Things to Consider to Build a Successful Private Practice
There is trial every now and then by people to build private practice. There is one thing that people need to realize and it is that private practice is actually business and not a hobby. Therefore since it is a business, there are several things that are put into combination for it to flourish. Combination is required for effective marketing, proper mindset and the right attitude. In setting a private practice finances is a key factor. For a successful practice, financial literacy is one of the most essential factors. What one needs is a healthy relationship with money and know how to manage it. Relating to finances, there are a lot of things and they include adjusting thoughts and beliefs around money.
In accounting there is something referred to as a three piece pie accounting section. The meaning of this is that the income that one gets should be divided into three sections which should go into different bank accounts. The first is the tax pie and it requires that the income that is deposited here should not be touched until the tax paying time. One needs to pay bills in a business and therefore the second section of the pie is for paying bills. Definitely in a private practice, one needs to pay bills which include water and electricity bills, services such as cleaning bills and of course salaries. The personal account is the third section of the pie. Some of the money can be left after paying taxes and this can be taken to the second section of the pie which is paying bills. When the bills are paid and there are some which is left one can take it to the personal account. The three piece pie section … Read More..Read More »