As a sole practitioner, you will need to understand your taxation and financial responsibilities, including paying yourself a salary. You will likely face higher taxes if you are a business owner or self-employed. How much will you bring in? These goals should stretch you while still remaining achievable. The first step to starting your business is to get an Australian Business Number (ABN). Within the geographical area designated as the service area for this business plan, the industry participants include: North Essex Mental Health Center, Arbour/HRI Counseling Services, Harris Street Associates, and Harborside Psychological Center. When starting a psychology practice, the business structure you choose will have long-term impacts in terms of: your personal exposure to risk and liabilities; the flexibility to bring on additional or new owners of the practice; and; growth. You will also need to be able to manage administration requirements, budgeting, and business plans. Every private practice startup or established needs a business plan. What will happen if your local economy takes a hit and business slows down? Find out elements that need to be included in a private practice business plan. In private practice it is no different. A business plan is a map that shows where your business is headed. How much will you spend? The expenses of private practice. To have a successful practice and serve more people, you have to learn how to run a small business, tolerate risk, and be comfortable spending money. It is vital to make a well-informed decision when starting a psychology practice to ensure you can best serve your clients in the long run. It should show exactly how your private therapy practice will make money and include financial projections. Most people know that whenever a person goes into business there are costs associated with keeping the business running. You’ll also have to plan for retirement and fund your own health insurance. Private practice is alive and well---but only if you realize that excellent clinical skills are a necessary, though not sufficient, condition for success. Running a psychology practice means you are also running a business. In this section of your private practice psychology business plan, we’re looking for SMART goals, goals that are specific, measurable, attainable, relevant, and time-based. Check out our guide to creating an effective private mental health practice business plan below. For the purposes of this business plan, we will focus on multidisciplinary group practices, both public and private. When a person goes into private practice as a counselor, therapist, psychologist or other mental health clinician, there might be some costs that you are not aware of. 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