I launched my private practice as a side gig to pay off student loan debt. Little did I know that it would eventually allow me to leave my full time job. Just this morning, I went out for breakfast, worked out at the YMCA, then went for a walk with a friend. I didn’t start any real “work” until 1:30 and I’m about to leave (it’s 4:43 right now).
I don’t say this to brag, just to give you an idea of some of the most compelling reasons people venture into the world of private practice.
Many people venture out and start their own private practice. There are numerous benefits. There’s a fulfillment that come from earning your own income, you can make your own hours and decide what types of clients you want to see.
However, starting a business is never easy.
Many people who have undergone the transformation from being an employee to an employer find it to be difficult and taxing. Although they get to enjoy a wider scope of authority and decision-making, there are a lot of responsibilities and tasks that need to be done for it to work.
In March 2015, I left my full time job for full time private practice. This switch may be one of the toughest challenges that a business novice will ever encounter in his or her professional life.
When moving from working for a practice to starting your own practice, there are many benefits. Here are some to consider:
Being Your Own Boss
For some people, working under someone’s command doesn’t sit well with them. They want to enjoy their own freedom. To do this, they have to be the boss. If this situation describes you, venturing into private practice may be the next step.
A Pay Increase
People study for years to earn a degree and then take exams to obtain their license. However, working as a licensed professional in the social services field doesn’t really pay that much unless you get promoted to be a supervisor or a manager. Since salaries work as positive reinforcement, people that feel they don’t receive the monetary reward that they deserve tend to get discouraged. One solution for them is to shift to starting their own private practice.
Many people feel that they are restricted as an employee because they have to follow their company’s policies in addition to those of their profession. These people feel a better sense of fulfillment working under their own rules.
Doing More as a Professional
Because working in a private practice gives them a wider range of tasks, people who opt to be in this business have a better chance of doing more as a professional. There may be something they wanted to do in their company which was not possible. Being in private practice gives you access to do what you want to improve your professional services.
Expand Professional Learning
The best way for someone to learn is to make mistakes. It’s the same in the professional world. The best way to learn is to stand on your own.With all of the benefits that private practice offers, you may be thinking of trying to start your own practice. However, there are some issues that come with starting a new business that you should consider.