Therapists aren't trained for business. That must change.
Money and profit needn't be bad words.
For some time now, I have been watching with fascination the rise of therapy as a 'business', and the struggles of privately practicing therapists who often have a thorny relationship with the idea of money and entrepreneurship. Suvrita, who educates colleagues from therapy in this area, has written a well-researched piece that is a must-read for everyone invested in this profession (which is basically everyone who reads Sanity). Thanks Suvrita. Y'all enjoy, and share far and wide.
- Tanmoy
The widespread uptake of teletherapy in the post-Covid era has transformed therapists’ careers by removing the high starting costs related to renting or buying a clinic space. The dream of having one’s own practice is now quickly attainable, causing a surge in the number of privately practicing therapists. The lack of job opportunities and dismal pay post a Master’s degree in Psychology has further fuelled this shift.
The challenge? A therapist’s training does not equip them to handle the complexities of owning a practice. And while the hope for better incomes drives us on this path, our complicated relationship with money continues to be an impediment.
As an employee of an organisation, a therapist primarily does what they are trained to do — offering therapy — for a salary. In private practice, the therapist becomes the business owner, striving to build a sustainable business.
‘Profit’ and ‘money’ can be uncomfortable topics for therapists. Lynn Grodzki in her book Building Your Ideal Private Practice talks about a ‘split in the psyche of the therapist resulting from the opposing feelings towards the identity of being a profit-minded business owner and a caring and compassionate therapist.
If unresolved, this split can have negative repercussions for the therapist’s financial wellbeing as well as therapeutic care for clients.
