Therapy For Your Money

Therapy for Your Money: Unveiling the Power of Marketing in Therapy Practices In this episode of Therapy for Your Money, host Julie Herres, an accountant and owner of Green Oak Accounting, explores the crucial yet often avoided topics of money and marketing for therapy practice owners. Joined by guest Jenn Fredette, a psychotherapist and marketing enthusiast, the discussion delves into overcoming the challenges associated with financial management and marketing within a private practice. Jenn shares her journey from psychotherapist to marketing mentor, emphasizing the similarities between clinical work and marketing and the importance of authentic connection with potential clients. The episode covers strategies for effective marketing, the significance of visibility, dealing with self-sabotage and avoidance, and crafting messages that resonate with ideal clients. Furthermore, Jenn introduces her flagship program aimed at helping therapists achieve a full and fulfilling caseload. The show concludes with Jenn's book recommendations for business owners and provides information on how listeners can access her programs. Show Highlights Guest Resources Full Caseload UnlockedBook Recommendations Building a StorybrandDo LessLinks and Resources www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/AcademyCourse Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected. Show Highlights Links and Resources Contractor vs Employee: Understanding the new DOL ruleswww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/AcademyCourse Creation Studio

Mastering Delegation: A Guide for Therapy Practice Owners This episode of 'Therapy for Your Money' features host Julie Herres and guest Uriah Guilford discussing the importance of efficiency, delegation, and reducing stress for therapy practice owners. Uriah, a group practice owner and the founder of Productive Therapist shares his personal mission of making work and life easier and more fun. He introduces a five-step process for successful delegation: 1) Create a clear goal, 2) Create a written procedure (SOP), 3) Do effective training, 4) Give clear feedback, and 5) Maintain good accountability. Throughout the conversation, both speakers emphasize the significance of delegated tasks to prevent burnout, improve business efficiency, and ensure practice profitability. Show Highlights Guest Links https://amzn.to/3V9Eax3https://amzn.to/425rxohwww.waybook.comhttps://productivetherapist.com/magic/Links and Resources www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/AcademyCourse Creation StudioGet our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Therapy for Your Money: Becoming a Wealthy Therapist In this episode of 'Therapy for Your Money,' host Julie Herres discusses her insights on wealth accumulation for therapists. The economic rules discussed include spending less than what one earns, saving at least 10% of annual income, using debt wisely, having term life insurance if one has dependents, having emergency funds personally and in business, and ensuring one has a will. Lastly, she emphasizes the need for consistency in practicing these habits and that becoming wealthy is usually gradual. Episode Highlights Links and Resources The Wealthy Barber, Everyone's Common Sense Guide to Becoming Financially Independentwww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Behind the Numbers of Self-Publishing: Profit First for Therapists Turns One In this Therapy for Your Money episode, host Julie Herres, an accountant and owner of Green Oak Accounting, celebrates her book's first anniversary, Profit First for Therapists. She discusses the comprehensive details of self-publishing a niche book, including the financial and time commitments required. Julie provides insights into the costs associated with developmental editing, proofreading, typesetting, audiobook production, marketing, and promotional materials for the all in total. She sheds light on the book's sales performance, revealing that despite the significant upfront costs, the book has sold over 8,000 copies, surpassing her initial goal of 5,000 sales in the first year. The episode also highlights the importance of aligning book projects with broader business goals rather than expecting direct financial returns from book sales alone. Julie encourages listeners with a book idea to pursue self-publishing, equipped with realistic expectations about the process and potential outcomes. Episode Highlights 00:00 Welcome to Therapy for Your Money00:49 Celebrating One Year of Profit First for Therapists01:00 The Realities of Self-Publishing a Book03:01 The Journey from Manuscript to Market03:45 The Hidden Costs of Self-Publishing12:32 Marketing: The Unexpected Marathon20:30 The Impact and Future of Profit First for Therapists24:53 Final Thoughts and Advice for Aspiring Authors Links and Resources Profit First for Psychotherapists - https://www.facebook.com/groups/1274972945933485/GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Finding Joy and Understanding Self-Love with Kasey Compton In this episode of 'Therapy for Your Money', host Julie Herres, an accountant and owner of Green Oak Accounting, talks with three-time guest Kasey Compton about her new book, 'In Search of You'. They delve into the journey of writing the book, its personal nature, and the process of self-discovery and vulnerability Compton experienced. 'In Search of You' explores themes of self-love, the quest for joy beyond achievements, and the impact of one's past on the present. Kasey shares insights into her own life, including challenges with motherhood and personal growth, and discusses the importance of self-acceptance and understanding what true joy means. The conversation also touches on Compton's older work, highlighting the personal transformation and insights she has gained through writing and therapy. Highlights Links and Resources In Search of You: https://www.kaseycompton.com/insearchofyou GreenOak Accounting - www.GreenOakAccounting.comTherapy For Your Money Podcast - www.TherapyForYourMoney.comProfit First for Therapists - www.ProfitFirstForTherapists.comProfit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding Retirement Plans: Options for Business Owners In this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,’ an option for high-income earners who don’t qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale. Episode Highlights 00:04 Introduction to the Podcast and Host00:49 Understanding Retirement Plans for Business Owners01:06 Exploring Traditional and Roth Retirement Plans03:54 Deep Dive into 401k Retirement Plans08:45 Exploring Simple IRA Retirement Plans10:41 Understanding SEP IRA Retirement Plans14:37 Personal Retirement Plans: IRA and Roth IRA16:35 The Concept of Backdoor Roth18:01 Importance of Consistent Retirement Savings19:28 State-Mandated Retirement Plans21:07 Conclusion and Legal Disclaimer Links and Resources GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Unlocking the Power of Private Pay Practice: Expert Insights and Advice In this episode of 'Therapy for Your Money', host Julie Herres discusses the importance of private pay practices for therapists with guest Deb Legge, a mental health professional and business coach. Deb shares her experiences shifting towards private pay practices, emphasizing the importance of understanding value, the necessity of effective marketing, and the benefit of identifying and reaching out to key target markets. Furthermore, she discusses strategies for dealing with potential clients' insurance questions and reminds practitioners that their ultimate goal is to provide effective service to clients. Deb also shares information about her 'Private Pay Practice Program' and a special podcast series giveaway. In this episode, you will discover insights on: 1. Niche Services: Deb Legge emphasizes the importance of offering unique and specialized services that set you apart. She reveals strategies to identify niche markets and provide services that clients can't find elsewhere. 2. Expert Insights: As an industry expert, Deb Legge shares her wealth of knowledge on positioning yourself as the go-to professional in your niche market. She discusses the power of being the best choice for your target audience and provides practical tips on building trust and credibility. 3. Connect with Your Ideal Clients: Deb explains why focusing on a specific target market leads to better results and a stronger connection with clients. Discover the secrets to making your practice more memorable and effective by following Deb's advice in this episode. Episode Highlights 00:04 Introduction to the Podcast 00:51 The Importance of Private Pay Clients 01:04 Guest Introduction: Deb Legge 02:26 Understanding the Benefits of Private Pay 04:16 Addressing Accessibility Concerns 05:17 The Importance of Niche Specialization 07:40 Effective Marketing Strategies 10:35 Increasing Referrals 13:47 Overcoming Barriers to Private Pay 17:51 Starting the Transition to Private Pay 17:59 Understanding Your Value 18:55 The Role of Mindset in Private Pay 21:49 The Importance of Professional Services 24:02 Deb's Private Pay Practice Program 27:15 Conclusion and Final Thoughts Links and Resources More Information about Deb Legge and her servicesAll In Startup: Launching a New Idea When Everything Is on the Linewww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this Therapy for Your Money episode, host Julie Herres, an accountant specializing in private practices, shares insights on creating a million-dollar therapy practice. She clarifies that a million-dollar practice generates gross annual revenue, not profit. She illustrates how practices achieve this, noting it involves robust systems around marketing and client acquisition, ongoing recruitment, and strategic delegation. Moreover, she warns against unsustainable hiring and compensation practices. Julie also promotes her webinar on common hiring mistakes made by practice owners. Episode Highlights Webinar 5 Most Common Mistakes Practice Owners Make When Hiring - https://www.greenoakaccounting.com/webinar Links and Resources Podcast Production by www.coursecreationstudio.com

In this episode of the 'Therapy for Your Money' podcast, host Julie Herres talks to mental health therapist and financial therapy practitioner Khara Croswaite Brindle. They discuss the prevalent issues of money avoidance and insecurity among private practice owners, often stemming from deeply ingrained beliefs and traumas about money. The conversation delves into the concept of 'noble poverty' in the industry, misconceptions around the pursuit of profit, and the importance of addressing these issues through financial therapy. Khara describes her approach to helping clients, often fellow therapists, to gradually confront their fears and cultivate a healthier relationship with money. Highlights LINKS & RESOURCES Start with Why The Road Back to YouAlleviating Pain Points for Mental Health Therapists & Financial Therapistswww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

In this episode of 'Therapy for Your Money,' host Julie Herres and retreat planning expert Patrick Casale delve deep into the world of retreats. They discuss strategies for successful retreat planning, including creating a detailed budget, understanding the true costs, setting realistic prices, developing effective marketing strategies, and offering add-ons such as CEUs (Continuing Education Units), excellent accommodation, and local experiences to attract participants. Patrick's experience planning retreats and his tips for overcoming common challenges provide invaluable insights for anyone considering launching their own retreats. Show Highlights Links and Resources Podcast InstagramWebpagewww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Understanding the Implications of Hiring Contractors vs Employees in Therapy Practices In this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices. Episode Highlights Links and Resources https://www.dol.gov/agencies/whd/flsa/misclassification/rulemakinghttps://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guidehttps://www.greenoakaccounting.com/webinarwww.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode, Julie Herres and her guest Davia Roberts discuss the differences between the nonprofit and corporate mindsets in the therapy field. They explore the challenges faced by therapists working in nonprofits, such as low pay, unrealistic expectations, and the guilt associated with prioritizing financial security. They also debunk the stigma around therapists transitioning from nonprofit to corporate settings. Financial Challenges in Nonprofit Settings The conversation highlights the financial challenges faced by therapists working in nonprofit settings. Many therapists in these settings are overworked and underpaid, with unrealistic workloads and limited resources. Struggles include making a living wage, paying off student loans, and the overall financial stress that impacts the well-being of therapists. On top of that, there is the guilt associated with charging higher fees for services, despite the value and importance of their work. The Impact of Stigma Davia highlights the perception that going corporate is seen as being greedy or money-focused, while nonprofit work is viewed as selfless and dedicated to helping others. The conversation challenges these stereotypes, pointing out the importance of financial security and acknowledging that therapists should not be expected to sacrifice their own well-being for their clients. They discuss the need to break free from the guilt and reframe the conversation around the value and worth of mental health services. Shifting the Mindset The transition from a nonprofit mindset to a corporate or private practice mindset involves a critical evaluation of goals, motivations, and expectations. This process is crucial for therapists considering such a shift. They need to align their financial goals with their career aspirations, highlighting the significance of negotiating appropriate pay and understanding their worth. Additionally, the conversation addresses the necessity of financial planning and budgeting. Awareness of the seasonal fluctuations in income that can occur in an entrepreneurial or private practice setting is also a key aspect of this transition. LINKS & RESOURCES The Wealthy Speaker 3.0 Listen to the Podcast and join the community!www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/AcademyPodcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

Lessons from Successful Business Owners: Strategies and Habits for Profitable Practices Host Julie Herres discusses the habits and strategies common among the most successful business owners. She emphasizes not to equate the appearance of wealth with actual success. She suggests that successful business owners often do not overextend their resources but smartly use credit cards and plan investments. Successful business owners rarely take uncalculated risks. They value their time and spend it wisely on the business. They have emergency funds, focus on perfecting one revenue stream before moving on to others, and rely on experts for various business requirements. These strategies have helped drive their businesses forward in a financially sustainable way. Episode Highlights LINKS & RESOURCES www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

Episode Summary: In this episode, Maira Holzmann and Julie Herres delve deep into the intricacies of managing finances in the world of therapy practice. They discuss the challenges and revelations they've faced, from reevaluating their perceptions of debt to the importance of joy spotting amidst the stresses of business. Maira shares her transformative journey with money, emphasizing the need for prioritization and respect in handling finances. Julie offers insights into the dual-edged nature of business ownership, highlighting the balance between control and uncertainty. Episode Highlights: Talk very plainly about fears. Look for joy: Embrace what you love: Links and Resources: More Thriving TherapistsSomatic Therapy partners www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

How to Increase Your Income in Private Practice: Three Levers All Practice Owners Can Use In this podcast episode of Therapy for Your Money, host Julie Herres discusses levers that therapy practice owners can control to increase their income. By skillfully managing these levers and expenses, practice owners can improve their personal income without necessarily needing to increase their gross earnings. Highlights 00:04 Introduction to the Podcast 00:15 About the Host and Her Mission 00:35 Introduction to the Book 'Profit First for Therapists' 00:51 Increasing Your Private Practice Income 01:08 Three Levers to Increase Your Income 01:44 Lever 1: Increasing the Number of Sessions 03:38 Lever 2: Increasing the Average Fee per Session 05:05 Lever 3: Managing Your Expenses and Allocation 06:40 How to Use These Levers to Your Advantage 07:25 The Importance of a Profitable Practice 08:16 Using the 'Reverse Engineer Your Practice' Tool 09:09 Conclusion and Legal Disclaimer LINKS & RESOURCES www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

During this podcast episode, the hosts discuss the shifting mindset from viewing intake coordinators strictly as administrative support to seeing them as essential salespeople in mental health practices. By redefining the role, conversion rates can increase, benefiting the practice and the clients. When it comes to putting the right person in the role, it's important to hire someone with a sales mindset capable of tackling tasks like efficient follow-ups and exploring all possible patient options while still being likable and relational. Three questions this episode will answer are: Timeline: Guest Resources HR AnswersLinkedInLinks and Resources www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comwww.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio Get our free KPI tracker to see how you practice measures up to others in the industry! www.therapyforyourmoney.com/kpi

In this episode, Julie Herres, the host of 'Therapy for Your Money' speaks with Sarah Riley, the business development manager at Green Oak Accounting, about reimagining the role of an intake coordinator to work more like a salesperson. They discuss how a sales-oriented approach can significantly improve a therapy practice's conversion rates, making it more profitable. They also explore practical tips on how to implement this approach, deal with ethical concerns, and how choosing the right person with a sales mindset can help provide better service to clients. In this episode, you will discover: Section Highlights LINKS & RESOURCES GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio

In this episode of "Therapy for Your Money," Julie Herres and Linzy Bonham discuss the various types of financial professionals that therapy practice owners might work with or encounter. They highlight the importance of understanding the roles and responsibilities of these professionals to make informed decisions for one's business. Bookkeepers and Accountants for Therapists The discussion starts with an overview of bookkeepers and accountants. Bookkeepers manage the financial records, transactions, and basic financial tasks, while accountants have a more comprehensive understanding of taxes, bookkeeping, and payroll. Accountants might also provide forward-looking analysis, helping business owners plan for the future. Fractional CFOs (Chief Financial Officers) for Therapists The hosts introduce the concept of fractional CFOs, who are like strategic financial partners for businesses. Fractional CFOs help with big financial decisions, budgeting, measuring financial key performance indicators, and achieving financial goals. They play a vital role in guiding businesses through periods of growth and keeping them on track. Financial Coaches and Profit First Professionals for Therapists Financial coaches focus on educating and empowering business owners to manage their finances effectively. They address mindset and emotional aspects related to money, helping business owners develop skills and habits for informed financial decisions. Profit First Professionals specifically use the Profit First methodology to prioritize profit in business finances. Payroll Services and Financial Planners Payroll services automate payroll-related tasks, ensuring compliance and accuracy. Financial planners, on the other hand, offer guidance on investments, retirement planning, and insurance products. It's important to distinguish between fee-for-service financial planners and those who may also sell financial products, as this can affect the advice and recommendations they provide. Tips for Practice Owners: LINKS & RESOURCES GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Money Nuts and Bolts - Learn More about Linzy and her services Podcast Production and Show Notes by Course Creation Studio

In this enlightening episode of "Therapy for Your Money," host Julie Herres dives into the crucial topic of embracing your full fee as a therapist and getting comfortable with it. She is joined by Alyse Freda Colon, a seasoned therapist with 18 years of experience in private practice. Shifting the Mindset Around Fees Alyse encourages therapists to recognize the immense value they provide through their work and to overcome the fear of charging their worth. As she aptly puts it, "We are doing kick-ass life-changing work, and you need to acknowledge that you are providing a very valuable service." Transitioning from Insurance to Private Pay The episode delves into the process of transitioning from accepting insurance to practicing on a private pay basis. Alyse's experience serves as a powerful reminder that therapists have the right to set their fee structures based on their own needs and circumstances. Overcoming the Fear of Charging Your Worth Challenging the notion that therapists shouldn't focus on making money, Alyse emphasizes the importance of confidently charging your worth. She advocates for therapists to take ownership of their fee structures without apology or hesitation. Action Steps The episode serves as a reminder that therapists provide invaluable services and deserve to thrive in their businesses. As Alyse aptly states, "We gotta stop all the shaming around therapists who want to do good work and make a good living." With determination and a renewed perspective, therapists can embrace their financial worth and achieve sustainable success in their private practices. LINKS & RESOURCES www.GreenOakAccounting.comwww.TherapyForYourMoney.comwww.ProfitFirstForTherapists.comhttps://www.profitfirstfortherapists.com/academyYou are a Badass at Making MoneyCoaching WIth AlyseAlyse Freda-Colon Therapy Page Podcast Production and Show Notes by Course Creation Studio