Not making one of the 5 fatal mistakes when setting your fees is critical to launching/growing a successful cash practice.
Setting fees is one of the biggest hurdles for therapists to overcome when launching/growing a cash practice. I’m not totally sure why but therapists have a lot of hangups about money.
I’ve written a series of blog posts to deal head-on with one of a therapist’s greatest fears–asking people for money.
I’m want to help you ‘come clean’ about your attitudes towards money to confidently determine the value of your services.
Don’t get me wrong. Even though I’ve been at this for a long time, I still hesitate or want to make excuses for my fees.
But somewhere along my journey, my beliefs about helping people and making money changed. Now I no longer feel ashamed for making a good income as a physical therapist or coach.
I guess I’ve made peace with myself in making a profit.
Probably like you, I entered this profession to help people. I didn’t become a therapist to become rich. However, I did have a dream of becoming my own boss, working hard, and being rewarded for it.
Through years of experience, I began to understand my mindset didn’t always have to be either/or thinking. I could help people AND make good money. They weren’t mutually exclusive. As a matter of fact, they usually went hand in hand.
As an entrepreneur, you get to make the decision on what to charge. Before you do, you need to identify and resolve any negative beliefs you have about money if you want to succeed in business.
Over the next few weeks, we’ll look at some of the mistake therapists make when setting their fees. I aim to free you from any insecurity, guilt, or anxiety you may have about charging fairly for what you do.
This series is not for you if:
- If you sat down with an accountant and figured out how much money you need to pay the bills and support your lifestyle(including paying off student debt)
- If you know your cost per visit and have set your fees accordingly.
- If you tell what you’re fees are with no wincing or uneasiness.
This series is for you if:
- You terrified to take a close look at your personal finances, let alone the books of your business
- You’re afraid to ask for your full fee because you’re “certain” no one will pay it.
- You’ve looked around your area to see what other therapists charge and you set your fees “just a little bit lower”.
- You felt guilty about charging your full fee because you’re just starting out.
- You worry about charging a “high” fee because that means your taking advantage of the people who can’t afford it.
- Your tempting to join an insurance network because no matter how poor the reimbursement, it’s better than nothing.
So if that sounds like you, stay tuned. Somewhere along our journey together you’ll discover what might be holding you back from feeling confident in what you charge and making a good living.
Next Up- Fees: Are You Focusing on The Right Thing?