Budgeting vs. Investing: Smart Financial Decisions for Therapy Practice Owners
In this episode of 'Therapy for Your Money,' host Julie Herres, owner of GreenOak Accounting, discusses how therapy practice owners can navigate the challenging decision of when to be frugal versus when to invest in growth. Julie offers a step-by-step guide on setting up a startup budget, allocating funds, and revisiting financial milestones. She also explores the pros and cons of taking on debt and the importance of marketing investments in the early stages of a practice. Key action steps include knowing your startup budget, dividing funds strategically, and continuously evaluating financial needs as your practice grows. Julie emphasizes the need for using accounting software and saving for taxes to ensure a financially healthy practice.
Show Highlights
00:00 Introduction to Therapy for Your Money
00:45 Deciding When to Spend or Save in Your Practice
01:57 Setting Up Your Startup Budget
03:32 Allocating Your Budget Wisely
09:22 Marketing and Growth Strategies
11:43 Managing Debt and Financial Caution
15:18 Final Tips and Resources
16:57 Disclaimer and Legal Information
Links and Resources
Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
GreenOak Courses: https://www.greenoakaccounting.com/courses
Profit First Academy - www.ProfitFirstForTherapists.com/Academy
Podcast Production and Show Notes by Course Creation Studio
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