Mistakes - we all make them. But the best thing about having people forge paths ahead is that you can learn from others. So we put together some of the top fee mistakes we see counselors make in private practice.
Picking a Fee Out Of Comparison
Ever get that inkling that your fee is too high so you start looking at profiles on psychology today and start thinking you need to lower it? It can get overwhelming. Here's how you handle fee comparison: Read more
How Low Can You Go
Even starting out we have heard therapists say, "I just need to get people in the door" so they put a super low fee to fill their practice. What happens may surprise you. Click here to read more. If you want to hear a success story of one our clients and how she raised her fee 50% to fill her practice, give it a listen here.
Decisions Based on Obligation
You are a giving person. It's how you ended up in this field. But making a fee decision based on obligation is a recipe for resentment. Do you really have to do sliding scale fees? low fees? insurance? Read here about how you answer that question can impact your fee.
I know this sounds so silly, but labeling everything as an ethical issue might be actually unethical because it keeps you from not addressing creating an ethical fee for your practice. How you handle money is a therapeutic issue too! Click here to read more.
Set It And Forget It
Just because you pick a fee doesn't mean you never have to deal with it again. We've met therapists who have had the same fee for 10+ years, never accounting for the costs of living and doing business going up. This can put a strain on your financial planning. When was the last time you evaluated your fee? How often to do you raise your fee? Click here for what to do.
Not Considering Your Costs
Picking a fee is more than just considering what you want to make. You want to also look at the costs. Albeit, we love finding a low entry point when getting started, there are just somethings you are going to have to pay for. Here are a few articles to help with the cost of starting a website, the cost of starting a practice and the cost for additional support in your practice.
Giving Away All Your Time
We are in a world where we are getting paid by the hour or per unit of time. But what happens when the other time spent our business doesn't work that way? Before you commit to all of the marketing you want to do, take a look at how it impacts your fee. Click here to learn how.
Thinking Passive is Really Passive
You set your fee and discover you want to make more income and so you have to decide between increasing your fee or adding another stream of income in your practice. Adding streams of income does impact your fee. Click here to learn more.
Finding the Perfect Fee
We meet many therapists that get stuck on finding a magic number for their practice. Perfection can be paralyzing. Here is what we have to say about that.
Forgetting You Have To Pay Taxes
Your fees need to take in consideration that Uncle Sam is going to get his cut as well. Here is the tax lesson it took me years to learn.
Your fee is also about your entire financial picture. Planning is key and who better than a financial planner to keep you on track. Here is some help with what to keep in mind. Get tips from an expert here.
Here is the good news! You can change your fee. You can repair your relationship with money. You can make a different decision in the future of your business! You can learn from others!
How about you? Do you have any mistakes you have learned from that you would love to share? Post below!