In my honest opinion, yes.
I’ve been in private therapy business practice since 2008, and I’ve seen many therapists and therapy businesses come and go. These starry-eyed therapists come to “try” therapreneurship, and they fail within 3-6 months.
I understand: many of my therapist classmates and friends speak of “owning their own therapy practice one day” – it seems to be a common dream (next to everyone wanting to have a cafe of their own), but they didn’t do enough research to understand the true depth and requirement to be true therapy business owners.
Yes, the name and title does sound glamorous:
Either people think:
But it’s not true.
It. Is. Not. Easy. At. All.
In fact, let me spell it: it is fucking hard.
Many people today see “woah, look at this therapist, he now has X number of therapists and Y amount of therapy clinics, and it’s so easy!”
It’s similar to seeing celebrities and top guys in the fields and just seeing the success part…but there’s so many facets to it:
Depends on the size of your therapy business and how you structure it.
We run a pure revenue-sharing commission model for all our therapists, meaning that every therapist takes 50% on every service rendered/billed, and if they hit a certain stretch target, they get an additional 5%.
I like this model because of its simplicity:
Given the size of our business, the amount of front desks we need to hire to manage the business, accounts/finance, equipment maintenance, overheads, rental etc, all of which eats into margins.
Given the amount of work we do to keep the business tip-top, it’s about the same as what the therapists earn, but because we take care of a group of therapists and patients, we do make a fair sum.
To me, it’s a labor of love that pays the bills and more. But I love what I do as a therapy business advisor, business development, guiding therapists and growing the business and team.
If anyone asks me if they should freelance or if they should start a practice, I ask them these questions:
Freelancing is the easiest way forward, but of course, it’s dependent on the terms and conditions of the therapy companies that they work with. Maybe it’s the way I setup our therapy clinic that offers good setup and conditions that our therapists love working with us (plus the fringe benefits of indemnity insurance, outings etc).
I highly recommend therapists to freelance as it’s just so much simpler, with less complexity and more flexibility – I’ll come up with a more indepth comparison later to show you the differences.Back to top of page