Hey Therapist Entrepreneurs,
One of the most important lessons I’m learning as a business owner is that quality advice matters.
It can be really easy when we’re growing a practice to ask people who are in the exact same spot we are for advice. But the reality is that this can sometimes limit the quality of the information we get. When I’m trying to grow, I don’t want to only talk with peers who are still figuring it out alongside me. I want to learn from people who have already been where I’m going and have already solved the problems I’m trying to navigate.
In this week’s recommended podcast episodes, I’m pointing us toward leaders in the field. You’ll hear tax prep advice that actually makes sense for practice owners, insights from experienced leaders in our space, and clarity from a fractional CFO who has worked across industries.
I always find that I grow the most when I’m learning from someone who is further ahead of me. That’s exactly why all of these episodes are absolutely worth it.
I hope you enjoy.
And in this week’s Personal Story Time...
What engineers bring to the table.
My 3 Favorite Episodes This Week
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For tax info that applies to therapist entrepreneurs…
It’s almost tax time, so we’re all really thrilled about that, right?
I know. It’s not my favorite thing either, although I will say I have an excellent accountant who handles it for me. Still, there is so much advice floating around about different tax benefits and credits that we might qualify for that I thought it would be helpful to feature an episode focused specifically on tax credits for private practice therapist entrepreneurs from an accountant that specializes in our field.
I always love the Therapy for Your Money podcast with Julie Herres for breaking down smart topics to discuss with your accountant, especially if you have not reviewed this recently. I try to have these conversations every year, and having tailored, practice-specific advice is always worth it.
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For the ups and downs by 3 industry leaders....
Money and Skills for Therapists just released its 200th episode, which is pretty impressive. To celebrate, Linzy Bonham was joined by Maegan Megginson and Tiffany McLain, two other well-known leaders in our field, to talk about the different seasons of business they have experienced over the years.
One important thing to know about this conversation is that Linzy, Megan, and Tiffany do not run therapy practices themselves . They run businesses that support therapist entrepreneurs. And honestly, that is part of what makes this conversation so interesting. Because when therapy practices struggle, the ripple effects hit their businesses too. They are watching the same market pressures unfold, just from a slightly different vantage point. They are able to speak to the needs of practice owners and their own realities as business owners that support us.
One of the biggest themes that emerged was the clear consensus that there is no such thing as “set it and forget it” in business or marketing. All three shared that at one point they believed they could build a marketing system, put it in place, and walk away. And all three learned, somewhat painfully, that it does not work that way, especially in the current economic climate affecting therapists.
I will admit, I once had the same quiet fantasy that maybe systems could run fully on autopilot forever. I never fully acted on that belief, so I did not have to learn the lesson the hard way. But the reality is becoming clearer and clearer. Things are changing too quickly for any of us to truly set something and walk away indefinitely.
If you are secretly hoping there is a marketing strategy you can fully automate and never touch again, this episode offers a very grounding perspective.
Linzy, Tiffany, and Maegan also share several other insights that I found genuinely helpful. And honestly, it is reassuring to hear that even very seasoned leaders in our space are still adjusting, still experimenting, and still refining as the landscape shifts.
If you want both practical insight and a healthy dose of “oh good, it is not just me,” this episode is absolutely worth a listen.
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For the financial clarity you need…
As your business grows in revenue and complexity, there comes a natural time where you cannot rely on gut instinct anymore, and you need some real financial clarity from a professional. That’s why I brought on Carla Titus, a fractional CFO from Wealth and Worth Within, to talk about the patterns she’s seeing in private practice and to give us clarity about when we might actually need a professional to help clear things up.
This discussion helps you get in the right mindset for the stage of business where you will eventually need that additional support. I personally find that being prepared for those moments in advance makes the entire process smoother and a lot less overwhelming.
If you are ready to stop trusting your gut and start talking to professionals, this episode is for you.
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Leah's Personal Story Time:
Why Psychologists Need Engineers
Hopefully when you signed up for this newsletter, you were looking for complete honesty. That’s what I try to give you. I tell you when things are going well and when they’re not.
And I’m going to be open with you.
Last week, things were not going well in my business.
Here’s what happened:
Normally, we convert about 15 new clients per week at my practice. There are a lot of clinicians, and many of our treatments are short-term (think 12 sessions for PCIT), so we need a steady flow of new clients coming in.
But last week, by end of day on Wednesday, we had converted one new client for the week.
One.
That’s unusual.
And how do you think I handled it?
Do you think I stayed calm, cool, and collected?
Well, in front of my team, I did.
Privately? I completely freaked out. One hundred percent.
I did do some practical things. I emailed my website and SEO person to make sure there were no glitches or technological issues. She went through my google ads to make sure they worked. I talked to my admin team to see if they were noticing any patterns in why clients were not scheduling.
And the really scary part?
All of those things were completely fine.
There were no glitches. No weird patterns. No obvious explanation.
And I know I didn’t suddenly lose my reputation in one week.
The longer I sat with it and didn’t have an answer, which I absolutely hate, the more my panic grew.
That’s when I had a conversation with my husband.
Now here’s what you need to know about my husband: He is not an entrepreneur. We are not one of those husband-and-wife teams running the practice together. I run the business by myself. He is an engineer who works on electricity for the space station.
Yes. I know. His job sounds way cooler than mine.
He’s also not the kind of husband who jumps in with unsolicited advice, which is honestly a miracle in a man. I mostly just talk at him while he listens quietly and says supportive things. Usually, they sound like, "You will figure this out," or "You're good at this."
So I’m freaking out in front of him. I'm ranting. I’m panicking. I’m spiraling.
And he says, very calmly, “This reminds me of random variation in statistics.”
I was like, "Tell me more." I pushed back an SPSS-induced flashback so I could listen to the next thing he said.
And he reminded me that sometimes there is just random variation. Sometimes numbers dip for no reason at all. Not because something is broken. Randomness exists and it shows up in data.
I realized in that moment that I was panicking way too early.
Why would three days of lower numbers predict anything meaningful about the future of my practice?
So I let that sink in.
And the next day?
We got four new clients. We ended the week with seven new clients.
Here’s what I want to remind you:
It is important to stay on top of your data. It is important to investigate when things shift.
But several data points do not automatically mean something is broken.
Sometimes it’s just random variation.
Also, please know this: I am not always cool and collected. I may sound that way on the podcast, but I am human too.
And sometimes I spiral before the data has even had a chance to speak.
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Got a fellow therapist or practice owner who would love this info? Send them this email! They can also join the list by clicking on this link. Let's help more people thrive in their businesses.
Hope these resources help you grow your practice this week! Here's to your continued growth and success!
Warmly,
Leah
CEO of Thriving Child Center and PCIT Experts
Host of Educated Parent Podcast
Host of The Worth It Practice Podcast
CEO of Worth It Practice Consulting
PS: If you'd like a break from business, the newest episode of Educated Parent Podcast is now live! This week's episode is how to figure out if a new supplement is safe for your child. If you've ever considered trying one and stood reading labels in CVS, you'll know that it's more complicated than it looks!
