Hard Times for Private Practice? I Don't Think So, and Here's Why

I received the following question from a subscriber-

"With market and economy being what it is at present my practice is very very slow. My mentor just says it's the stock market and things are just slow. I'm down to four clients. What to do?? Do you think the market will have a long effect on my practice? I hate to call it quits, but I don't want to wait and lose money and time." L.W., LCSW

My response-

I'm so glad you asked this question as I'm sure many private practice professionals can relate. I really appreciate your pro-active choice to reach out and find solutions instead of giving up.

Here are some thoughts and recommendations for you-

1. Our profession thrives in times of trouble.

When people are anxious about what's happening in their world they are especially good candidates for our services -if- they are convinced we can help them, which requires effective marketing and enrollment skills and strategies.

2. Challenging times separate the Go-Getters from the Dabblers

I've weathered many economic downturns here in Silicon Valley, starting long ago with the decline of the defense industry before high tech boosted this area. If times are tough and you're committed to your profession, you can find a way to serve the folks that need you now more than ever, and your practice can thrive more than ever (see #1 above).

3. If you're anxious it's hard to help those around you that are anxious.

This is the Law of Attraction in action. People need you to motivate, inspire, reassure, and help them find solutions. If you mirror their fear they'll run for the exits.

4. Good times are easy, challenging times test our mettle

Especially our business and marketing strategies. When times are good it's easy to be mediocre and get by. When the going gets tough is when the weaknesses are revealed.

5. If you're struggling in your practice, go back to basics.

As a refresher, here are my six basic essentials of a successful practice as I see them that we cover in our Private Practice Marketing Secrets Mentoring Program-

A. Clearly identified niche

B. Market research to identify what your niche wants, needs

C. Packaging your services for your niche

D. Effective marketing strategies to reach your niche and create prospects

E. Leveraging your network, building your referral systems

F. Effective enrollment skills to convert prospects to clients

6. Remember, the most effective ways to market and get clients don't cost anything!

Don't spend money unless you're confident your strategy will return the investment. Focus on the basics first (see #5 above).

7. Enroll, enroll, enroll.

You need to survive before you can thrive. In private practice, survival depends upon your ability to get clients. The shortest distance between where you are now and money in your pocket is getting a new client, not building a fancy website, printing business cards, etc. What can you do NOW to get a new client?

8. Strive to own your niche

You want to be the go-to person for the folks in your niche that need support. Here are my top five things you can do to own your niche-

A. Presentations and seminars (get in front of as many people as possible as the expert who can help them)

B. Groups (expand from 1:1, leverage your time, affordable, easier to market)

C. Media (reach out to print, TV, and radio with information helpful to the folks in your niche)

D. Host a community (birds of a feather flock together, especially when anxious)

E. Packaging/branding your expertise to target the folks in your niche

9. Get the support you need

No-one is successful alone. Your clients need you, and you need support as well. Who is your coach/mentor? Who is your support community? Who has the track record and expertise to help you achieve your goal? Just as your prospective clients will flounder going it alone when they are challenged, so will you.