Afleveringen
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Starting a therapy practice comes with its own set of challenges. Expanding from a solo to a group practice adds a whole new layer of complexity.
Dr. Jennifer Contarino Panning, founder of Mindful Psychology Associates, shares her experience with host Michael Fulwiler, detailing her journey from a newly licensed clinical psychologist to the owner of a thriving group practice in Evanston, Illinois.
Dr. Panning discusses the hurdles she encountered, from navigating the financial aspects of running a business to the challenges of expanding her practice during the COVID-19 pandemic.
She also reflects on the importance of building a strong referral network and the unexpected lessons learned along the way.
Discover how Dr. Panning balanced her role as a therapist with the demands of managing a growing business, and learn valuable insights for anyone looking to expand their own practice or explore new avenues within the mental health field.
In the conversation, they discuss:
The unexpected challenges Dr. Panning encountered while transitioning from a solo therapist to a group practice owner, including the steep learning curve and balancing the demands of managing both a business and a clinical caseloadThe strategies Dr. Panning used to build her practice and grow her caseload, focusing on the importance of genuine connections and maintaining strong referral relationships with local universities and fellow professionalsHow Dr. Panning navigated the financial aspects of her practice, from setting her initial fees to overcoming financial hurdles, and eventually hiring an accountant to take charge of the business side so she could focus on her passion for therapyConnect with the guest:
Visit her website: https://www.evanstonpsychologists.com/Dr. Panning on X: https://x.com/jenniferpanningDr. Panning on LinkedIn: https://www.linkedin.com/in/jennifer-contarino-panning-psyd-7655172/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Dr. Jennifer Contarino Panning
[02:37] How Dr. Panning started her private practice in Evanston
[04:19] Building a client base through university referrals
[12:06] The challenges of expanding from solo to group practice
[22:31] Managing finances and working with insurance
[23:59] Dealing with seasonal fluctuations in client demand
[27:06] The importance of marketing and networking post-COVID
[48:27] Dr. Panningâs experience with the Goldman Sachs 10,000 Small Businesses program
[52:18] Exploring additional income streams in private practice
[55:20] Closing
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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A lot of therapists are told to âniche downâ but arenât told exactly what that means or how to do it.
And without a well-defined niche, your practice will struggle, if not sink.
Allison Puryear is a licensed clinical social worker based in North Carolina and an inspiring mentor to therapists through her transformative program, Abundance Practice Building.
In this Office Hours episode with host Michael Fulwiler, Allison unpacks the significance of defining a niche in therapy, how to navigate multiple niches, and why specificity matters.
Plus, she debunks common myths like the idea that broadening a niche attracts more clients and explains why a well-defined niche can help build trust and connection more effectively than a broad approach.
Listen to learn strategies that can help you refine your practice to attract clients who resonate with your expertise.
In the conversation, they discuss:
How identifying and focusing on a specific niche in a therapy practice can enhance marketing efforts and client trust.The framework for defining a niche based on therapist-client effectiveness and the specific problems faced by clients.The benefits and challenges of having more than one niche and transitioning between niches over time.Connect with the guest:
Abundance Practice Building: https://www.abundancepracticebuilding.com/Abundance Practice Podcast: https://podcasts.apple.com/us/podcast/abundant-practice-podcast/id1207650846 Sign up for Allisonâs âKnow Your Nicheâ course: https://www.abundancepracticebuilding.com/nicheAllison on LinkedIn: https://www.linkedin.com/in/allisonpuryear/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Allison Puryear
[01:44] Allison describes what ânicheâ means to her
[02:58] The importance of population for finding a niche
[05:48] Allison debunks the myth that having a broader niche is better
[08:48] Is it a niche or not segment
[12:12] Do therapists need a niche or not?
[16:46] What having a niche enables a therapist to do
[19:52] Allison shares if a niche can be too narrow or not
[22:27] She explains if you can have more than one niche or if you can change it
[24:52] Allison describes the framework to finding your niche
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode
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Zijn er afleveringen die ontbreken?
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Therapy hasnât historically been accessible to everyone.
And by âeveryone,â we mean those from different backgrounds, communities, and cultures.
Dr. Ayanna Abrams, licensed clinical psychologist and founder and executive director of Ascension Behavioral Health, identified a need in her community and took action.
In her conversation with host Michael Fulwiler, Dr. Abrams shares her journey starting a private practice as a Black woman and the challenges she encountered along the way.
She covers the unexpected difficulties she faced becoming a business owner, her journey with personal accounting and challenges with financial literacy, and the value of building genuine connections and relationships within the mental health field to grow a clinical practice.
Hear how personal relationships and genuine networking can fuel your referral network, and be ready to explore new consulting opportunities outside the traditional therapy space.
In the conversation, they discuss:
The challenges and surprises Dr. Abrams faced while transitioning from being a therapist to a business owner, including the exhaustion and lack of social life that comes with entrepreneurshipThe steps Dr. Abrams took to build her clinical practice and referral network through personal connections and relationships with colleagues and peersHow Dr. Abrams navigated financial management in her private practice, from setting flexible fees to eventually hiring an accountant to manage her business financesConnect with the guest:
Visit her website: https://www.ascensionbehavioralhealth.com/Dr. Abrams on Instagram: https://www.instagram.com/dr_ayanna_a/Dr. Abrams on LinkedIn: https://www.linkedin.com/in/ayanna-abrams-psy-d-08826556/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Dr. Ayanna Abrams
[02:59] How Dr. Abrams's background has impacted her career
[08:16] Dr. Abrams's goal with a private practice in grad school
[12:28] How she navigated how much to charge her clients
[18:23] How Dr. Abrams fulfilled a need in the community
[21:35] What Dr. Abrams wouldâve done differently if she could go back in time
[25:24] What Dr. Abrams did well when she first started her private practice
[29:31] The shortage of Black therapists
[31:44] What surprised Dr. Abrams when starting her practice
[38:08] The power of finding and forming a community
[44:11] Building a referral network and developing strong relationships
[45:16] How Dr. Abrams balances her business and clinical work lives
[53:30] Dr. Abramsâs biggest takeaway from the conversation
[55:17] Closing
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Representation matters, especially in menâs mental health.
Dr. Justin K. Dodson, a licensed professional counselor based in Memphis who specializes in adult menâs mental health, knows this as well as anyone.
As the first Black male to obtain a PhD in Counselor Education and Supervision from the University of Memphis, heâs paving his own path as an entrepreneur.In this conversation with host Michael Fulwiler, Dr. Dodson shares the essential steps for therapists transitioning into private practice, expanding their client base, and gearing up to grow their business.
You'll learn the challenges and rewards of starting a private practice, tracking key performance indicators (KPIs), and how to navigate the emotional landscape of setting fees and enforcing a cancellation policy.
Tune in to hear practical tips on creating a business strategy, understanding the client acquisition process, and maintaining quality over quantity.
In the conversation, they discuss:
The significance of representation in the field of therapy, particularly for Black men, and the courage required to forge a path in an underrepresented areaThe vital role of understanding the business aspects and tracking key performance indicators (KPIs) in starting and running a successful private therapy practiceThe importance of self-belief, setting clear boundaries, and focusing on quality client relationships to overcome challenges like self-doubt and setting feesConnect with the guest:
Visit his website: https://www.navigatingcouragecac.com/Dr. Dodson on Instagram: https://www.instagram.com/itsdrjkeith/?hl=enDr. Dodson on LinkedIn: https://www.linkedin.com/in/justin-keith-dodson-ph-d-lpc-74747063/Dr. Dodson on X: https://twitter.com/itsdrjkeithRead more about Dr. Dodsonâs story: https://www.joinheard.com/articles/how-dr-justin-dodson-started-a-private-practice-on-his-friends-couchConnect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Dr. Justin K. Dodson
[02:07] Switching from wanting to be a lawyer to a therapist
[04:21] Dr. Dodsonâs experience being the first Black male to get his specific degree
[08:02] Why there isnât a big presence of Black men in therapy
[09:39] Why Dr. Dodson switched from non-profit work to private practice
[16:11] How Dr. Dodson got his initial clients
[19:48] Moving away from the guilt mindset of setting fees
[24:56] KPIs and other things Dr. Dodson is tracking in his business
[32:19] Dealing with pressure around performance and showing up for clients
[38:01] Building a therapy practice and bringing on more therapists
[40:34] How Dr. Dodson thinks of his role now ad a therapist and entrepreneur
[43:28] Building a personal brand and utilizing social media
[49:14] Men going to therapy
[51:58] Dr. Dodsonâs top takeaway from the conversation
[54:20] Closing
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Starting a private practice can be tough, both emotionally and financially.
Dr. Marie Fang is a private practice owner and host of the popular YouTube channel, Private Practice Skills. She has lived the entrepreneurial journey from struggling to get clients to building a successful practice while also being a content creator.
In this conversation with host Michael Fulwiler, Dr. Fang shares her experiences and practical strategies for managing the financial and emotional challenges of private practice.
You'll learn how to set sustainable rates, attract clients without a huge marketing budget, and diversify your income streams. Plus, get an insider's look at using SEO and YouTube to grow your online presence.
In the conversation, they discuss:
The financial challenges and considerations involved in setting therapy rates for a private practice, including taxes, expenses, and business reinvestmentThe importance of authenticity and leading with personal values in the therapy profession, especially in online content creationDr. Marie Fang's experience and strategies for building a sustainable income stream through diversified revenue sources and transitioning to an owned audienceResources:
Subscribe to Private Practice Skills on YouTube: https://www.youtube.com/c/PrivatePracticeSkillsWatch Michaelâs episode on Private Practice Skills: https://youtube/mvVlpsT-zPk?feature=shared Download Dr. Marie Fangâs free private practice checklist: https://mailchi.mp/1f706ad367a3/start-a-private-practice-in-counselingConnect with the guest:
Dr. Marie Fang on Instagram: https://www.instagram.com/privatepracticeskills/Visit the Private Practice Skills website: https://privatepracticeskills.com/Dr. Marie Fangâs therapy website: https://affirmingchristiancounseling.com/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Dr. Marie Fang
[02:34] How Dr. Marieâs upbringing has impacted where she is now
[05:00] The steps Dr. Marie Fang took to start her private practice
[06:19] The challenges she faced when starting a practice and the tactics that worked for her
[14:03] The financial side of a private practice
[16:02] Figuring out how much to charge clients
[20:20] What surprised Dr. Marie about starting a private practice
[21:34] When the Private Practice Skills YouTube channel started
[27:03] How Dr. Marie creates authentic content
[31:05] Brainstorming therapy topics for content creation
[34:16] How Dr. Marie grew her following on YouTube
[40:15] How income generation on YouTube works
[44:04] Building an email list and its impact
[47:23] Common misconceptions therapists have about private practices
[50:23] Challenges Dr. Marie Fang is facing currently with her practice and media
[53:49] One thing therapists should take away from this conversation with Dr. Marie Fang
[55:27] Closing
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Many therapists struggle with the complexities of managing their private practice, especially when it comes to financial planning, but understanding these elements is essential.
Enter Ryan DeRousseau, a CERTIFIED FINANCIAL PLANNERâą specializing in the unique needs of therapists and small business owners.
In this Office Hours episode, host Michael Fulwiler jumps into key topics with Ryan, from the benefits of solo 401(k)s and SEP IRAs to the importance of building a support team of professionals.
They also discuss common financial pitfalls therapists face and practical strategies for mitigating them. Plus, Ryan covers investment frameworks, types of retirement accounts, and how to incorporate retirement savings as a fixed expense within your budget.
In the conversation, they discuss:
The benefits and differences between various retirement accounts such as solo 401(k)s, SEP IRAs, and Roth IRAs, and how they can reduce your overall tax billThe importance of having a professional team, including accountants and certified financial planners, to support the financial health of therapists and small business ownersThe significance of starting retirement savings early to avoid common pitfalls such as unpredictable income and the risk of working in retirement due to lack of funds
The Everything Guide to Investing in Crypto Currency: https://www.amazon.com/Everything-Guide-Investing-Cryptocurrency-Everything%C2%AE-ebook/dp/B07GNTLHZN/Learn how to turn income into wealth: https://thinkingcapfinancial.com/selfemploymentincometowealth/How to save for retirement as a therapist: https://www.joinheard.com/articles/how-to-save-for-retirement-as-a-therapistThe complete guide to financial planning for therapists: https://www.joinheard.com/articles/the-complete-guide-to-financial-planning-for-therapistsWebinar: Financial planning for therapists: https://www.joinheard.com/events/financial-planning-for-therapists-with-ryan-derousseau
Resources:Connect with the guest:
Ryan on Linkedin: https://www.linkedin.com/in/ryanderousseau/Ryanâs website: https://www.ryanderousseau.com/Thinking Cap Financial: https://thinkingcapfinancial.com/ryan-derousseau/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Ryan Derousseau
[01:54] What a CFP is and their role
[03:50] The importance of a CPA or CFP when it comes to owning a business
[05:19] Ryanâs business model and how he works with clients
[06:57] Common financial challenges Ryan seeâs when working with therapists
[09:09] Why therapists need to save for retirement
[13:37] The skull, the brain, and the neurons when it comes to investing
[15:54] How a 401K works
[20:03] What a Roth 401K is and how the Roth is different
[22:38] What the SEP IRA is
[26:29] The range of risk when it comes to investing in retirement
[30:30] The issue of taking money out of retirement early
[34:01] The difference between a Simple IRA and Traditional IRA
[37:15] All about Capital Gains
[37:52] The most powerful tool in retirement tax savings
[40:52] Common mistakes Ryan seeâs therapists make
[42:48] The impact of compound interest
[44:26] Other common forms of investing Ryan teaches therapists
[46:06] How Ryan how helps clients navigate this process of investing into their business
[48:23] The difference between income and wealth
[51:27] Ryanâs free ebook about turning income into wealth
[52:26] Closing
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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Sometimes, taking the next step is all you need to expand your therapy practice in ways you never imagined.Dr. Racine Henry, a marriage and family therapist, has not only built a thriving private practice but also developed innovative approaches to her work with couples, such as her Integrative Culinary Therapy, or ICT.
She shares her rich experience from starting Sankofa Marriage Family Therapy to overcoming the challenges of setting up a business in New York.In this episode, Dr. Henry discusses everything from setting private pay ratesâwithout guiltâto effective marketing strategies that truly resonate.
She touches on the importance of cultural competence, the transition to virtual therapy, and the power of staying true to your identity as a clinician.
In the conversation, they discuss:
Dr. Henryâs advice on why clinicians should identify and stay true to their own identity, integrating it into their therapeutic approach and business model.How to market and gain clients through word of mouth, online directories, media appearances, and networking.The impetus and execution of Integrative Culinary Therapy to address the unique therapeutic needs of black couples, merging cooking and group therapy to foster relational healing.Connect with the guest:
On Instagram: https://www.instagram.com/sankofatherapynyc/On LinkedIn: https://www.linkedin.com/in/rhenrylmft/Book an online appointment with Racine here: https://www.sankofatherapynyc.com/contactSign the petition to declare August as National Marriage and Family Therapy Month: https://www.change.org/p/declare-august-as-national-marriage-and-family-therapy-monthConnect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Dr. Racine Henry
03:04 How Dr. Racine got involved in marriage and family therapy
04:54 Dr. Racineâs experience getting her PhD
08:58 The magic of relationships
13:13 More people are joining therapy
16:30 Steps taken to start Dr. Racineâs business
21:50 Income streams in private practices and getting clients
25:21 How Dr. Racineâs business has changed her
28:50 Integrative culinary therapy
40:45 How Dr. Racine got into teaching
45:21 The future of therapists and predictions
49:05 Working with new therapists and including that into an income stream
51:51 Building a practice thatâs unique to you
55:07 Dr. Racineâs top takeaway from the conversation
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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Having a bad experience with an employer may feel terrible at the time, but it can fuel a fire to create something amazing.
Elizabeth Earnshaw, a Licensed Marriage and Family Therapist and Certified Gottman Therapist, did just that by launching and expanding her group practice, A Better Life Therapy, to six locations across Pennsylvania and New Jersey.
Elizabeth speaks with host Michael Fulwiler as she shares her personal experiences and practical tips on expanding from a solo therapy practice to managing a group practice, highlighting the challenges and rewards along the way.
She also discusses the importance of niching down, explaining how focusing on a specific area not only enhances your expertise, but also attracts a dedicated client base.
She underscores the value of networking with lawyers, accountants, and other professionals and how these connections have been pivotal in her business's growth and success.
She also emphasizes a care-focused approach with her employees, maintaining an environment of integrity and trust, ensuring that paying employees, even during tough times, can reap long-term benefits.In the conversation, they discuss:
Networking as your secret sauce in intentionally connecting with the right people where you can make all the difference for them.Invest smartly in your practice and strategically focus on what matters most to prioritize essentials and provide quality care for patients.Attracting and retaining top talent is crucial for a thriving practice. Fostering a supportive and collaborative environment while offering growth opportunities within the organization is key to building loyalty and satisfaction among her team members.Connect with the guest:
On Instagram: https://www.instagram.com/lizlistens/ On Facebook: https://www.facebook.com/lizlistens/ Elizabethâs website: https://elizabethearnshaw.com/ Preorder her book: âTil Stress Do Us Part: How to Heal the #1 Issue in Our RelationshipsConnect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Elizabeth Earnshaw
03:12 Working in community mental health
05:47 On starting a private practice
10:42 On accepting all types of clientele and not niching down
15:59 Challenges during the first year of practice
20:56 Managing the financials
24:50 Unexpected surprises during practice
26:42 Building a network of professionals
28:03 Keys to successfully opening your own practice
32:15 Business growth objectives
34:06 On finding the right therapists to hire
39:56 On building the brand and its presence on Instagram
43:04 Challenges in maintaining social media
46:00 On Elizabethâs overall role in the practice
48:23 Conquering current challenges
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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With the rise of social media, many therapists are elevating their online presence.
This is undoubtedly true for Jeff Guenther, better known as @TherapyJeff on TikTok and Instagram where heâs built an audience of more than 4 million followers.
Jeff, a licensed therapist, author, podcast host, and private practice owner based in Portland, OR, has founded multiple companies, including TherapyDen, a popular therapist directory.
In his conversation with host Michael Fulwiler, Jeff explores the complexities of balancing an online persona with maintaining a private practice.
He discusses how this dual role can blur professional boundaries and lead to unexpected client interactions. Jeff advises new therapists to be mindful of the emotional impact of their online influence and to respect boundaries with their clients.The discussion also delves into Jeffâs journey to becoming a therapist, highlighting his relationship with his mother and his struggles with anxiety as a new therapist. He shares how he overcame feelings of worthlessness, built his client base from scratch, and balanced his professional and personal life.
Jeff also touches on the often unspoken truth about therapists working through their own issues and what it means for their professional journey.
As a heads-up, this episode contains some strong language.In the conversation, they discuss:
Personal struggles and the quest for understanding often lead us to the most fulfilling careers. By recognizing your worth and gradually adjusting your rates, you will find a balance between financial stability and authentic practice. While social media has advantages, it can blur professional boundaries and lead to unexpected client interactions. Stay grounded and true to your therapeutic roots while exploring new avenues for growth.Connect with the guest:
On Instagram: https://www.instagram.com/therapyjeff/ On TikTok: https://www.tiktok.com/@therapyjeff Jeffâs website - https://www.therapyjeff.com/aboutBuy Jeffâs book - https://www.therapyjeff.com/big-dating-energy-bookConnect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
00:00 Introduction to Heard Business School with host Michael Fulwiler and special guest Jeff Guenther
03:16 Decision to enter therapy as influenced by his mother
07:51 On true therapist cliches
10:12 Anxieties in starting a private practice at 24 years old
24:16 Misconceptions on private practice
27:34 Reflecting on the importance of variety in work
31:52 On building a social media persona and creating content
37:55 Decision not to accept new clients due to social media influence
40:56 Insight into Jeffâs book, Big Dating Energy
47:09 Reflecting on the challenges experienced during practice
51:49 Advice on becoming an online therapist/content creator
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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Quarterly taxes do not have to be overwhelming.
In this first Office Hours episode of Heard Business School, host Michael Fulwiler sits down with Heard co-founder and CEO, Andrew Risen, to give you a masterclass in paying your quarterly taxes as a therapy practice business owner.
Andrew breaks down the essentials of keeping your financial house in order, from understanding the deadlines and penalties associated with quarterly taxes to the best practices for estimating and setting aside your payments.
Learn how overpaying can result in refunds and discover the strategies to avoid penalties from underpayments. Plus, get to know the importance of considering your entire financial picture, which includes not just your practice but any other sources of income.
In the conversation, they discuss:
Why making quarterly tax payments is crucial to avoid penalties and interest accruals and how best to estimate them to stay in the clearPractical tips on managing your tax responsibilities to meet your tax obligations effortlessly as your business scalesHow Heard can be a game-changer for therapists by freeing you up to do what you really loveâhelping your clientsâwhile feeling secure that your financial house is in orderResources:
How to pay income tax in every state as a therapist - https://www.joinheard.com/articles/how-to-pay-income-tax-in-every-state-as-a-therapist How to pay quarterly estimates taxes for your therapy practice - https://www.joinheard.com/articles/how-to-pay-quarterly-estimated-taxes-for-your-therapy-practice IRS resource - Tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimatorConnect with the guest:
On Linkedin: https://www.linkedin.com/in/andrewriesen On X (Formerly Twitter): https://x.com/andrewriesen Heard website: https://www.joinheard.com/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
[00:00] Introduction to Heard Business School with guest, Andrew Riesen
[01:12] Understanding quarterly tax payments
[03:49] Understanding who needs to pay quarterly tax payments
[05:45] Best practices for avoiding penalties
[07:14] Computation practice
[09:46] Deadlines for quarterly tax payments
[12:05] Estimating payments
[15:58] Projecting income
[18:04] Recalculating estimates
[20:19] Tactical advice for making payments
[23:09] Bookkeeping essentials
[25:41] Penalties for non-compliance
[27:06] Multistate taxation challenges
[28:48] Consulting tax professionals
[33:06] Specifics for S corporations
[37:56] Handling multiple income sources
[39:05] Role of Heard in financial planning
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Inconsistencies in service, financial instability, management difficulties, and burnout are all issues that can affect a group therapy practice.
But what if the practice was built with not only the therapist in mind but also a mission to meet an unmet need in the community?
Thatâs exactly why Lisa Savage started her group practice almost 20 years ago, now the country's largest Black-owned therapy practice.
Lisa, a Licensed Clinical Social Worker, is the founder of the Center for Child Development in Delaware and the co-founder of Clinicians of Color, an online community with more than 20,000 members.
She speaks with host Michael Fulwiler about her journey, how she identified an unmet need in her community, and how she has built a therapist-first practice with high retention rates and incredible support for personal growth.
In the conversation, they discuss:
The ins and outs of navigating insurance, especially the nuances of Medicaid, to ensure you get paid fairly and promptly.The importance of transitioning from contractors to employees to maintain control and protect your brand.Outsourcing bookkeeping and accounting can save your sanity and help your practice thrive.Real talk about the difficulties of managing rapid growth and diverse employee values.The secrets to forging strong referral relationships and connecting your passion for therapy with community needs.Valuable advice for new therapists on the benefits of starting in a group practice versus the risks of going solo.Insights into red flags in group practice contracts and how to make sure youâre entering a fair agreement.The powerful impact of advocacy work and how Clinicians of Color is making a difference for Black and Brown mental health professionals.Connect with the guest:
On Linkedin: https://www.linkedin.com/in/lisasavagelcsw/ On TikTok: https://www.tiktok.com/@clinicians_of_color On Instagram: https://www.instagram.com/clinicians_of_colortm/Clinicians of Color website: https://www.cliniciansofcolor.org/ The Center for Child Development website: https://thecenterforchilddevelopment.com/Connect with Michael and Heard:
Michaelâs LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Heard website: https://joinheard.com/ Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the conversation:
00:00 Host Michael Fulwiler introduces the Heard Business School podcast with special guest Lisa Savage
02:31 On opening her own private practice
05:12 Navigating challenges, Medicaid, and insurance complexities
11:23 Challenges as a black business owner
16:06 On past mistakes and what she couldâve done differently
20:37 Unexpected and surprising experiences upon starting the business
23:08 Keys to success when opening up your own business
28:49 Pros and cons of being self-employed vs. working at a group practice
34:01 Advice for those who wish to work at a group practice
37:00 On clinicians of color
41:06 Role of technology in building practice vs. paper billing
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Oftentimes, therapists have their sights set on private practice after grad school. But what about going beyond the 1:1 therapy sessions as a business opportunity?
Dr. Alex Auerbach is a powerhouse in sports psychology. He has experience at both the college level with the University of Arizona and the professional level with the Toronto Raptors. Heâs a seasoned entrepreneurial therapist who owns multiple companies, including a thriving coaching business.
With an MBA under his belt, he seamlessly blends psychological insight with business savvy to think outside of the box.
In this episode, Alex speaks to host Michael Fulwiler about his journey as an entrepreneur and offers advice on how to âlevel upâ your existing practice by going beyond individual therapy sessions.
In the conversation, they discuss:
Confidently setting prices that reflect your true worth while ensuring business sustainabilityHow focusing on a specific market enhances credibility and trustworthinessEmbracing experimentation and learning from rejection and failureThe importance of self-care, setting boundaries, and finding a community to mitigate feelings of isolationFoundational elements to build a practice that serves others and feels good to youHow therapists can expand their scope by offering coaching servicesConnect with the guest:
On X (formerly Twitter): @alexauerbachphdOn Linkedin: https://www.linkedin.com/in/alexauerbachphdSign up for his newsletter: https://perform.alexauerbach.com/Check out his website: https://alexhuerbach.comConnect with Michael and Heard:
Michaelâs LinkedIn - https://www.linkedin.com/in/michaelfulwiler/Heard website - https://joinheard.com/ Newsletter - https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-formJump into the Conversation:
[00:00] Introducing Heard Business School and Dr. Alex Auerbach
[02:41] Getting an MBA and how it affected his future career
[09:12] Shifting from professional sports to private practice and executive coaching
[14:55] Importance of aligning pricing with market and personal worth
[21:32] Translatable skills from being a sports psychologist to coaching
[28:29] Understanding what it takes to build a therapy business
[35:35] Building trust in a specific market segment
[39:43] Importance of routine, boundaries, and social support
[41:32] Addressing loneliness and building a supportive network
[42:36] The importance of joining classes and exploring non-professional interests
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode.
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Therapists are uniquely equipped for business because they value authenticity and relationships, which are foundational to both effective therapy and successful businesses.
Dr. Melvin Varghese has a tremendous passion for not only his psychology practice but also helping other therapists build their own business through different streams of incomes, specifically podcasting. Dr. Varghese is an experienced clinical psychologist, accomplished podcaster, and founder of âSelling the Couch.â
In this first episode of Heard Business School, host Michael Fulwiler speaks with Dr. Varghese about his journey into psychology and moving from clinical work to creating an online business that's helped countless therapists find their footing in the business world.
In the conversation, they discuss:
The power of authenticity in building your therapy businessHow to scale your business with intentionResources to things to know about starting your own podcast as an additional form of incomeStrategies for avoiding burnout Why long-term thinking, and compounding assets are invaluable for your businessConnect with the guest:
Melâs LinkedIn - https://www.linkedin.com/in/melvinvarghesephd/ Selling the Couch - https://sellingthecouch.com/ Melâs website - https://melvinvarghese.com/Connect with Michael and Heard:
Michaelâs LinkedIn - https://www.linkedin.com/in/michaelfulwiler/Heard website - https://joinheard.com/ Newsletter - https://www.joinheard.com/newsletter Book a free consult - https://www.joinheard.com/welcome-formJump into the Conversation:
[00:00] Introducing Heard Business School
[00:38] Introduction to Dr. Melvin Varghese
[03:02] Melâs entrepreneurial journey as a therapist
[08:48] Why therapists often feel intimidated by business and marketing, and why Melâs end goal was never full time private practice
[11:36] Melâs start in a group practice and the beginning of his interest in podcasting and using clinical skills beyond therapy or testing.
[15:36] Building Melâs business as an overnight success (that took 5 years)
[19:12] Some of the challenges Mel faced when trying to build his business including money issues and imposter syndrome
[21:04] The importance of focus and compounding effort in building your business
[22:09] Approach to social media and importance of trust
[25:22] The idea of business being about relationships and therapists are innately adept at authenticity and one-to-one relationships
[27:26] The evolution of Healthcasters
[33:43] Effective marketing strategy that worked for Melâs business
[37:10] How Mel is thinking about intentionally building his private practice now
[42:09] Melâs approach to ethical endorsements
[43:42] The Footnote: Melâs key takeaway from his journey building his business
This episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode. -
A show for therapists building their own businesses.
Every therapy session holds a story, and every client brings a journey.
But behind the scenes is a tale of entrepreneurship, where therapists navigate the winding road of building their own business.
This is Heard Business School, hosted by Michael Fulwiler, where we sit down with private practice owners and industry experts to learn about the business of therapy, together.
Weâll see you in class.
Michaelâs LinkedIn - https://www.linkedin.com/in/michaelfulwiler/
Heard website - https://joinheard.com/
Newsletter - https://www.joinheard.com/newsletter
