How to write a business plan for a psychology private practice: Reduce overwhelm with a plan that works for you.

Do you ever feel like you want to work more "on" rather than "in" your psychology practice but you don't know what that actually looks like? It can seem totally overwhelming when we enter the world of business because there are lots of moving parts to keep on top of alongside your clinical work and creative projects. A good business plan can act as your guiding light and help you cut through the overwhelm.

Today I am going to share the key points you need to know to create a business plan that works for you and reduces your overwhelm rather than adding to it. First we will look at the key elements of a rock solid plan. Then we will consider how you can use your plan to effectively prioritise.

The key elements of a good psychology/therapy practice business plan.

Here I am going to give you a checklist of the key elements you need to include. We already have episodes of the Business of Psychology Podcast that go deeper on each topic so I will link to those in the show notes.

Vision. Values. Mission. Why does this business exist? What do you want from it?

The legal stuff. Are you properly protected? Do you know your GDPR, insurance and professional obligations? Have you registered with HMRC? What is the legal structure that best suits your vision? If you aren't sure we have a class dedicated to this in Psychology Business School where you can ask a specialist lawyer. You may also find our client confidence checklist a useful place to start.

Your ideal client. Who are they? What do they want and need from you? Where are there gaps in current services that you could fill? We have an episode on defining and getting to know your ideal clients here.

Your services. What do you intend to offer and when? It is a good idea to work on one "project" at a time. Once that is profitable you can add another service or product into the business. Your plan is a great place to plan out when you intend to wane on certain projects so you aren't tempted to try and do them all at once.

Your expected costs. This can be hard when you are starting out so if you don't know your costs yet then check out this episode/ blog post where I give a rough guide.

Your minimum fee for each service. Work this out using the formula from the pricing queen, Sally Farrant. See the blog or podcast with Sally here.

Your goals. What would success look like in 3 months, 6 months, 1 year + S years?

Your marketing plan. Your strategy will depend entirely on all of the previous sections. Here you detail which activities are going to move you towards your specific goals. In psychology business school we teach you how to use "high touch marketing/relationship building", authority building as well as content marketing as these will help you achieve different goals in your business and are suitable for different projects. You can find episodes on high touch marketing/networking and content marketing (eg. blogs and social media) in the podcast library.

Using your business plan to reduce overwhelm in your psychology/therapy practice

Once you have your plan in place your challenge is to stick to it! You can use it to decide which opportunities to say no to and which to grab with both hands. You can use it to decide which activities are worth your time right now and which can wait until next quarter or next year.

Want more support?

If you want to go deeper and work through your business plan with me then join me for our free training. In August and September we are running free workshops to help you create a business plan that allows you to thrive and develop the fulfilling practice you deserve. Choose your date and book your space on the free training now. 

**********

Ready to build a thriving and fulfilling practice?

Are you stuck in private practice paralysis? Beat the overwhelm, imposter syndrome and insecurity by creating a business plan that gives you confidence. This summer I'm excited to bring you our free 50-minute training so you can take your first step to a fulfilling, financially rewarding and enjoyable practice.

Whether you are looking to start your independent practice in September or you have decided it is time for a major overhaul in the way you run your existing practice. Choose your date and book your space on the free training at psychologybusinessschool.com/webinar

**********

Thank you for listening to this week's episode of the Business of Psychology podcast. If you share my passion for doing more than therapy, then make sure you come over and join my free Do More Than Therapy Facebook community where you can work on getting your big ideas off the ground with like minded psychologists and therapists. I'd also love it if you could leave the show a five star review wherever you listen to your podcasts. It will help more of the people who need it to find it. See you next week for more tips and inspirational stories to help you do more than therapy.