Thinking of leaving your job and starting your own therapy practice? The prospect may seem overwhelming, but it could be the key to taking control of your professional life and even earning a higher income.

‍

{{resource}}

‍

Here are seven of the biggest benefits private practice therapists enjoy:

Higher income ceiling

When you work for someone else, your income is tied to your position in their practice. You likely won’t see an increase to your income until you receive a promotion or reach a certain level of seniority. And, at the end of the day, there’s only so much your employer is willing to pay their practitioners.

‍

In private practice, the limit on your earnings is much higher. 

‍

As demand for your services increases, you may be able to increase your rates. You can grow the bottom line by cutting expenses, negotiating for higher reimbursements from insurance companies, and hiring other therapists. And you can even bring in extra cash by exploring multiple income streams.

‍

It’s true—there is more risk involved; your fortunes are tied to those of your practice. But the potential for earnings is greater. 

More control over your schedule

As an employee, you may find yourself working eight hour days, five days a week, with only a few weeks’ vacation each year.

‍

When you run your own practice, you set your own schedule. That gives you the freedom to plan your office hours according to your preferences. 

‍

You may decide to see clients only two or three days of the week, and spend the rest of your work hours on administrative tasks. Or you may space out your sessions so you have plenty of time in between to catch up on notes and prepare for sessions. 

‍

You may even be content working only part-time—earning enough income to pay the bills while devoting your free time to passions outside of work. When you’re self-employed, the choice is yours.

Choice of clients

Employee therapists may have little say in the types of clients they treat. For instance, if your specialization is youth mental health, but you work for a practice mainly serving adults, you could have few opportunities to put your specialized skills and training to work.

‍

When you run your own practice, you choose which types of clients you market your practice to. You also have more say, on an individual basis, over which clients you add to your list. That leaves you free to provide the type of treatment—and treat the types of clients—that you prefer.

‍

{{resource}}

Niche specialization

As with the choice of clients, which niche you specialize in may be limited if you’re an employee in someone else’s practice.

‍

When you run your own practice, however, you can build your entire business around serving a particular niche. If there are underserved communities you want to help, or particular modalities you want to pursue, there’s nothing holding you back. 

Personalized marketing

As a therapist, your marketing is a reflection of your identity and how you want to be perceived by the world.

‍

You may not have much control over how you market yourself when you work for someone else’s practice. Your employer might have their own idea of how they want to represent their business and the therapists working there.

‍

That can lead to a disconnect between how you see yourself as a professional and how clients and other therapists see you.

‍

When you run your own practice, however, you are one hundred percent in control of how you market your practice. Not only do you choose how you represent yourself to the community at large, but you choose which channels to do it through. 

‍

Zero interest in running online ads? No problem—you can focus on building a personalized, creative social media presence. Trying to limit your screen time? Focus on building a referral network, attending face-to-face community events, and attracting new clients through word of mouth. It’s your choice. 

Choice of coworkers

Like any mature professional, you do your best to get along with your coworkers. But if you’re an employee at someone else’s practice, you may not have much say in who you share office space with.

‍

It doesn’t matter how tolerant and patient you are—working day after day with other therapists with whom you fail to see eye-to-eye, or who simply grate on your nerves, takes its toll.

‍

When you’re self-employed, you choose who you work with. That may mean a completely solo therapy practice, or it may mean finding another therapist who is a perfect match and building a partnership that benefits you both.

Entrepreneurial satisfaction

No matter how considerately an employer treats you or how many bonuses or raises you receive, nothing quite stacks up to succeeding as a business owner.

‍

There’s a deep sense of satisfaction that comes from launching your own practice, running it successfully, and enjoying the fruits of your labor. For many therapists, that satisfaction is the reason they weather the financial ups and downs and occasional stress that comes with running their own practices. They’re helping clients on their own terms—while building a practice they can take pride in.

‍

—

‍

Still not sure whether you’re ready to take the plunge? Check out Therapist Income Benchmarks: What to Expect in Private Practice. 

‍

This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post.

‍

Bryce Warnes is a West Coast writer specializing in small business finances.

‍

{{cta}}