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Ep 3: Is Starting a Therapy Group Practice Even Worth It?

Ep 3: Is Starting a Therapy Group Practice Even Worth It?

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Is starting a group practice actually worth the time, money, responsibility, and inevitable growing pains?In this episode of The Therapist Business Growth Podcast, I’m giving you my honest answer, including the version of group practice ownership that leads to burnout, overwhelm, and financial confusion, and the version that can give you more income and time outside the therapist chair.I’ll also share what I learned from my own terrible supervision experience, the strategies you need before hiring, and how to decide whether group practice ownership is the right path for you.What You’ll Learn in This EpisodeWhen a Group Practice Is Not Worth It: Why casually bringing on a supervisee without a larger vision, financial plan, or support systems can quickly create overwhelm.What Makes Group Practice Ownership Worth It: How intentional strategies for hiring, marketing, processes, and finances can help you build a profitable practice.How to Know If You’re Ready to Start: The commitment, investment, mindset, and leadership required to successfully manage and grow a team.Episode Timestamps(00:00) - Introduction(00:20) - Is starting a group practice actually worth it?(04:10) - The two types of group practice ownership(05:13) - Why stumbling into group practice is rarely worth it(06:19) - What my own supervision experience taught me(13:47) - The version of group practice ownership that is worth it(16:50) - Financial stress, bad hires, and pushing through hard seasons(19:20) - How to know if you’re ready to start a group practiceTop Takeaways on Whether Group Practice Is Worth It1. When Starting a Group Practice Is Not Worth ItBringing on a therapist because someone asks for supervision can sound simple: you fill their caseload, provide supervision, and earn income from their sessions. But becoming a group practice owner also means managing people, creating processes, tracking finances, and providing the infrastructure therapists need to do their best work.Without an intentional plan, owners often end up overwhelmed, resentful, and confused about where their money is going.2. How to Build a Group Practice That Is Worth ItHere’s how to start implementing this today:Step 1: Create a strategy. Before hiring, make a plan for marketing, hiring, practice policies, processes, and finances.Step 2: Step into the CEO role. Managing a team requires different skills than working as a solo therapist. Be prepared to lead people, make difficult decisions, and take responsibility for the practice.Step 3 (pro tip): Get support early. You do not have to reinvent the wheel. Invest in a blueprint, coaching, or other guidance that can help you avoid expensive trial and error.3. Signs Group Practice Ownership May Be Right for YouA group practice can be worth it if you’re willing to invest your time and money, follow a clear strategy, and keep moving when things get hard. There may be tight financial periods, hiring mistakes, and moments when you want to burn the whole thing down.For me, group practice was the simplest and fastest way to increase my income and get my time back because it built on skills I already had as a therapist and business owner. If you’re willing to grow as a leader, manage other people, and get a little delusional about what’s possible for you, it may be the right next step.Resources✨ Instagram: @dranahitabanoo✨ Website: dranahitabanoo.com✨ Solo to Group Practice Accelerator✨ Freedom First Group Practice Accelerator✨ Get your free marketing audit to help fill your caseloadWork With MeReady to build a profitable group practice that gives you more freedom and time outside the therapist chair? Explore my Group Practice Accelerator programs above or reach out directly.🎙️If you’re wondering whether group practice life is right for you, hit subscribe and share this podcast with your therapist bestie!Disclaimer: This podcast is for educational purposes only and is not a substitute for therapy, supervision, or legal or financial advice.
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