Welcome therapists and group practice owners! I’m Nicole McCance, a psychologist turned business coach for therapists.
If money feels tight right now, or you catch yourself worrying that there aren’t enough clients (or enough money to go around), I want you to know you’re not alone in that. So many of the therapists I work with carry money fears, and most of them have no idea where those fears even came from.
The good news is that your money mindset isn’t fixed. Once you understand the four wealth principles that successful practice owners actually live by, growing your group therapy practice starts to feel a lot more doable (I promise).
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!
Where Your Money Mindset Really Comes From
Most of us never stop to question this, but your money blueprint was written in childhood.
Think back to what you heard at home about money, and about wealthy people. Maybe it was “money doesn’t grow on trees,” or maybe it was the belief that rich people are greedy or that a wealthy therapist must be a bad therapist.
I love the meatloaf story for this.
A woman always chopped both ends off her meatloaf, and when her husband asked why, she didn’t know, so she called her mom, who called grandma, who finally explained, “Oh, my pan was too small.” So many of us are living by rules that were never even ours (I promise you’re not the only one).
The reassuring part is that money simply amplifies who you already are.
If you’re generous now, more money just lets you be more generous and help more people. With that in mind, let’s get into the four principles.
Principle 1: The Fastest Path to Wealth Is Owning a Business
Take any course on building wealth and the very first thing they’ll tell you is that you need a business. Think about the wealthiest people you know of. They often don’t have a corporate job, they have a business. And the part I want you to take a moment and sit with is that you already brought your business with you. You picked the right degree!
What makes a group therapy practice such a powerful vehicle is the very low barrier to entry. When my husband opened a cafe in Toronto, he needed a coffee machine, a grinder, a fridge, an oven, tables, chairs, and a register before he could even open the doors. Most businesses need a $200,000 loan to start.
What do we need? A box of Kleenex (and not even that if you’re virtual).
There’s also no ceiling. When I found out I was pregnant with twins in 2016, I realized I couldn’t keep hitting the same income ceiling in solo practice, so I expanded into a group. A group practice only grows to the extent that you want it to.
Hot Tip: One therapy room can generate around $40,000 in revenue. If you have a room sitting empty, you may be sitting on a goldmine you don’t even know about. Want to see how? Click here to learn how to turn one therapy office into a goldmine.
Principle 2: Invest in Your Practice to Scale It
You have the vehicle, now it’s time to scale it, and scaling takes investment.
So many therapists pour in effort (the networking events, the calls to family doctors, the blogging, the reels) but never actually spend money on the practice. Here’s the principle wealthy people understand: you make money by spending it.
There’s a beautiful ripple effect to this. Your outer world is a reflection of your inner world. If you aren’t willing to invest in your own practice, it’s hard to expect prospective clients to invest in working with you.
When I was running my clinic, I invested about $10,000 a month in Google Ads, and that helped drive multiple seven figures in revenue. But I didn’t start there, I started with $500.
If money feels like an obstacle, ask yourself whether you can come up with a couple hundred dollars to start. Invest it in the right thing (advertising usually gives you the most bang for your buck), then reinvest what you earn, and let the snowball build.
One of the fastest ways to bring in more money is to raise your rates.
I know that can feel scary, so let me reassure you (I’ve been there). A low rate doesn’t attract more clients. On Psychology Today, the lowest rate often looks the least valuable.
- A higher rate signals higher perceived value, and research shows clients work harder and show up more when they have more skin in the game.
For group practice owners, here’s an instant profit boost: hiring pre-licensed clinicians.
- They’ve finished school and need supervised hours, so they’re typically paid about 10% less.
- That 10% goes straight to your profit margin.
- In some regions you can bring on interns and keep even more of the profit.
- You get to be a mentor, and they get incredible training and experience at your clinic.
Hot Tip: If raising your rates makes you nervous, listen to my podcast episode on how to confidently raise your rates before your next increase.
Principle 3: Surround Yourself With Abundant Thinkers
Show me your friends and I’ll show you your future. We are a byproduct of the people we surround ourselves with, which is why wealthy practice owners are intentional about the energy around them.
I learned this firsthand. When I was 29 and wanted a Mercedes, I started spending time in rooms full of people who thought bigger, and they all happened to drive Mercedes. Eventually, so did I!
The flip side is just as real. When I told my husband I was thinking of starting business coaching, he gently said he wasn’t sure there’d be enough therapists who’d want it. His self-doubt was contagious (and it came from love, like it usually does), but I didn’t make it mine.
My accountant told me hitting a million in my first year of coaching simply didn’t happen. Eight months later, we hit $1.2 million.
The people who love us are often just afraid for us. Their doubt is theirs, not yours, and you don’t have to carry it. Open your arms to new energy and surround yourself with people who know in their bones that it’s possible. (I’d love to be one of your new business besties!)
Principle 4: Be Grateful for What You Have Now
This is actually the most powerful and is so important!
Wealthy practice owners are genuinely grateful for what they already have. I know it’s hard to feel grateful when things are slow, but stay with me here.
Picture your practice going to therapy. How would it say you’ve been treating it? If you’re constantly telling it that it’s not enough (not enough consult calls, not enough bookings, not enough retention), that’s the relationship you’re reinforcing. If you aren’t loving your practice, it’s hard for it to love you back.
I think of it like holding an ice cream cone. If you look up and ask for more while the scoop you’ve got is melting down to your elbow, the message is that you can’t hold what you already have. Gratitude is how you get into alignment, and alignment is really just enjoying your life and noticing what’s already good. When you operate from that place, opportunities tend to find you.
Hot Tip: If you’re struggling with your mindset, I highly recommend listening to my meditation for receiving more abundance with ease.
You Already Have What It Takes to Grow
These four principles (owning your business, investing to scale, surrounding yourself with abundant thinkers, and leading with gratitude) are exactly what successful practice owners live by. None of it requires you to become someone you’re not, it just asks you to stop running on autopilot and start growing on purpose.
If you’re ready for more ease and more freedom this year, I’d love to help! You can book a free 45-minute Practice Growth Audit with my team, where we’ll look at your practice and show you exactly what to change and how to grow. Come say hi on Instagram, or listen along on my podcast whenever you need a reminder that there’s more than enough to go around.
Your Business Bestie,
Nicole
