In this episode, Juliet and Clinton answer the following questions: 1) Do I need to get a part-time job to improve my private practice cash flow? 2) How much and where should I invest in marketing my practice? And 3) How much money should I have in my private practice emergency fund?
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Questions Answered in Episode 144
In this episode we answered the following questions:
1. “I am in the first year of my therapy practice, and I’m not getting as many clients as I want, so I’m struggling financially and my cash flow is up and down. I’m wondering if I should get a part-time job to help ease the stress. How do you know if you’re need to supplement your income?”
2. “How much money should I be spending on marketing my private practice each month, and what is the best way to spend it? I have a limited budget so can’t spend very much, but I do understand that I need to spend some.”
3. “I’ve heard you talk about having an emergency fund when you work for yourself. I’ve been in private practice for 8 years, but I’ve never really had any savings or an emergency fund. How does the emergency fund work and how do you work out how much to have in the fund?”