for the work ahead. Once you've successfully negotiated essential private practice processes, you may want to consider means of growth. With that being said, here's how we'll approach growth in this lesson. Values, visions, and goals-- effort, payoffs, growth.
Your values dictate many of the choices made in practice. Coordinating with others, seeking supervision, and meeting with a mentor can help you to further refine your values and develop rationales for your policies. Examining one's values is a critical endeavor because so many difficult choices will need to be made in growing a practice. When developing a practice becomes tedious and difficult, being reminded of the vision and goal will help to re-inspired persistence to get jobs done.
Great effort is necessary in order to successfully build a private practice. It's important to realize that whether the counselor decide to work part time or full time, many hours of learning and dedication toward completing tasks will be necessary. You'll need to spend the first few years learning processes and building clientele. Full-time, you can expect to work 50 to 70 hours per week until you are established.
There are significant payoffs associated with putting in the work to start a private practice. You can make salaries in the six figures when you have good counseling and business skills. Other payoffs include flexibility in scheduling and autonomy to work as you please. Achieving your goal of a successful practice can be personally gratifying as well.
Learning to work in a solo practice compared to employing others is similar because many of the processes are the same. If you consider growing your practice, you want to become educated on a group practice compared to a solo practice. A group practice can be very lucrative because you will make a profit from all those you work with. The profit of hiring employees or contract workers can be between 40% and 60% of whatever the workers making. Pros of group practice include-- you can make more money if you already have the structure in place and have sufficient space.
Collectively, you can see a broader range of clients within a practice. It can be beneficial and enjoyable to work collaboratively. Challenges of group practice include-- it's more complicated to manage. You may have to deal with issues that arise between colleagues. There can be greater financial risk so you need to have strong business skills. It can be more difficult to manage others than manage yourself. Managing others may mean not spending as much time doing what you are passionate about-- less time counseling; more time managing.
Growth can occur and means other than hiring others. Growth can also be a solo practitioner branching out to complete paid trainings, teaching, and consulting work. Growth is unlimited and also is based on one's values, vision, and the counselor's goals. Here's what we covered in this lesson. Values of vision and goals-- effort, payoffs, growth.
(01:07-01:42) Values, Visions, and Goals