How to Work Less and Make More Money as a Private Practice Owner
Finding Work-Life Balance as a Therapist
Work-life balance as a business owner may seem like an unattainable dream, especially when you’re consistently working long hours throughout the week, but finding more time for yourself is possible. Gary, PhD, LMFT, FAPA, a private practice owner for the past 40 years and member of our lifetime program for current and aspiring practice owners, Business School for Therapists, struggled with this balance. Despite being financially successful, he didn’t have much time to relax and spend with family and friends, and he was ready for some changes in his business.
How Gary Created a Successful and Balanced Private Practice
Gary now works less than 20 hours each week and is able to live the life he desires and better support the people who matter to him, including his daughter who’d been in a serious accident. Although everyone’s circumstances are different, there are some general takeaways from Gary’s experience that other business owners who want more work-life balance can consider. Here are some ways you can work less and make more money as a successful, thriving practice owner:
1. Increase the Cost of Your Mental Health Services.
The value you provide to others isn’t always reflected in the fees you charge. Oftentimes, it can be difficult to charge what your mental health services are worth, and you might even feel guilty about doing so. However, in reality, higher fees will allow you to better serve your clients.
This is especially the case when what you’re selling is directly connected to your limited time and resources — if you increase fees, it’ll become financially possible to work less while still making the same or more money. Plus, you’ll have more energy to provide the best possible offer to your community, resulting in clear benefits for clients, too.
2. Spend Some of Your Increased Budget on Outsourcing.
You’ve probably already noticed that some tasks require more effort than others, and depending on whether you enjoy doing them, you might find yourself doing a lot of work that drains you rather than energizes you. But what if you still don’t have the money for a team or your employees are already preoccupied with more important tasks?
Once you have the budget to support contractors or freelancers, it’s time to start hiring. Increased support allows you to focus on what matters most to you — both in the context of your business and personal life. You can do more work you enjoy and have more time and money to spend when you’re not working.
3. Do More of What Reenergizes You as a Therapist During Your Free Time.
Sometimes, it can be overwhelming to actually get what you want. If you’ve been working 10+ hours for six days a week, for example, it’s going to be an adjustment to gradually move down to a schedule that allows you to work a whole lot less. With all that free time, what exactly are you supposed to do? The answer is both simple and complex: Do what reenergizes you.
As a human being with your own varying interests and needs, that won’t always involve the same activities. What’s important is that you give yourself the time and compassion to figure out what works best for you. That could involve spending more time with loved ones, supporting members of your community, taking some well-deserved space for yourself, or something else entirely.
Here’s a quick overview of how this process could look:
Increase fees to make more money, work less, and better support your clients.
Outsource some work to contractors or freelancers with your new, increased budget.
Spend your free time doing enjoyable activities that leave you feeling reenergized.
P.S. It’s okay if it takes time for things to change or you need some more guidance.
Whether you feel confident and clear about how you can work less and make more money as a business owner or you’re looking to gain more direction through a comprehensive program like Business School for Therapists, the results you’re looking for may happen more gradually.
Remember to take a moment to celebrate your success along the journey.
P.P.S. Watch (or listen) to Miranda’s interview with Gary here!
