Congrats! If you are reading this, your private practice is likely doing well and you are either considering or starting to launch a group practice.
Having a group practice comes with its own set of challenges, some different from the challenges starting a solo practice brings. Deciding to move forward with starting a group practice should be made with considerable reseach.
Owning a group practice comes with so many rewards, from personal challenge and growth, business ownership growth, seeing your community gain access to more counseling options, to feeling the reward of helping other clinicians gain financial freedom. For me, owning a group practice has pushed me professionally and personally in ways that I didn’t imagine before. So, how do you decide if taking the step to starting a group practice is right for you?
Let’s jump right into some things to consider when thinking about group practice ownership:
1. Do you have the time, and energy, and desire to keep your group legal and organized?
2. Do you feel comfortable being in charge of a group of clinicians (to some degree, depending on the structure of your group), including making important decisions for the business and having healthy boundaries in decision making that affects your clinicians?
3. Are you willing to educate yourself, research, as ask for help from other professionals on best business practices? (legal, ethical, and businesswise?)
4. Are you willing to see business failures not as a reflection of yourself, and be able to continue to try and grow despite setbacks?
5. Have you created a business plan that outlines your goals for your potential group practice?
6. What are your goals (long term and short term) and motivations behind having a group practice? Are you intrinsically or extrinsically motivated?
7. What has worked for you in growing your solo practice, and will this help grow a group?
8. What are your personal and business strengths that will help you grow your group practice?
9. What are some things you may need to work on personally or professionally in order to succeed in owning a group practice?
10. Have you spoken with other group practice owners about what has worked for them and what has been a struggle for them? This may open up questions or concerns you may not have thought of.
Take your time in considering to switch from solo to group practice ownership. There’s no need to rush!
Maureen Werrbach is a psychotherapist, group practice owner and group practice coach. Learn more about her coaching services here: LEARN MORE HERE