First… Create a Budget
Embarking on the path of a launching a private practice is exhilarating, but… you need to have a budget.
Your budget is the financial roadmap that will guide you through the maze of expenses, income projections, and potential challenges you will face. Without it, your dream for an autonomous and profitable practice can quickly turn into a financial nightmare.
Budgeting provides clarity and foresight, helping you allocate your resources wisely and establish an order of prioritization for each line item.
6 questions to consider when making a budget:
How much cash do you need to start?
What are the bare minimum expenses for your practice to operate indefinitely?
What expenses are variable and will change based on your number of clients and amount of revenue?
Which expenses could be more than expected? Do you have margin in your budget to handle it, if so?
What are important items that you’d like to budget for in the future? When would you like to purchase them and how much do you need to put away each month to be able to afford it?
How much do you need to charge per client and what’s your target number of clients?
Your budget is more than a tool; it's the compass that will lead you and your practice towards financial stability, growth, and a balanced work-life equilibrium.
