By David Steele
Private practice professionals typically conduct a very personal, intimate service that address the biggest, most important human needs, goals, and challenges imaginable. In any other industry the ability to solve such hugely critical problems would attract venture capital investment and make the providers of such expertise very wealthy.
Yet, why are so many practitioners struggling to get clients and make a living? They are motivated by ideals, not profits. They shy away from calling attention to themselves, preferring to be of service to their clients. They resist marketing and are uncomfortable asking for money. They undervalue their services, and therefore, their services are undervalued.
Is a Million Dollar Practice Possible?
Our social problems of divorce, unemployment, domestic violence, juvenile delinquency, stress, disease, depression, anxiety, are getting worse, not better. Private practice professionals devote their lives to addressing these problems and it doesn’t serve themselves or society if they devalue their contributions.
Just as inventive, entrepreneurial engineers and scientists create wealth by solving problems and advancing technology; private practice professionals can be just as inventive and entrepreneurial and build a successful and lucrative business that makes a significant difference addressing the social problems within their field of expertise.
There are numerous examples of helping professionals that have leveraged their expertise to build Multi-Million Dollar Practices, including Anthony Robbins (Neuro-Linguistic Programming), Jack Canfield (personal/professional development), John Gray (relationships), Deepak Chopra (mind/body/spirit), and many others. While most practitioners might not believe such success is possible for them, we have much to learn from how these and other Million Dollar Practices were developed that can be applied by most private practice professionals.
The Six Figure vs. The Million Dollar Practice
Many private practice professionals aspire to build a “six-figure practice” as the pinnacle of professional and financial success. This was my goal years ago as a Marriage and Family Therapist in private practice. Since then, I’ve met and exceeded my goal by building a very successful relationship coaching business in my local area, founded Relationship Coaching Institute (the first and largest relationship coach training organization), published two practice-building books and numerous products (Private Practice Marketing on a Budget, Private Practice Magic, etc), and founded MillionDollarPractice.net to help private practice professionals build their ideal practice filled with their ideal clients.
Over the past 25 years I’ve helped thousands of private practice professionals build successful practices using creative business models, some who have moved on to build six and seven figure businesses. I’ve learned a lot about what works and what doesn’t to get clients and build and market a successful private practice, and I’m fascinated by the idea that we don’t have to settle for a “six figure practice;” we can make the world a better place and achieve significant financial success at the same time.
Comparing the Six Figure Practice and Million Dollar Practice:
The Six Figure Practice typically exchanges time for dollars
The Million Dollar Practice has multiple revenue streams
The Six Figure Practice typically provides a standard service commonly found elsewhere
The Million Dollar Practice provides unique and creative services unavailable anywhere else
The Six Figure Practice typically emphasizes quality services and benefits
The Million Dollar Practice emphasizes life-changing results
The Six Figure Practice is typically composed of one practitioner and a few staff
The Million Dollar Practice is a collaboration of motivated partners providing complementary talents and contributions
The Six Figure Practice seeks to make a comfortable living
The Million Dollar Practice seeks to make a social impact
M.I.S.S.I.O.N. of the Million Dollar Practice
Here are some key elements I observe that contribute to the success of the Million Dollar Practice, using the “MISSION”
M – Message that resonates and gives people hope for solutions to their biggest goals, problems, and fears.
I – Integrity of leaders, staff, promises, builds trust. They appear to walk their talk and as a result no-one seems to begrudge their financial success.
S – Systems for efficient marketing, enrollment, product development, service delivery.
S – Sales are a priority, and time, effort, and staff are committed to following up with prospects. They are not shy about charging for their services!
I – Inspiration motivates participants into action towards their desired results. They realize that their success depends upon the success of their clients.
O – Organization leverages relationships with media, staff, vendors, partners and participants for efficient and effective functioning, marketing and growth. The synergy of all the pieces working together creates a well-oiled machine that gets results for all involved.
N – Need addresses significant goal or challenge experienced by a large percentage of the population. They are a pioneer and leader in meeting this need.
Seven Steps for Building Your Million Dollar Practice
- Identify a big problem or need you can address effectively
- Develop your own branded approach to addressing this need
- Publish related articles, books, programs, and products
- Bring in associates, support staff, mentors- don’t do this alone!
- Market your products and services by speaking, writing, and networking
- Create systems and build your organization to become a well-oiled machine
- Dream big, play large, attempt to make the biggest social impact possible
As a private practice professional you have priceless expertise that can solve significant human problems, enhance quality of life, and make the world a better place for all of us. You deserve professional and financial success. Your audience needs you and is waiting for you to show up. Let’s work together to find a way to leverage your calling and gifts to meet their needs and build a Million Dollar Practice doing so.