When you’ve talked with as many people as I have, you tend to learn a lot of lessons and gain great insights into what it takes to build a successful private practice. Today’s show is a solo episode inspired by a presentation I did recently. We are focusing on three lessons I’ve learned, along with key takeaways and the biggest mistake for each lesson.
What We’ll Learn
- Lesson #1–“The riches are in the niches” —-Pat Flynn
- Some clinicians niche based on a population, a presenting concern, a training, or a hybrid of the others (this double-niche model works well)
- The best way to figure out a niche in your area is to study others who serve your area, like an online directory
- What are the unique struggles in this area?
- How do I stand out from others?
- Find a niche that aligns with a community need
- If you’re a private pay practice, find a niche where others will pay for your services
- The #1 mistake is trying to serve everyone—-you end up serving no one
- Lesson #2–All practices have their ups and downs
- The up and down is the nature of a service-based business
- Focus on a couple of good referral sources and serve them well
- Be intentional with your marketing and tracking your clients
- Set up a rainy day fund to cover 3-4 months of expenses
- Use the downtime for self-care, marketing, or scaling your business
- The #1 mistake is not planning ahead for a rainy day
- Lesson #3–Connection is the key to marketing
- Make a list of helpers and healers who align with your niche
- Make a memorable introduction
- Build narrow and deep relationships with a few vs. broad and shallow relationships with many
- The #1 mistake is trying to build a private practice in isolation
These two resources are valuable in making connections:
RevKey helps us manage Google AdWords campaigns successfully. The owner (John) has over 10 years of experience managing campaigns especially in the healthcare space, and his partner (Laura) is a clinician in private practice.
Please check out this page for some tips on AdWords and $300 off campaign set up fees: RevKey
Thank You for Listening
I know that our lives are busy, and I’m grateful that you took the time to listen to this week’s podcast. If you enjoyed today’s episode, please share it with our colleagues and friends using the social media buttons on this page. Please consider leaving an honest rating and review for the podcast on iTunes as this helps the podcast reach more of our colleagues who want to build successful practices.
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