Benefits of private practice
Exciting and challenging
Starting a new business is exciting and fast paced. There is nothing else like it! When starting a new private Physical Therapy practice, you experience the full range of emotions; from happiness, to fatigue, to satisfaction. As you continue to grow your business, you will learn a lot of new things about yourself you never knew before. As you approach new challenges, you will get better at handling them, and in the end, you will be a better person. When you run your own business, you will rarely be bored and you will always have something to do.
Starting your own business is a satisfying feeling. Very few people realize this dream, so the ones who do accomplish it really appreciate what they are doing. There is something special about running a Physical Therapy practice - it probably has something to do with the fact that you are helping others, while helping yourself succeed as well. Of course, all the extra money never really hurts either!
Often the number one reason for wanting to enter private practice is greater independence and autonomy. Being your own boss, to decide when you work, how you work, the clients you choose to work with, are the big attraction of starting a physiotherapy practice.
The number one stress employees experience in the workplace is their perception that they have little or no control over how they work, when they work and how service is delivered to clients.
When you are in private practice you gain control over all of these aspects of business. You gain control over the type of service you offer, the patients you work with, the quality of service, and your business process.
Direct link between your effort and reward
In private practice you benefit directly from the effort you expend. When you are an employee in an institution, the benefits of your labour are spread amongst you, your co-workers and your employer. Most often it does not matter how much, or how little, work you do, you are compensated at a fixed rate. In a solo private practice you are the direct beneficiary of your effort. If you choose to work three days per week or five days per week you will be compensated accordingly. If business is slow and you spend extra time marketing you will reap the benefits of your effort in the future. If you need to boost your income chances are if you work harder at getting more referrals your income will increase, especially if you provide a superior service targeted towards a particular type of patient.
Working in your own private practice means that you decide what you want to be paid. You determine your hourly fees, how many hours you work, how much of your private practice income will be spent on improving your business, on marketing. Your earning potential is less limited when you own your own practice versus working for an organisation. As the owner of your private practice, (as long as your business is financially viable) you are not at the mercy of a workplace hierarchy.
Flexible work schedule
When you run your own business, you can choose to work whenever you want. You can manage your home life better, engage in activities you enjoy and make money at the same time. If you have a specific event you want to attend, you donít have to worry about being scheduled to work. You still have to respect your clients wishes and make sure they are happy with their appointments, but you have more freedom than anywhere else.
You can design your Physical Therapy business to fit in with whatever lifestyle you want to live in. if you have children, you can cater your life to them and take them to school, plan birthday parties, and do all that fun kid stuff. If you are single and still pretty young, you plan your business around that. When you run your own business, you are in control, 100%
Choice of pay
Because you are your own boss, you can chose to be paid whatever you want. You determine what fees you will charge, how long you will work, and how much money is reinvested in the business. When you are working for someone else, they tell you how much you will get paid, when you work for yourself, you make the decisions, and you earn what you feel you deserve. Of course, you have to earn the money to pay yourself, but you are in control of that to!
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