Introduction

Welcome to Maven Business Haven! As a speech therapist with over 30 years of experience, I'm here to share my journey into the world of business finance. Let's be honest – finance isn't typically a speech therapist's forte. In fact, I have a bookkeeper and an accountant handling the nitty-gritty for me. But understanding the basics? That's crucial for any therapist considering private practice.

The Importance of Financial Literacy

Understanding business finance is vital for:

• Ensuring long-term sustainability and growth

• Managing cash flow effectively

• Efficient tax planning

• Making informed business decisions

I learned this the hard way. For years, I thought financial management was "someone else's job." Trust me, ignorance isn't bliss when it comes to your business finances.

Business Structures: A Personal Update

I recently set up an LLC (Limited Liability Company) for my practice. Why? My income reached a level where it became more tax-efficient. This decision came after careful consideration and consultation with my accountant. Remember, whether you choose to be a sole trader, form an LLC, or enter a partnership, always seek professional financial advice.

Exciting Opportunity: Free Workshop

Before we dive deeper, I've got an exciting announcement! I'm hosting a free workshop titled "3 Easy Steps to Build a Successful Private Speech Therapy Practice" in about 11 days. It's the last time I'll be offering this for free, so don't miss out!

🗓️ Date: Friday, September 20th

🌐 Multiple time slots available

🔗 Register here: https://video.mavenbusinesshaven.com/freedomworkshopsept

Attend live for some exclusive bonuses!

Tools for Financial Management

Invoice Template

I've created an customizable invoice template that will be available in the Maven Business Haven membership. It includes:

• Space for your logo and design elements

• Your business details

• Client information

• Itemized services with automatic calculations

Income and Expense Tracking

I've also developed a spreadsheet for tracking income and expenses. It covers:

• Income categories (school contracts, private clients, digital products, affiliate income)

• Expense categories (office expenses, professional fees, travel, marketing, training, equipment, technology, staff costs, etc.)

• Automatic profit/loss calculation

Key Considerations for Your Practice

1. Insurance: Ensure you have professional indemnity insurance (UK) or malpractice insurance (US).

2. Client Mix: Plan your client base (NHS, insurance, private pay).

3. Pricing: Determine your rates and whether you'll offer a sliding scale.

4. Taxes: Understand your tax obligations based on your business structure.

5. Future Planning: Set up an emergency fund and consider retirement planning.

6. Marketing: Budget for reaching and serving your ideal clients.

7. Professional Memberships: Factor in costs for bodies like RCSLT, HCPC (UK), or ASHA (US).

Expanding Your Income Streams

Consider creating courses to share your expertise. This can benefit younger therapists, parents, teachers, and assistants while providing you with an additional income stream. In the upcoming workshop, we'll discuss:

• Course creation and planning

• Designing your course

• Creating slide decks

• Planning your course launch

Conclusion

Understanding business finance is crucial for running a successful speech therapy practice. While it might seem daunting at first, with the right tools and knowledge, you can make informed decisions for your business's future.

Don't forget to sign up for the free workshop – it's packed with valuable information to help you build your dream practice!

See you soon!