5 Tips for Building a Profitable Private Practice

Building a profitable private practice is an intentional process that requires persistence and dedication.  Most businesses fail because the owner is not aware of basic steps that have to be taken to build the profitable private practice.   Below are the top five steps that I have found to be the most beneficial in building my practice.  I hope you find them equally as helpful.  I know that you're busy building your profitable practice, so I'll keep it short and to the point.

---

1.  Find a Possibility Model

I first heard this concept from a colleague regarding individual identity development.  But, the more I repeated it to myself the more I realized that I had been applying this to various aspects of my life for a while, including developing a profitable private practice.  A possibility model is someone who has a practice who, on some level, is doing what you would like to do with yours.  A possibility model serves as a template of sorts.  If you have never seen anyone be successful in your line of work, it will be difficult (not impossible) for you to imagine your success.  Possibility models lay footsteps in the sand for you to walk in.  Their diligence in pursuing their goal should provide guidance that you can learn from in pursuit of your profitable private practice.

2.  Don't Overthink Your Business Plan

While business plans are important, I have witnessed many potential business owners unable to move beyond the planning stage.  Consider your business plan a living breathing document.  If you are building a brand that evolves with the needs of society, your business plan will never be finished.  As society evolves, so too will your business plan evolve.  

3.  Don't Allow the Fear of Failure to Stop You

You've heard it before, and now you will hear it from me, "Don't be afraid to fail!"  You are building something new, and sometimes new ventures fail.  But, that doesn't mean that your new business will fail!  You can be stagnant in life because you are afraid of failing, or you can move forward focused on your potential success.  Also, remember that successful businesses experience moments of failure.  The goal during those times is to learn from and grow through those experiences.  

4.  Do Something

Do something!  Do anything!  Put forth constant action to bring your profitable private practice to pass.  A significant mistake I see entrepreneurs make is they simply stop building.  Granted they stop for different reasons, but its typically because their business isn't doing what they want it to do when they want it to do it.  There really is a science to this.  Track your work.  Keep a record of what does and doesn't work.  All information is valuable.  But, you can't have information about what is/isn't working if you are not doing something.  So, do something.  Even if its just 15 minutes a day - you work the heck out of those 15 minutes.  Just do something!

5.  Get an Accountability Partner/Group

There will be days that you wake up and you will literally breathe, eat, and drink your profitable private practice.  Sometimes I am so engrossed in my business that it is 7pm before I remember to shower. It happens!  But, there are also those days when you just don't want to be bothered.  A day off here and there is fine.  Everyone needs a break.  But, then there's those times where you can go for quite a while and do absolutely nothing. 
​Those extended periods of times without working on your business are dangerous and can result in the death of your practice.  During those moments, you need someone who is willing to hold you accountable for moving your business forward.  Set aside regular time with someone you trust to discuss your progress on your business.  This person/group should have a willingness to ask you the hard questions you need to hear when they realize that you haven't followed through on building your practice.  Their presence in your life should provoke you to action on your business plan.  There should be a huge part of you that is unwilling to show up to your accountability meeting with no progress on your profitable private practice.  

If you find that you need a bit of assistance with these five tips or any other aspects of building a successful private practice, give me a call at 314-744-9027.  I am more than happy to be the accountability partner who helps you grow a profitable private practice. 
Imagine...Believe...Achieve
​Dr. Smith