In this video, Joshua & Attilio, co-founders of Therapy Flow, delve into the significance of reaching financial milestones in the therapy business and the impact it has on practice owners and their communities. They provide insights on the journey towards achieving a 7-figure practice and the numerous benefits that come with operating at this level.
From attaining financial freedom to making a substantial difference in the community, the key insights below offer a comprehensive understanding of the importance of striving for a seven-figure practice in the therapy industry. Don’t miss out on the valuable knowledge shared by Joshua and Attilio in this thought-provoking discussion.
Key Insights from Video
- Achieving a six-figure or seven-figure business is not for everyone, as personal values and life restrictions may impact an individual’s goals. However, reaching these financial milestones can be an indication of doing something right in either solo or group therapy practices.
- The value of reaching seven figures in a practice is that it provides enough data for business owners to analyze and make meaningful improvements. At this level, changes in the business are more likely to have a significant impact on financial outcomes.
- A seven-figure practice allows business owners to recognize their business as a system with inputs and outputs. This understanding can help in scaling the practice and diversifying revenue streams.
- To achieve freedom from the business, owners need to separate themselves from the day-to-day operations, including session-to-session income and administrative tasks. This often requires hiring a team of therapists, administrative staff, and even a practice manager or CEO.
- Financial freedom in private practice typically starts to become more achievable at the $700,000 to $1 million mark and beyond. However, the process of transitioning to an owner role may still involve challenges up to around $1.2 million in revenue.
- A seven-figure practice is a symbol of freedom, cash flow, experience, expertise, and business mastery. It provides more opportunities for practice owners to make an impact in their community and industry.
- Many therapists have the goal of driving a significant impact in their community by offering low-income or free services, community resources, and higher average salaries for their employees. Operating a larger business can provide the security and flexibility to achieve these goals and support the mission values of the practice.
- As the business grows and reaches the seven-figure mark, practice owners can make value-driven choices and give back to their employees and community. The increased financial freedom allows them to invest in their staff and offer more free services to those in need.
- A common saying is that millionaires have seven streams of income, but it is important to note that they typically focus on one big thing to make their first million dollars. As a practice grows, owners can diversify their income and invest in different areas to create a sustainable and successful business.
- Examples of successful practices show that large clinics can afford to provide free services to underserved individuals, making a significant impact in their community. This impact is possible due to the cash flow and assets created by a seven-figure practice.
To Sum Up
In conclusion, the insights shared by Joshua and Attilio in this video demonstrate the power and potential of a seven-figure therapy practice.
Achieving such a milestone not only symbolizes financial freedom and business mastery but also allows practice owners to make a significant impact on their community and industry.
By striving for this level of success, therapists can create sustainable, successful businesses that provide valuable resources, services, and support to both their employees and those in need.
With a clear understanding of the challenges and opportunities that come with operating a seven-figure practice, therapists can continue to grow and thrive, ultimately making a meaningful difference in the lives of countless individuals.