If you’ve decided you’re ready to take the big step to open a private practice, you may be wondering whether you should go it alone or start a group practice. Each option has its benefits, and at the end of the day, the option that makes sense for you will depend on your needs and practice goals. You can learn a little more about the benefits of each option in this blog, and if you would like to spend some time talking through your options to make an informed decision, consider reaching out to the Private Practice DIY team to schedule a consultation.
Benefits of Group Practice
If you’re interested in starting a group private practice, there are some great benefits to this option, especially if you have a group of peers you hope to work with. Some of the many benefits of starting a group practice include:
Shared financial risk – in solo practice, all the business expenses are on you. In group practice, these expenses are shared.
Shared business savvy – maybe you don’t want to worry about taxes or payroll, but you love scheduling and marketing. When you start a group practice, these responsibilities and others related to running a successful business are shared, so you don’t have to do it all yourself.
A go-to support system – when you work in solo practice, you may find yourself wishing you had someone to talk to about your day. The stress of running a business and pressure of working with clients is overwhelming at times. In group practice, you have a built-in support system of peers to chat with.
Benefits of Solo Practice
If you’re more independent or like the challenge of making business decisions, solo private practice may be a better fit for you. Some of the benefits of solo therapy practice include:
You are in control – if you’re the kind of person who likes to be in charge, a solo practice may be for you. From how many clients you’ll see to where you’ll practice, every choice is up to you.
You may make more money – while you take on all the financial risk by opening a solo practice, you also stand to reap a greater financial reward. You’ll have fewer expenses as a solo practitioner and be able to keep all of your profits.
You can start small – with group practices, you may need to commit to a new practice as a full time job and invest a significant amount of time and money into it. In solo practice, you can often keep a job in a larger clinic or hospital setting and provide private therapy sessions on the side as you build your client base.
Which Option is Right for You?
You are not like any other therapist. That means the decision of whether to start a group or solo practice is going to be entirely unique to you. The best way to make the decision is to take some time to talk through your options and private practice goals with a knowledgeable professional like me, Christina Runnels. At Private Practice DIY, I put my years of experience as solo and group therapy practice owner to work supporting my peers as they start their private practice journey or take steps to grow their business. If you’re struggling to make the final decision about whether to start a group or solo practice, let’s get to together to discuss the benefits and drawback of each option, so you can make an informed decision. Get started today by requesting a 15-minute initial consultation. I look forward to hearing from you soon!
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