Hustle Culture for Healers: An Honest Conversation About Mental Health Practice Owners and the Scarcity Mindset Around Money
From the outside looking in, mental health practice owners can appear to have it all together - we've got the credentials, the experience, the business, and the funding to afford a functioning office space with an active staff. However, mental health practice owners often struggle with a scarcity mindset when it comes to money. This limiting mindset can lead to anxiety, stress, and a constant fear of running out of money or not being able to make ends meet. Money does not have to be a source of fear and insecurity! By taking steps to understand our finances, setting up realistic budgets and financial plans, and developing healthy money habits, mental health practice owners can move away from a scarcity mindset and start to see money as a tool to help us reach our goals and live a more abundant life.
Throughout my college years, I was always told that social workers are not in it for the money, and that we come into this profession to be rewarded by the outcome or impact of our work instead. Mental Health education, on any level, does not prepare us to run a successful business. No matter how common it is for Therapists to complete their education and transition into private practice work, our educational path does not provide the tools for us to open our own healing spaces and create the impact that we desire. During my experience as a student, rising mental health professionals were often shamed by professors, agencies, and even clients when money was discussed. After all, being a mental health professional is a job where we help others learn to live their best lives. Why is it taboo for us to also desire a fulfilled life for ourselves?
It's time for mental health practice owners to stop hiding behind client outcomes and start talking money. Opening your own practice can cost upwards of $25,000+ before you ever have a chance to pay yourself. When you own a private practice, you are a business owner first. Your impact on the well-being of others depends on your ability to run a flourishing business where your employees and clients can trust you mentally, emotionally, and especially financially. As business owners we need to realize that revenue, sales, and profits are the heartbeat of our business. Outcome and impact don't pay the bills! Due to the lack of business preparation provided during our educational journey, we need to be diligent about educating ourselves on what it takes to financially run a business.
As a collective, we've worked too hard to not expect financial gain. We deserve to be unapologetic about how making money, and the desire to do so, is not a bad thing. Shift your mindset and let's change the narrative! We must address any limiting beliefs about money before we can have successful, thriving businesses and make the millions we desire. What would private practice ownership be like if we reframed our thoughts and lifestyles to align with an abundance mindset? We could birth a new culture of mental health millionaires! No matter who has discouraged you from being a money-driven mental health practice owner, remember that you can make an impact and generate income. You do not have to choose between the two. You can have a business that helps people heal and creates a legacy of wealth for your family. In order to make this happen, we have to be willing to seek business finance education and develop effective strategies to help our private practices establish longevity.
5 things you need to know about money to run a successful business:
Budgeting: Knowing how to budget your money is essential to running a successful business. It is important to accurately track income and expenses to know where your money is going and where it is coming from.
Cash Flow: Understanding your cash flow is vital for running a successful business. Cash flow is the difference between the money coming into your business and the money going out of your business. Knowing this will help you make sound financial decisions.
Investing: Investing your money is a great way to grow your business. Investing can help you diversify your income, create a passive income stream, and increase your overall wealth.
Credit: Credit is an important tool for businesses, as it can help you access the capital you need for growth. Knowing how to manage credit responsibly is essential for successful business management.
Tax Planning: Tax planning is an essential component of running a successful business. Knowing your tax obligations and taking advantage of available deductions and credits can help you maximize your business's profits.
It's completely understandable to want to make more money when running a private practice in the mental health field. There are a lot of expenses associated with running this kind of business, and it is important to be able to meet those costs so that your company can continue to make an impact in the community. Remember that earning a stable income can help your company provide better services to your clients and allow you to offer more resources to those in need. It's not wrong to want to make more money as a mental health practice owner, but it is important to use it in an ethical and responsible way.
If you’re ready to launch or expand your mental health practice so that you can live the abundant life that you desire, I would love to help make your dream life into your reality. Schedule a discovery call today and let’s discuss how my Private Practice Consultation and Income Diversification Strategy Sessions can help you accomplish your goals.