P.S. Not a huge fan of reading blogs? (I’m more of a podcast girl myself) You can listen to my podcast episode all about this topic by clicking here!
1. It Takes Money to Make Money
If you’re serious about growing your therapy practice and want to know how to develop a money mindset, this is a great place to start. The first thing you need to know is this:
Spending money on your business isn’t a loss. It’s an investment!
Think about the largest, most successful practices in your area. Chances are they’ve spent the most to get there. Whether it’s SEO, Google Ads or other marketing strategies, successful business owners invest strategically to attract more clients.
Strategic Spending vs. Wasteful Spending
I know I said you need to spend money, but I want you to remember that not all spending is created equal. You need to focus on revenue-generating investments like digital marketing. Google ads can attract clients 24/7 (so they work while you sleep).
Avoid spending on non-revenue-generating expenses like expensive furniture or decorations. Instead, view your spending as feeding your business. Because your business is an entity that, when nurtured, will support you for years to come!
How to Fund Your Investments
If you’re wondering how to find the money to invest in the first place, here are some options:
- Start saving a portion of your current income specifically for business growth.’
- Continue to see clients as you grow. Your income will cover your personal expenses so you can reinvest the revenue brought in by your therapists. Eventually you will be able to work less and less.
- Consider a line of credit, but consult your accountant first to ensure the return on investment (ROI) outweighs the costs.
2. Understand ROI (Return on Investment)
The next step is understanding ROI and how to measure it effectively. This matters because when you spend money on marketing, you’re not losing it. You’re creating an opportunity to make more. For example:
- Google Ads: Investing $1,000 in ads can bring in $4,000 in revenue. That’s a 400% ROI!
- Job Post Sponsorships: Spending $200 to sponsor a hiring post can bring in a therapist who generates thousands of dollars in revenue.
How to Track ROI
To get the most out of your investments:
- Work with a proven strategy. Use tools and experts that have a track record of success.
- Track your results. Use your practice management software (I love and recommend Jane – click here to get one month for free!)
- Adjust and reinvest. If an investment is delivering high returns, it’s time to double down!
3. Reinvest for Faster Growth
Once your investments start paying off (yay!), it’s tempting to spend those profits. But the real key to growth is reinvesting them back into your practice. Let me explain.
Build Momentum with Reinvestment
Here’s how reinvesting works:
- Use profits to increase your ad budget and attract even more clients.
- Invest in tools, systems or a team that free up your time and streamline operations. (Hot tip: Click here to listen to my podcast episode where I outline the 5 essential tasks you should delegate to your admin!)
Think of it as building a snowball. Each reinvestment makes the snowball bigger and faster! Within a year, you could have a thriving practice that supports you for life.
Build Momentum with Reinvestment
When I first started scaling my group practice, I kept seeing clients and reinvested every single extra dollar into growing my business. Was it tough? Totally. But that year of sacrifice created a legacy practice and entirely changed my life!
4. Surround Yourself with Growth-Minded People
Find a Supportive Community
When I joined a business coaching program, everything changed. Surrounding myself with other people who were taking bold risks. Weekly conversations about growth and strategy helped me reframe my mindset. Without that support I never would have set ambitious goals or held myself accountable to achieve them. It also helped me stop finding conversations around money so scary!
Start Building Your Network and Find Your People
If you don’t know where to start, I’ve created a free community just for therapists like you! Click here to join my free community or click here to follow me on Instagram to connect with other growth-minded therapists.
5. Embrace Self-Promotion
I know you’re not going to like this one because many therapists feel uncomfortable promoting themselves. But hear me out: Self-promotion isn’t about bragging. It’s about serving!
Start Building Your Network and Find Your People
When you reach out to referral sources or market your services, you’re solving problems for people who need your help. For example:
- Family Doctors: By offering your services, you’re helping them find resources for their patients.
- Potential Clients: Your promotions let them know where to find the support they’re looking for.
By holding back, you’re doing yourself a disservice to the people who need your help. So, shift your mindset: Self-promotion is an act of service!
Your Money Mindset Is The Foundation of Your Growth
Improving your money mindset as a therapist is one of the most important things you can do to grow your practice. When you shift how you think about spending, investing and promoting yourself, you will unlock endless opportunities for growth, freedom and impact.
Find more strategies on my Instagram page and listen to my podcast for all the best support for growing your therapy practice and attracting more clients!
Your Business Bestie,
Nicole
