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Understanding Business Finance for Speech Therapists: A Personal Journey
Introduction
Welcome to Maven Business Haven! As a speech therapist with over 30 years of experience, I'm here to share my journey into the world of business finance. Let's be honest – finance isn't typically a speech therapist's forte. In fact, I have a bookkeeper and an accountant handling the nitty-gritty for me. But understanding the basics? That's crucial for any therapist considering private practice.
The Importance of Financial Literacy
Understanding business finance is vital for:
Ensuring long-term sustainability and growth
Managing cash flow effectively
Efficient tax planning
Making informed business decisions
I learned this the hard way. For years, I thought financial management was "someone else's job." Trust me, ignorance isn't bliss when it comes to your business finances.
Business Structures: A Personal Update
I recently set up an LLC (Limited Liability Company) for my practice. Why? My income reached a level where it became more tax-efficient. This decision came after careful consideration and consultation with my accountant. Remember, whether you choose to be a sole trader, form an LLC, or enter a partnership, always seek professional financial advice.
Exciting Opportunity: Free Workshop
Before we dive deeper, I've got an exciting announcement! I'm hosting a free workshop titled "3 Easy Steps to Build a Successful Private Speech Therapy Practice" in about 11 days. It's the last time I'll be offering this for free, so don't miss out!
🗓️ Date: Friday, September 20th
🌐 Multiple time slots available
🔗 Register here: https://video.mavenbusinesshaven.com/freedomworkshopsept
Attend live for some exclusive bonuses!
Tools for Financial Management
Invoice Template
I've created an customizable invoice template that will be available in the Maven Business Haven membership. It includes:
Space for your logo and design elements
Your business details
Client information
Itemized services with automatic calculations
Income and Expense Tracking
I've also developed a spreadsheet for tracking income and expenses. It covers:
Income categories (school contracts, private clients, digital products, affiliate income)
Expense categories (office expenses, professional fees, travel, marketing, training, equipment, technology, staff costs, etc.)
Automatic profit/loss calculation
Key Considerations for Your Practice
Insurance: Ensure you have professional indemnity insurance (UK) or malpractice insurance (US).
Client Mix: Plan your client base (NHS, insurance, private pay).
Pricing: Determine your rates and whether you'll offer a sliding scale.
Taxes: Understand your tax obligations based on your business structure.
Future Planning: Set up an emergency fund and consider retirement planning.
Marketing: Budget for reaching and serving your ideal clients.
Professional Memberships: Factor in costs for bodies like RCSLT, HCPC (UK), or ASHA (US).
Expanding Your Income Streams
Consider creating courses to share your expertise. This can benefit younger therapists, parents, teachers, and assistants while providing you with an additional income stream. In the upcoming workshop, we'll discuss:
Course creation and planning
Designing your course
Creating slide decks
Planning your course launch
Conclusion
Understanding business finance is crucial for running a successful speech therapy practice. While it might seem daunting at first, with the right tools and knowledge, you can make informed decisions for your business's future.
Don't forget to sign up for the free workshop – it's packed with valuable information to help you build your dream practice!
See you soon!
Hi, I'm Bev
a seasoned speech therapist with over 30 years of global experience.
When I’m not helping others communicate effectively, I'm enjoying precious family time with my husband and three sons. I also love exploring new destinations and hosting art journaling retreats.
But here's what truly fuels my passion: guiding therapists and coaches to build thriving practices without imposter fears or tech overwhelm.
My mission is clear: I want to empower more therapists and coaches to confidently share their talents with the world, thriving in purpose and creativity.
If you’re ready to turn your passion into a purpose-driven practice, count me in to support you every step of the way.
Fancy Joining us on a Retreat in Italy and meet other like-minded therapists and coaches?
Discover the transformative power of journaling to unlock your full potential as a therapist or coach. Our carefully crafted journals are designed to guide you through insightful self-reflection, goal-setting, and personal growth exercises, providing you with a valuable tool to delve deep into your thoughts and emotions.
By investing in your mind through these workbooks & journals, you'll gain clarity, develop new perspectives, and strengthen your practice, ultimately empowering yourself to better support and guide your clients on their own journeys of growth and transformation.
Don't miss this opportunity to enhance your skills and take your profession to new heights with the aid of our thoughtfully designed journal.
Hi there, I'm Bev Jessup
Even though I play an inspiring entrepreneur on the internet, I’m also a real person and a tired mother of three grown-up adorable boys.
I work purely online as a speech therapist and online consultant whilst my hubby Adam goes off to work.
I’m passionate about changing the world. And one extremely impactful way to do that is to empower speech therapists to share their talents worldwide and put more money in their hands in the process.
"My role in the world is to help therapists and coaches with their tech fears so that they can create a profitable online business without burnout"
You know that horrible feeling in your stomach when you feel that you don't want to work so many hours just to make ends meet?
Or when you procrastinate starting your own private practice because you don't know where to start?
Or the fact that your income has stagnated and you don't know how to push it to the next level? Or you are wondering how to get more clients without having to drop loads of fliers off at the GP surgeries or schools? Or you have dreamed of travelling and working at the same time?
I get you and I help therapists overcome these obstacles so they lead a more fulfilled life and business
Thank you for tuning in and letting me part of your journey. I know your dream is worth it so I want to encourage you to follow your dreams
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