This week I had two different calls with therapists about the future of their practices. Both practices are approaching growth differently; one as private-pay and the other as an insurance-based practice.

If you've been a long time TBB reader you're probably thinking that I'm biased towards the private-pay model. And I am. It allows for a greater financial independence and the freedom to do the work that you enjoy most.

So you may be thinking that I would be steering the insurance practice in that direction, but my recommendation was the opposite.

After evaluating the owners' growth goals and their resources, I recommended to leverage their insurance model for scaling the practice.

Why did I do that? Because the question isn't "Which business model is better?" The right question is "Which business model is most likely to get you where you want to go?"

In this case, the founder's vision wasn't simply to build a private-pay practice. It was to build a larger practice. And the quickest way to achieve that vision was by scaling their insurance-based practice.

A vision is a very valuable thing to articulate, not only as a creative exercise but as a strategic direction for your business.

That conversation reminded me why I recently wrote an article on business planning. Not because every therapist needs a business plan, but because every practice needs a clear direction.

This article explains what matters most in a private practice business plan, even if you're not planning to apply for a loan or get an investor to fund your practice. You can read it here.

If you're trying to figure out what kind of practice you're actually building, reply to this email and let me know. I read and respond to every message.

See you next week,

Avivit