Hey Private Practice Counselors,

Have you ever considered the hidden or less obvious costs of running your own practice? Initially, I thought the main expenses were just rent and tissues—overall, pretty minimal overhead. But as I began to reflect on the true cost of taking care of myself and ensuring my practice’s sustainability, I realized I wasn’t charging enough. I wasn’t accounting for everything I needed to thrive both professionally and personally.

Let’s dive into these often-overlooked costs using a pricing calculator, which I offer to those I coach. If you're interested, there's a free link where you can sign up to receive it. Along with that, there are videos explaining how to use the calculator, but let me walk you through some of the key areas that stood out to me—especially the ones I neglected that you might be overlooking too.

Today in 5 minutes or less, you'll learn:

• How to identify and account for hidden costs in your private practice, including self-care expenses and unexpected disruptions.

• The importance of factoring in personal time off (PTO), retirement, and healthcare into your session rates.

• Strategies for using a pricing calculator to set rates that ensure both your financial and personal well-being.

• How to prepare your practice for long-term sustainability by properly valuing your services.

Recognizing Essential Operating Expenses

Most of us are aware of the obvious costs like rent. However, many in our field don’t engage in advertising, myself included at one point. I relied solely on organic reach through my website, which worked for a while, particularly during low-income periods. But once I switched to using advertising, I noticed it helped buffer the slower months, making a significant difference in my practice’s stability.

The Costs of Neglecting Self-Care

Here’s the part I really want to focus on—how neglecting self-care can impact your business. Initially, I compared my rate to what I used to earn hourly working for someone else, thinking it was a great improvement. But I didn’t account for the operational expenses necessary to truly take care of myself.

For instance, continuing education is essential, yet often overlooked. Being able to sign up for trainings and courses is crucial for staying current in our field, but it’s one of those costs that can easily slip by unnoticed.

Factoring in Personal Time Off (PTO)

One area that really impacted me was the lack of PTO. I often felt stressed and worried about taking time off because if I wasn’t working, I wasn’t earning. This pressure can lead to burnout, which ultimately affects the quality of care we provide our clients.

Planning for Retirement and Healthcare

The big wake-up call for me was realizing my rates didn’t account for retirement, healthcare, and business savings. Many therapists I know aren’t planning for their future, but we don’t want to find ourselves old and broke. Retirement planning and healthcare are expensive, especially as business owners. Our medical system can be tough to navigate, but it’s vital to figure out how to take care of yourself now to avoid bigger problems later.

Preparing for Unexpected Disruptions

Another significant factor is preparing for unexpected disruptions. Living in Florida, I deal with hurricanes and storms that can wipe out entire days of sessions. This lost income can hurt your practice if you’re not prepared. By factoring in these potential disruptions, you can ensure your practice remains sustainable for years to come, allowing you to continue helping people in your community.

I encourage you to think through these areas and consider whether you're neglecting yourself simply because you work for yourself. Use the pricing calculator to play around with your numbers and see what you actually need to charge to take care of yourself and your practice.

CLICK HERE TO GET THE PRICING CALCULATOR THAT HELPED ME TO FINALLY PRICE MYSELF AT A PROFESSIONAL WAGE!