Avoid Tax-Time Sticker Shock

Does writing checks for taxes out of your personal account feel like the government is violating your personal finances? For me, once money is in my personal account, I want to know that I can count on it to pay for the mortgage, groceries, and yes, even the occasional vacation. I don’t want to ever write a check to the US Treasury and realize that I just emptied out my checking account so I need to scramble to cover our expenses. Here's how I guided a client to address these concerns.

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Plug the Money Leaks in Your Practice

When you think about it, water can be a good metaphor for money in your practice. It flows in and out, once you use it it’s gone, and without it your business withers and dies. Unless you’re a business mega-star (I’m not), your business has a bunch of money leaks that leave your practice thirstier than it needs to be. Do you know where these money leaks are in your practice?

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Figure Out Your Perfect Office Space Solution in under 5 Minutes

Rent is the biggest budget item for many practices, so you need to choose the right space solution. My wife Risa started by renting daily office space and gradually worked her way up to where we now own our office suite and rent out excess space to other clinicians. This means that not only have we seen it all, we’ve experienced most of it firsthand. Based on that experience, we've come up with a few simple questions that will guide you in figuring out what your own perfect space solution will be.

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The Best Way to Pay Off all Your Debt

We’ve all been there. Student loans to help pay for tuition, a business loan to help rent an office space and furnish it before you see any paying clients, or credit card debt to cover expenses while you start building your practice – it’s tough to get your education and start a practice without incurring debt, and usually many sorts of debt. If that describes you, what’s the best way to pay off all that debt?

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Financial Myths that Can Hurt Your Practice – Expensive CEUs

Mark Twain is quoted as having said, “It's not what you don't know that kills you, it's what you know for sure that ain't true.” So, what is it that you know for sure that ain’t true about the business of your practice? Let's start with the CEU. You know, that pesky requirement that catches you unaware at the end of the year because you forgot to plan for it?

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11 more Ways to Make Your Solo Practice more Profitable - Services

These 11 tips are based on lessons my wife Risa and I learned on how to reduce our costs for business services while running her therapy practice and my consulting business. You can use these to cut your own practice's costs and increase your profits. For example, we see health insurance as an affordable means to prevent financial ruin, not a way to avoid paying for any health services. That lets us buy much cheaper coverage.

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Next 11 Ways to Make Your Solo Practice more Profitable – Financial Wisdom

Like my wife Risa, I’m sure you work very hard to make a difference for your clients, which makes it that much harder to focus on keeping your practice profitable. Here are 11 more tips to make smart financial choices that will help do that. This isn't about pinching pennies, but rather cutting where you can do so without being miserable, so you have more money to invest in bringing in clients, making a difference for them, and making your own life simpler and easier.

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First 12 Tips Guaranteed to Make Your Practice more Profitable – Your Space

From our experience with my wife Risa’s practice, I’m sure you often feel overwhelmed trying to not only make a difference for your clients, but also juggle all the hats you have to wear to make your practice profitable. Here are 12 tips to make smart choices about your space that will increase your profit. This is not about pinching pennies, but rather cutting where it makes sense so you have more money to invest in bringing in clients and making your life simpler and easier.

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You CAN Recover from Slowdowns in Client Traffic

It’s a fact of life – slowdowns in client traffic are a matter of when, not if. However, there’s no reason why such a slowdown should lead to financial or business ruin. In fact, it may be a blessing in (albeit very effective) disguise! When a slowdown come knocking at your door, if you respond by keeping a positive outlook and taking immediate and effective action, you may find yourself piercing its frightening disguise and seeing it for the opportunity it hides.

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Retirement Plans for Solo Practitioners

Retirement plans are an important topic for solo practitioners, which I plan to cover more fully in my upcoming video course. However, I don’t want to hold off

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Business Budget Sanity Check

For the purpose of this post, you’ll need to refer to my free “Set Your Rates the Right Way” worksheet. In the sheet, fill in the blanks on page 4 with your numbers, referring as needed to the sample sheet on the following page (if you have questions or comments, post those at the bottom of this related post and I promise to respond). After filling in your numbers, compare them to the sample entries. Unless you simply copied entries over, I’d bet a nickel your budget is very different.

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Why Free Isn’t Always so Great

It almost seems like you can get something free anywhere you turn these days. That’s because people don’t hesitate to accept something for free, where they may be very reluctant to pay for it. It’s no surprise that the threshold for saying “yes” to something is much lower if it’s free. If you’re trying to establish yourself in a new niche, offering something for free allows you to reach a wider audience, which is great. And if you make that giveaway really valuable, it helps you establish credibility with that audience, which is even better.

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Choosing the Right Business Entity Type

Business entity? Really? Don’t I have more urgent and important things to deal with? That would have been my response when I started my first small business. The problem with that response is that when you start a business, you don’t get to not choose a business entity type. Either you choose it yourself, or it’s chosen for you by default.

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Set Your Rates the Right Way

If you’re a mental health provider, grad school taught you all about how to be a clinician. You learned to diagnose and treat the seemingly endless variety of ways in which we humans make a mess of our emotions and those of our loved ones. Then, you learned how to implement all that knowledge in a clinical setting through supervised therapy, learning from teachers, supervisors, and mentors, perfecting your ability to provide therapy. What you probably did not study nearly as much (if at all) is how to run your practice as a business. One aspect, the one that determines how much money your practice brings in, is setting your rates.

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