There Is No Need to Have a Budget or Business Plan

The business of mental health practice may be quite complex and for those without education and training in the business of practice, it may seem quite daunting. Failure to approach the private practice of mental health from a business perspective may doom one’s practice to failure. This chapter addresses the role of a business plan, explains how it is used, and describes the essential elements that guide practitioners in making decisions relevant to the structuring and running of their practice. The importance of preparation and a detailed business plan, as well as an accompanying budget, is explained. The ways in which such tools can assist mental health clinicians to appropriately plan for and address the many structural, financial, and other challenges that commonly arise in the course of running a business are discussed. Practical strategies and concrete suggestions are offered to help mental health practitioners develop and maintain a financially viable private practice.