Your Money Issues. Not Investing: Part 3 of 5

For five weeks, I’m talking about the most common money issues that hold therapists back in private practice. Last week I helped you identify how you may be looking away from the financial realities of your business. This week I’m talking about the issue of not investing in your business.

When you invest in your business, you give it the nutrients it needs to grow. Some ways therapists invest in their businesses are furnishing a nice office space where their clients can feel comfortable, paying for the best ongoing clinical training, hiring a business coach, hiring a professional to help you create a client attracting website, or paying for practice management software. These are investments rather than just ways to spend money because they help you attract and serve your ideal clients. They help you grow your business rather than just maintain the business you already have.

A lot of therapists say they will invest in these things when they have more money. The problem is that it takes a long time to earn more money if you don’t you’re your businesses the nutrients it needs to grow. 

Are you afraid to invest in your business?

If you’re making decisions about your business from a mindset of fear, scarcity or deprivation, it’s hard to invest.

Here’s a way to get into the right mindset to make smart investments:

Picture your business as successful and profitable. Picture yourself as a therapist serving plenty of your ideal clients, perhaps with a wait list. Now think about the investment you are considering. Does it support that vision? Does it bring you to that reality more quickly? If it does, invest as much as you can. If not, invest elsewhere.

When I hired my current business coach, I couldn’t easily afford her. As I was making the decision of whether or not to sign up with her, I used the process I’m describing here. I asked myself if working with her would support the vision I had of my business. I asked myself if working with her would help me earn more than what I was investing. My decision became easy, and I signed up.

I’m not suggesting you spend thousands of dollars creating a fancy website or buy that most expensive sofa. I am suggesting that you follow your calmer, wiser inner voice and strategically and mindfully invest in the future of your practice.

Is it time to build your practice in a big way? Apply for a free consultation now. 

Your Money Issues. Looking Away: Part 2 of 5

For 5 weeks, we’re looking at the common money issues that hurt therapists in private practice. Last time we looked at your money set point, the amount of money you expect to earn. Now we’ll talk about another money issue that holds therapists back: Looking away from your money reality.

If you have this money issue, you don’t know about your money reality and you don’t want to know. You are using denial to deal with your fears about money. As therapists, we know how well denial works. Not so well.

See if you can answer these questions:

• How much did you earn last month?
• What’s your average fee?
• How much are your monthly business expenses?
• Do you have any uncollected fees?
• How many people contacted you to ask about working with you last month?
• Are your numbers easy to assemble at tax time?

If you can’t easily get at the answers to some of these, and if your heart rate just sped up in reading the questions, you may be looking the other way about your money.

Looking honestly at your finances is kind of like getting a colonoscopy. Whatever you find, you’re better off knowing.

Even if you think you can’t handle the truth, I know you can. It may be painful and it may bring up shame. That’s so normal, and you are in good company. I have helped a lot of therapists work through that shame so they can take charge of their finances.  Facing the reality of where you are right now leads to freedom. When you stop putting energy into keeping the truth out of sight, you get to use that energy for growth. You lose that creeping feeling of guilt that says “I really should look at my numbers” and you gain the ability to make better choices.

I worked with a woman who hated looking at her money. She didn’t know the answers to any of the above questions.

At first she insisted on building her practice without getting a clear look at her finances. She had a little bit of success with that approach, but fairly quickly leveled off in her income. Then I encouraged her again to look at her finances while leaning on my guidance. She found out how much she was spending, how much she was earning, and what her actual average fee was. This helped her understand what she needed to earn to have more than enough and live with more financial abundance.

This knowledge gave her the motivation she needed to raise fees for new clients and market her practice with more energy and consistency. This is what she needed to break through that income barrier and make a good living. It took courage as well as support.

I want that for you too.

If you need some help breaking through an income barrier, apply for a free consultation and find out how I can help. I’ve got group and individual programs to help you bust through your money issues and grow your practice. 

Your Money Issues. What Do You Expect To Earn? Part 1 of 5

You help your clients work through money issues, but you may not have worked through your own. If you are in private practice, then you are a business owner. That means it's crucial that you work through those issues. Sometimes therapists focus solely on the clinical side of private practice. That's understandable. We didn't become therapists for financial reasons. The business side of your practice also needs attention and respect.  If you don’t work through your money issues, you won’t do well as a business owner, no matter how wonderful you are as a clinician. 

In this series I will go through the top 5 money issues I see therapists struggling with in their private practices. When I help therapists work through these money issues, they are able to dramatically increase their earnings. 

The first money issue is having a low earning set point.

“I don’t expect to earn more than ……”

How much do you believe you can and should earn as a therapist in private practice? This is your money set point. You may think you know your set point, but your body will tell you for sure. 

Try this exercise:

You’re going to think about earning different amounts of money and listen to your body’s response. Start low, with an amount of money that you think you could easily earn.  Say to yourself “I earn ... per year.” Listen to your body as you say this. Then add five or ten thousand dollars to that amount and say it again: “I earn…per year.”

Keep increasing that number and listen to your body. Your set point is the place where you begin to feel uncomfortable. You’ll feel some tightness in your chest or a pit in your stomach or perhaps tension in your neck.

It is very unlikely that you’ll earn more than your set point. Even if opportunities are right in front of you that could bring you above that income level, you unconsciously sabotage those opportunities.

Perhaps you sabotage your earning potential by keeping your fees low, showing discomfort when you discuss fees, getting sick so that you have to miss work, or forgetting to call a potential client back for a few hours. The opportunities for sabotage are endless, aren’t they?

The solution to this money issue is to raise your set point. Often acknowledging your set point begins to make a difference. Explore what is keeping your set point low. Many therapists have to work through some of these statements to work through their set point issues:

• It is not safe to earn more than this. My friends or family will not like me. I will mismanage it. I won’t know who I am.
• I don’t deserve to earn more than this. I am not worthy of more than this because I’m not smart enough, or (fill in the blank) enough.
• I would be disloyal to (fill in the blank) if I earn more than this. I have an unspoken agreement to keep my income lower than this.

Identify the fears and beliefs that are keeping your set point low so that you can release them.

Tune back in for the next 4 weeks to read more about the money issues that might be holding you back. 

Is it time to build your private practice in a big way? Apply for a free consultation with me now. 

Don't Let Your Inner Critic Hurt Your Therapy Practice

I just talked to a therapist who does wonderful work with her clients, and she’s got a lot of impressive training and experience. She’s been putting herself out there more recently, increasing her visibility and investing more in her business.

She’s was motivated, steadily increasing her marketing, and then suddenly, CRASH, she says, “I don’t feel like a very good therapist. ”

We could have seen this coming. Your inner critic is likely to show up when and where you’re doing something brave or new.

When you first started out as a therapist, your inner critic was probably around a lot in the therapy room. I know mine was. Part of me was in the room with my client, and another part was thinking, “My supervisor would know what to say right now. That wasn’t a good intervention. I’m never sharing this part of my tape.” (This was back when we used tape recorders).

After being a therapist for a while, that inner critic quieted down in the therapy room. You started to feel more confident about your clinical skills a lot of the time. Thank god for that.

If you’re doing something new, like marketing in a new way, making yourself more visible, or claiming your expert status, your inner critic starts talking more loudly again. As my business coach often says “your ego has a new chew toy.” That voice may just be there to protect you. your inner critic is trying to protect you from disappointment. If you don't put herself out there, you can’t possibly get rejected. It might be there because it is an echo of what a parent used to say. Whatever it's purpose or reason for being, it doesn't help you in your business. 

Acknowledge that inner critic and don't take it's message too seriously. It isn’t very smart. When we respond to that inner critic and say: “yes, I was expecting you,” it has less power. You can’t necessarily root out the inner critic, but don’t let it make any business decisions. When your inner critic acts up, make a note of it. Write down what it has to say. If you get this stuff on paper, you will begin to notice how little new information it holds. Your inner critic is saying the same thing as it always does. It's probably saying the same things most people's inner critics say.   

“Someone else could do this better.”

“People will think you’re stupid (or cheesy or boring or…)”

“You're a fraud”

“That was a dumb thing you said.”

“You’re a failure”

Therapists tend to be really good at prioritizing personal growth and not great at prioritizing self-promotion or business building. I am taking a stand for you bringing those two things together. Use your process of growing your practice to be a vehicle for personal growth.

Is it time to build your practice to the next level? Apply for a free consultation now to talk about how I can help.  

Need A Better Home Page For Your Therapy Practice?

When you write the copy for your therapy practice website, especially your home page, you should always speak directly to your ideal clients. The entire purpose of your home page is to convince that person in his or her moment of need to take the next step to work with you. Get comfortable with ignoring everyone else. Focus on what your ideal clients are thinking and feeling in the moment when they are ready to hire a therapist.

 Here’s a little exercise to help you get started in creating that language.

Think of one therapy client you enjoyed working with or were fulfilled by working with. If you could work with someone like this every day, you would love your practice.

 1.    How would that person describe the pain she was in or the problems she was experiencing when she realized it was time to find a therapist.

2.    How would she describe the hope she had about how therapy could help?

 Answer those questions for at least 3 different clients until you see patterns or trends. Use your answers to help you create your home page.

 Your home page will speak to two main things: PAIN and HOPE. You’ve got to cover those before you describe anything about you or the therapy you offer.

 Which one should you start with: pain or hope?

Think about which your ideal clients tend to identify with. If you treat depression, your ideal client is extremely aware of pain, and will likely feel understood by seeing pain described first. If you provide premarital couples therapy, your clients may resonate more with hope.

 Why shouldn’t you focus on you or your services on your home page?

Your ideal client isn’t going to your page because they want therapy. No offense, but almost no one wants therapy. What your client wants is relief from pain or increased happiness or fulfillment. When she has read through half of your home page, before she does any scrolling down, she should feel more understood. When she feels that you get what she’s going through, she’ll breathe a little bit more easily. Then she’ll be ready to find out a little bit about you and what you offer.

 Do you need some help creating a great, client-attracting website? Apply for a free consultation now.  

No More Fear Of Missing Out

My New Year’s Resolution is “No More FOMO”. In other words, I’m committed to loosening the influence that Fear of Missing Out has on me. I’m reminding myself that the moment I’m in right now is the most important one.

I thought it was just about my personal growth, but after living with this message for a few weeks, I discovered that it is also about my business. “No More FOMO” is a good rule to live by for therapists in private practice. As an entrepreneur, you must be willing to take risks and try different things to market your practice. You see almost infinite possibilities for ways to position yourself and market your practice. Every week there’s a new idea, app or online service you could try. You often see colleagues trying things you haven’t tried yet.  

You’re running your practice in addition to marketing it, so you don’t have a lot of extra time. It is easy to fall prey to FOMO. As a local and solo practitioner, FOMO can be a real drain.

How does FOMO hurt your practice?

When you’re under the influence of fear of missing out, you feel scattered and unproductive.

One place FOMO comes up often is with social media. When you choose to engage in a new social media platform do it because you’re already using your current social media platforms to the fullest, you believe you’ll reach more of your local ideal clients AND you don’t think your time could be better spent. Don’t engage with a new platform just because you’re afraid of missing out.

Even when you know you’re doing the right thing, FOMO can make you feel like you should be doing something else. You’re finally sitting down to write that blog post, but you feel distracted, thinking of some other thing you should be doing.

Perhaps you are having an important and connecting conversation with a colleague, but as they talk about their work, you start feeling anxiety because you’re not doing everything your colleague is doing. Those are opportunities to come back to the moment you’re in and let go of the rest. Breathe!

Find the balance

You do need to try new things, while also knowing when to let things go. Therapists in private practice who find that balance are much more likely to succeed in building and maintaining full practices.

When a new marketing activity comes along, use these questions to let you know what to try without the influence of FOMO:  

1. Is this new activity likely to help you reach YOUR ideal clients?

2. Are you already on top of your other marketing activities?

3. Does this new activity fit into your schedule?

4. Is this new activity either drawing on your strengths or helping you grow into the entrepreneur you want to be?

5. Does this activity fit into your overall strategy?

If the answer is no to any of those questions, don’t give in to FOMO.

If the answer is yes, try it.

Need help creating a great strategy to build your practice? Apply for a free consultation with me.  

10 Tips To Get Motivated To Write

You know writing is important to building your therapy practice. You need to write and rewrite your website copy so that it speaks directly to your ideal clients and helps them understand how you can help. Writing articles can help establish your expert status, improve your search engine optimization, and most importantly let your potential clients understand how you think and how you are different from other therapists.

It’s hard to get motivated to write, even if you like writing. As I sit here right now, I’m aware of how much I felt pulled to procrastinate a few minutes ago. I wanted to take out the recycling, check my email, look at the blogs I like to read, maybe even start my taxes. One of the hardest things about writing is getting started. In fact I’m feeling better already now that I’ve started. 

I’m going to share what has worked for a lot of therapists I’ve worked with. As you look through these tips, notice that some of them are mutually exclusive. That’s because different tactics work for different writers. Many of these tips pretty much work for every therapist. 

Create a deadline.

Many of us need to create somewhat arbitrary deadlines. Maybe this comes from our school training. When your writing will be “due,” you do what it takes to get it done. I have a weekly deadline. With few exceptions, I publish a blog post (one for each business actually) every week.

Write at a particular time every week.

When you have a routine, there’s less planning to do. You get into a habit or writing at that particular time and you don’t schedule anything else that could tempt you away from the task. You also don’t have to worry about writing at any other time

Keep a list of possible topics or titles.

If you have to come up with things to write about, start storing them up. Keep a list somewhere handy, probably on your phone, so that you can write down topics as they occur to you. I recently pulled over my car and parked for a minute because an idea had struck me.

Write nonsense to warm up.

If you’re ready to start but nothing is coming out, get your mind and fingers working by free-associating for a few minutes. You can toss that writing later.

Have an accountability group or partner or coach.

You’re not alone in your struggle to write. When you are accountable to someone, you know you’re going to have to report what you’ve done or haven’t done. You can also lean on the support of that group or person. When you think your ideas are stupid or that no one cares what you have to say, your accountability person or people can remind you of the value of your writing.

Have a writing spot.

I’ve got a spot. Right here in my kitchen. One of my colleagues has a beautiful spot where she lights a candle before she starts writing. I rarely sit in my spot when I’m not writing, so I transition into writing as I set up there. If you choose to have a dedicated writing spot, make sure there are fewer distractions there, such as bills to pay or piles of paper to sort.

Write at a café. 

Maybe you need to get out of your house to write. Perhaps treating yourself to a cup of something is motivation to write. If you choose this option, I suggest not leaving until you’ve done a significant chunk of writing.

Write to the right people.

You might get self-conscious and find it’s difficult to get the words out because your inner critic is too harsh. You’re writing as a therapist, so you’re only writing to your ideal potential clients, the people who need your help the most. Think about those people and the pain they are in or the hope they have to feel better. Block out everyone else

Remember that it’s really no big deal.

Do you fear that your writing is not clever enough, or that you’re going to say something that’s been said before? It really is no big deal. You do not need to create new or earth shattering ideas every time you write. You only have to be honest, share your voice, your message, and some information you think will be helpful.

Don’t try to perfect your writing.

If you’re writing copy for your website, you can go in and edit any time. If you’re writing blog articles, don’t spend too much time making them perfect. Once your post is good enough, your time will be better spent on the other marketing activities in your marketing plan.

Writing is just one part of a good practice building strategy. Is it time to create a great strategy that fits your strengths? Is it time to build your practice in a big way? Apply for a free consultation now. I’ve got group and individual programs to help you meet and perhaps surpass your goals.

The Only Way To Build Your Practice and Stay Sane

Is 2015 the year you want to grow your practice to the point where it supports you well financially?

Is this the year you want to double your income?

I want that for you too, and one way I want you to get there is by working in your zone more of the time.  What working in your zone means to me is doing the work that fulfills you the most, where you’re doing your best work, and focusing on the parts of your work that inspire you the most. When you’re working in your zone you’re feeling effective. You’re learning the new stuff that allows you to help your clients even more. If you’re writing articles, you’re writing about what you really want to share. You’re meeting with colleagues and talking about their work with curiosity. By helping a lot of therapists build successful private practices, I have found over and over that when you work in your zone more of the time you fill your practice more quickly and make more money.

Of course there are dozens of tools for you to market your practice. Every one of those tools becomes more powerful when you’re working in your zone.

If you resolve this year to work in your zone more, how will your practice change? What if you decide which parts of your practice bring you more into the zone, and do more of that? What would you be doing more of?

Here’s an example:

I spoke with a therapist recently who was feeling burned out. He said he wasn’t feeling that effective and noticed that when new calls came in, he wasn’t feeling enthusiastic about calling them right back and welcoming them into his practice. He was feeling doubt how helpful he was. He’s a seasoned therapist who has helped a lot of clients in profound ways. I asked him to look at what was happening in those less effective sessions. He realized that these were situations where he was not working in his best way. He was trying to provide what he believed particular clients were wanting, and in some cases that was not what he believes in or does best.

He had gotten out of his zone.

Is this happening to you? Here’s what it sounds like when you’re getting out of your zone:

“I am not feeling inspired in my work right now.”

“I am not feeling that effective with my clients.”

Look at what is getting in the way of you working in your zone and begin to change it right away.

You may have to refer out sometimes when your work is not the right fit for a client. You may have to get the next level of training or consultation that you are yearning for so that you feel invigorated and supported.

You may need to clarify your preferred way of working so that you describe your work accurately to potential clients.

Here’s to 2015! Let it become a year of both financial success and personal fulfillment for you. If you know it’s time to get more support in building your private practice, apply for a free consultation with me now. 

Do You Feel Good About Your Cancellation Policy?

How’s your cancellation policy working for you? If you have any negative feelings when you read that question, keep reading.

I want you to feel so good about your policy that you feel warm and connected to yourself and to your clients when you talk about it.

Your cancellation policy is a clinical issue. The way you feel and talk about your policy will affect your relationships with your clients.

Setting a cancellation policy you believe in is a huge part of the way you take care of yourself, avoid resentment, and ensure that you don’t lose hundreds or thousands of dollars a year. Most of what you do in the room is in service to your clients. Your cancellation policy is one way you also take care of you. Taking care of you helps you serve your clients better. Here are some questions to help you get clear on where you are now with your cancellation policy:

• Do you feel comfortable enforcing your policy?
• Do you go over the policy carefully with each client in session and make sure they understand and agree?
• Do you ever feel apologetic about your cancellation policy?
• Do you feel clear about when, if ever, you make an exception to the policy?
• How do you feel when you charge for a missed session?

I don’t advocate one particular policy for every therapist. Your practice is unique, and how you set that policy is an individual decision. The key is that your policy is aligned with your values so that you can enforce them consistently and without giving a mixed message.

Here are a couple of examples, one where a policy works, and one where it doesn’t. I worked with a therapist whose policy was that her clients could miss four sessions per year and after those four missed sessions, they had to pay for any additional missed sessions. The amount of notice did not matter. This policy worked for her because she believed it had value for her clients. She believed they got more out of therapy by making such a big commitment. She welcomed conversation about this policy and was comfortable processing her clients’ feelings about it. My second example is a therapist with a therapist who had a 24-hour cancellation policy. She rarely enforced it. She felt guilty about charging for sessions when her clients cancelled at the last minute or didn’t show up. She worried that they would be upset with her. In our work together, she decided to give each client ONE freebie, a chance to cancel with less than 24 hours notice without getting charged. She went over her cancelation policies more clearly and got more comfortable with those conversations.

As we’re getting close to the beginning of a new year, examine your policies and how well you’re communicating about them. If you only make that one change at the beginning of the year, it might make a big difference in your practice.

If you need some help getting clear about your business strategy, apply for a free consultation now. 

Don't Stress. Grab The Low Hanging Fruit

It’s December. I know you’re busy, and you’re not looking for one more thing to do. But you still want to grow your practice. That’s why my recommendation during this time of year is to grab the low hanging fruit. Think about what opportunities are right in front of you that you are not taking advantage of to bring in more clients. When you think about marketing your practice, you might think about getting your name out there and getting known by people who don’t know you yet. Yes, that’s one important part of marketing, but what often gets overlooked is nurturing the relationships and opportunities you already have. I’ll give you an example:

Recently I had a first coaching session with a wonderful therapist I’ll call Brenda. As part of our networking strategy, we were creating a list of people she could reach out to. Brenda was thinking hard about all of the therapists and other professionals she could get to know. I asked her what her relationships are like with the therapists in her office suite, and she said she hadn’t met some of them, and hadn’t gotten to know any of them very well. We laughed about this as she realized these were some key relationships she could easily nurture. Brenda had discovered some low hanging fruit.

Now look around your practice for the low hanging fruit.

Are there any professionals who have contacted you and who you haven’t gotten back to? Contact them right away.

Are there any marketing projects you have almost completed, but then abandoned? Take advantage of your clients’ cancelations this month and finish them up.

Is there a part of your intake process you could easily improve so that clients have an easier time entering your practice? Make those changes now.

Is there an organization you’ve done a speaking engagement for in the past? Email the contact person and let them know you’ll be available in the New Year.

You don’t have to push yourself to start something new in the middle of the holiday season. Instead, focus on following through with what’s right in front of you. When January comes, you’ll be ready to hit the ground running.