Starting your own business isn’t easy, but it’s something many speech-language pathologists feel called to do for a variety of reasons. Whether they’re hoping to improve their pay and schedule or simply wish to treat clients on their terms, SLPs often go into private practices. And that comes with challenges, as well as opportunities to scale up.
Our most recent guest on The Missing Link for SLPs podcast is no stranger to business. In fact, Jamey Schrier has started his own business, scaled it up, and now helps other SLPs do the same. To accomplish that, he uses a paradigm called the “Stages of Private Practice.”
What are the ‘Stages of Private Practice’?
The “Stages of Private Practice” help SLPs determine where they are when it comes to their business. Jamey focuses on four primary stages for private practice owners, which include:
The Side Hustle: Most SLPs who open their own private practice start out with a side hustle. Whether they’re treating clients outside of full-time work hours or pursuing creative endeavors like a blog or podcast, they’ll put time into their business while they’re still working for someone else. And eventually, many of them will consider taking the leap to becoming an owner or boss.
The Solopreneur: The SLPs who take the leap from side hustle to full-time business owner typically find themselves in the Solopreneur Stage right after. Those in the early stages of private practice rarely have the means or business know-how to hire a slate of employees. So, they do almost everything themselves, from marketing to billing. They may hire a couple of people to help them down the line, but from that initial starting point to about $350K, many business owners function with minimal assistance.
The Transitional Growth: Once SLPs hit the $300K to $350K mark, they enter a stage of transitional growth. This comes with all-new obstacles, and time management is crucial at this point of the journey. These SLPs are typically making somewhere between $350K and $1M, and they often have about 10 to 12 employees under their wing.
The Seven-Figure Stage: Once SLPs surpass the million-dollar mark, they enter the Seven-Figure Stage. While it’s possible to scale your business beyond this point, this level of private practice is the goal for many. It covers businesses making anywhere from $1M to $3M, with between 12 and 25 employees.
Why Knowing Your Stage Matters
Different private practice owners strive to reach different stages in their businesses, and one may be satisfied with hitting the Transitional Growth Stage, while another wishes to move into the Seven-Figure Stage. Knowing where you are with your business — and where you’re trying to go — is important because it offers awareness. It allows you to understand where you’re approaching problems from, including the big challenge of time management.
And business owners in different stages will require different solutions. Someone in the Solopreneur Stage may not find success in applying advice better suited to the Seven-Figure Stage. Understanding that will enable you to streamline your business functions to suit your particular needs.
To learn more about the “Stages of Private Practice,” head over to Jamey’s website at Private Freedom U.
Did you know Mattie provides coaching to SLPs? Learn more here.