20Q: Unlocking SLP Entrepreneurship - How to Build a Successful Private Practice

From the Desk of Ann Kummer

A great benefit of being a speech-language pathologist (SLP) is the variety of work settings that this field offers to us. SLPs who choose to start a private practice must be prepared to handle the business aspect of running a practice, including developing a business plan, accounting, scheduling, billing, insurance authorizations, staffing, office maintenance, and marketing.

Despite the challenges of private practice, more SLPs are choosing private practice over other employment settings than ever before. There are many reasons for this, including increased flexibility and the potential to make more money.

Unfortunately, most SLPs do not know where to start when they want to start a private practice. Therefore, I’m happy to present this 20Q article that provides excellent information on how to build a successful private practice.

Here is some information about the authors:

Sonia Sethi Kohli, MS, CCC-SLP, is a multilingual Speech-Language Pathologist, Communication Success Coach, and Cultural-Linguistic Diversity Consultant who has served in a variety of settings/roles with extensive clinical and corporate experience. She currently owns and operates her private practice in the greater Chicago area which has two distinct divisions—a clinical division, Global Speech and Swallow, LLC, which provides speech-language/cognitive-communicative/feeding-swallowing/voice-airway diagnostic and therapeutic interventions to culturally and linguistically diverse patient populations ranging from infancy through geriatric, and a corporate SLP/professional communication training division, The Global Speech Suite, which offers individuals and organizations customized training programs focusing on presentation skills/public speaking, accent modification, leadership communication/executive presence, cross-cultural communication, interview skills, and more. She is also the co-author of The SLP Entrepreneur: The Speech-Language Pathologist’s Guide to Private Practice and Other Business Ventures, and is co-founder of TheSLPEntrepreneur.com and The Communication Collective. Beyond presenting on SLP/communication-related topics through speaking engagements at local, national, and international arenas, she is a past President and continues to serve on the Executive Board of The Corporate Speech Pathology Network (CORSPAN), and serves as a business advisor for individuals and organizations. Sonia holds a Bachelor of Science degree in Speech-Language Pathology with a Minor in Spanish from Illinois State University and a Master of Science degree in Communication Disorders and Sciences (Speech-Language Pathology) from Rush University. 

Adrienne Wallace, MBA, MS, CCC-SLP is the owner of Online Speech Services LLC, which provides online communication coaching, speech therapy, and resources for parents and SLPs through direct services and websites, The Interaction Coach and Telepractice Tools. She provides consulting, webinars, online courses, and materials to help others add telepractice to their service delivery offerings. She has done several presentations at the ASHA Convention on effective telepractice service delivery and has served on the ASHA Convention Telepractice Topic Committee. Adrienne has a Master’s degree in Communication Sciences and Disorders from Penn State University and a Master’s in Business Administration from Fairleigh Dickinson University. In addition to providing regular training seminars and consultation with other SLPs, she is an Adjunct Instructor at Fairleigh Dickinson University and Montclair State University where she teaches courses in management and entrepreneurship. She is also the co-author of The SLP Entrepreneur: The Speech-Language Pathologist’s Guide to Private Practice and Other Business Ventures, and is co-founder of TheSLPEntrepreneur.com and The Communication Collective.

This course provides speech-language pathologists with an introduction to the vital knowledge and skills needed to transition from clinical practice to successful business ownership. It covers key considerations for starting a private practice, explores alternative business opportunities, and offers strategies for developing a strong business model.

Now…read on, learn, and enjoy!

Ann W. Kummer, PhD, CCC-SLP, FASHA, 2017 ASHA Honors
Contributing Editor 

Browse the complete collection of 20Q with Ann Kummer CEU articles at www.speechpathology.com/20Q

20Q: Unlocking SLP Entrepreneurship - 
How to Build a Successful Private Practice

Learning Outcomes

After this course, readers will be able to: 

• Describe three important considerations that should be explored before starting a private practice.
• Describe the difference between an SLP clinical mindset and an entrepreneurial mindset.
• List the components of a successful business model.

Sonia Sethi Kohli 

Adrienne Wallace

1. Why do SLPs get into private practice?

Many speech-language pathologists (SLPs) are drawn to private practice for various reasons, with 23.5% currently in private practice (ASHA, 2024). Looking ahead, the landscape is expected to shift in the next few years, with 10% of SLPs planning to leave the profession entirely and 17% wishing to make a change but feeling constrained by their circumstances (ASHA, 2021). According to ASHA’s Workforce Trends Report (2021), the primary factors driving SLPs to consider private practice include not feeling valued in their current roles, family or personal circumstances that demand more flexibility, and dissatisfaction with their salary and benefits. Additionally, the demand for SLPs is significant, with employment projected to grow 19% from 2022 to 2032, creating an average of 13,200 openings each year (Bureau of Labor Statistics, 2022). This growth rate is much faster than the average for all occupations, highlighting the increasing need for SLP services. This presents an opportunity for SLPs interested in exploring starting a private practice, offering them a chance to create a more rewarding and flexible career path.

2. What alternative business opportunities are available for SLPs beyond traditional clinical roles?

There are several alternative business options for Speech-Language Pathologists (SLPs) who do not want to start a private practice. These options include:

• Consulting Services: SLPs can offer consulting services to schools, healthcare facilities, or corporations, providing expertise on communication disorders, program development, and training.
• Product Development: SLPs can develop and market educational materials, therapy tools, apps, and resources for other professionals, parents, and clients.
• Workshops and Training: Conducting workshops, webinars, and training sessions for other SLPs, educators, and caregivers can be a fulfilling way to share knowledge and expertise.
• Corporate Speech-Language Pathology: Providing communication training, accent modification, and public speaking coaching to professionals in the corporate sector.
• Non-Profit Organizations: Establishing or working with non-profit organizations focused on advocacy, research, and support for individuals with communication disorders.

We explore these options in more detail in our book, providing SLPs with a comprehensive guide to diverse and rewarding career paths beyond traditional private practice.

3. What are some mindset fundamentals and key mindset shifts that SLPs need to shift their thinking from clinical practice to business ownership?

SLPs interested in entrepreneurship need to learn about a growth mindset and the shift from a clinical to an entrepreneurial mindset, emphasizing the importance of mission, vision, and value proposition in business planning.

Transitioning to entrepreneurship requires speech-language pathologists (SLPs) to embrace several key mindset shifts. First, they must shift from a clinical to a business-oriented mindset, recognizing that running a successful business involves marketing, financial management, and strategic planning. SLPs need to view challenges as opportunities for growth, adopting a problem-solving approach rather than feeling overwhelmed. Embracing a mindset of continuous learning is crucial, as entrepreneurship demands acquiring new skills and staying updated with industry trends. SLPs should also cultivate resilience and adaptability, understanding that setbacks are part of the entrepreneurial journey. Developing confidence in their value and expertise helps SLPs advocate for themselves and their services, essential for building a thriving business. Finally, SLPs should work to develop their executive presence. Executive presence involves projecting confidence, clarity, and credibility. For SLPs transitioning to business ownership, it's essential to communicate effectively, make decisive decisions, and lead with authority. Executive presence helps in building trust with clients, employees, and other stakeholders, and is vital for establishing a strong professional image.

4. What are some considerations I should make prior to embarking on the journey of private practice?

While there are many benefits to owning and operating a private practice, making the decision to embark on the journey of building and growing a private practice is definitely not an easy one. Considerations you need to make prior to making this decision include:

• Why you wish to choose this path and what it could mean for your overall life’s aspirations
• What specific services or specialties you would provide in your private practice
• When is the right time to embark on this journey
• How to get started in building your business

In the following questions, we explore each of these considerations more in-depth to help you start reflecting on these important aspects of starting a private practice.

5. Why would I want to go into private practice?

Starting a private practice is a transformative journey that goes beyond the initial setup—it involves ongoing reflection and development. A useful tool for this journey is an Aspirational Canvas. This visual aid helps clarify your long-term goals and the actionable steps needed to achieve them. By creating and regularly updating your Aspirational Canvas, you stay focused on your mission and adapt to new insights and challenges. It serves not only as a motivational reminder but also as a strategic guide to your path forward.

Choosing to go into private practice as an SLP can be driven by various personal and professional motivations. Here are some key reasons that some SLPs choose to pursue private practice:

• Autonomy and Flexibility: Private practice offers the ability to set your own schedule and choose your clients, providing greater work-life balance and control over your professional life.
• Financial Independence: Owning your practice can potentially be more lucrative than working for someone else. You set your fees, manage your expenses, and directly benefit from your hard work.
• Professional Growth: Running a private practice allows you to specialize in areas you are passionate about, further developing your expertise and offering unique services.
• Personal Fulfillment: Helping clients in a more personalized and impactful way can be deeply satisfying. You can design your practice to align with your values and vision for therapy.
• Creativity and Innovation: As your own boss, you have the freedom to innovate, whether it's implementing new therapeutic techniques, using cutting-edge technology, or offering unique programs and services.

6. How do I decide what I want to do?

When deciding what you could offer in your private practice, you need to evaluate and reflect on what client/patient/student population you are most passionate about serving, and what you have solid expertise in. Private practice also offers you the autonomy to serve client populations you may not have had the opportunity to work with extensively. After gaining additional training and feeling confident in your ability to provide ethical and effective services to these new populations, establishing your own private practice allows you to expand your reach and impact as an SLP. In deciding what you would like to do in your private practice, you would benefit from doing some market research to find out what services/populations/locations are in need of services you could provide. While this course focuses on the more 'traditional' private practice model, remember that SLPs have the option to pursue other business ventures either alongside a traditional practice or as an alternative, as discussed in Question #2.

7. What should I think about when considering when to start my private practice?

The questions you need to ask yourself when deciding whether to embark on the journey of private practice are:

• Do I have the time? Running a private practice involves a significant commitment of time. Assess whether you can dedicate the necessary time, especially if you plan to start your practice alongside other responsibilities. You may need to balance your business setup with your current job or personal life, which requires careful prioritization and time management.
• Do I have the money? Evaluate your financial situation to ensure you can support both your current expenses and the costs associated with starting a business. Consider if you need to secure additional funding through loans or grants, and ensure that your financial situation allows for potential changes in income.
• Do I have the expertise? Reflect on your clinical and business experience. Ideally, you should have at least three to five years of clinical experience to build confidence and competence in your field. Additionally, gaining foundational business knowledge will be crucial for managing and growing your practice effectively.

By addressing these considerations, you can better determine the right time to start your private practice and ensure that you are well-prepared for the challenges and opportunities that lie ahead.

8. How should I approach starting my private practice? Should I set goals?

When starting your private practice, consider beginning on a smaller scale while maintaining your current employment. This approach allows you to gradually build your client base and refine your business operations without the immediate pressure of full-time commitments. Set incremental goals using the SMART(ER) framework—Specific, Measurable, Attainable, Relevant, Timely, Evaluated, and Revised—to ensure clarity and track progress effectively. For example, set a specific goal to acquire a certain number of clients within the next three months, measure your progress by tracking client intake, and adjust your strategy based on your results. This method helps you manage risk, gain valuable insights, and adjust your strategy as needed.

9. What are the main components of a successful business model for SLPs when starting a private practice?

A successful business model for SLPs starting a private practice involves several key components.

• Mission
• Vision
• Value Proposition
• Customers
• Products/Services
• Service Delivery
• Marketing
• Costs & Revenue
• Network
• Regulatory

For a detailed description of these 10 building blocks, refer to our book, where we explore each element in depth (Sethi Kohli & Wallace, 2023). We created The SLP Entrepreneur Business Model as a circular model instead of a linear one because all 10 elements are critical to a solid business plan and are highly interrelated and interdependent.

10. What do I need to consider when defining the MISSION for my private practice?

Your mission is the core purpose of your business, reflecting what you aim to achieve and who you are serving. It is shaped by your goals, passions, skills, expertise, and circumstances. A well-defined mission guides your business decisions and keeps you focused on your primary objectives. It is essential to take the time to reflect on and clearly articulate your mission before seeking external input, ensuring it aligns with your personal aspirations and business goals.

11. How do I develop the VISION for my private practice?

Your vision represents the long-term aspirations and impact you envision for your business. It is a forward-looking statement that inspires and directs your growth, outlining where you see your business in the future. As you embark on your entrepreneurial journey, your vision helps you stay aligned with your overarching goals, even as your business evolves and scales. Regularly revisiting and refining your vision ensures it remains relevant and motivating.

12. How do I write the VALUE PROPOSITION for my private practice?

Your value proposition defines the unique benefits and value your business offers to your target market. It answers the crucial questions of why customers should choose your products or services over others. As your business grows, consistently delivering on your value proposition is vital for maintaining customer satisfaction and loyalty. Ensuring your value proposition is clear and compelling helps attract potential customers, employees, and business partners, supporting your mission and vision.

13. What do I need to consider when identifying the CUSTOMERS for my private practice?

Your Mission/Vision/Value Proposition (MVVP) plays a crucial role in defining who your customers are. For instance, if you are establishing a traditional brick-and-mortar private practice serving a pediatric population, your primary customers will be pediatric clients and their families. Conversely, if you aim to utilize your expertise in language and literacy, your target customers might include local or regional school districts seeking professional development workshops, speaking engagements, or online courses. Clearly identifying your target audience helps determine your primary customers and informs your business strategy.

14. What do I need to consider when determining the PRODUCTS/SERVICES for my private practice?

In a traditional private practice, the primary services provided include speech and language assessments and interventions for individuals with cognitive-communication, feeding-swallowing, or voice disorders. Additional services might include group therapy sessions, parent support groups, and potentially other therapies like occupational therapy if running a multidisciplinary practice. Some practices may also sell related products, such as intervention materials. As an SLP, you are primarily a service provider, but exploring alternative business endeavors, such as content creation, can involve selling products like apps, digital downloads, or physical materials. Deciding what products and services to offer is crucial for meeting your customers' needs and defining your business's scope.

15. What do I need to consider when planning the SERVICE DELIVERY for my private practice?

Service delivery refers to the method and process through which you provide your services to customers. For a private practice, this often includes in-person sessions, which can be conducted either at a physical clinic, directly in clients' homes/schools, or online, depending on the nature of the services and client needs. It's essential to evaluate factors such as the convenience for clients, accessibility, and the setup required for each type of service location. For content creators or other business models, service delivery options expand to include various distribution channels (e.g., direct sales, e-commerce, etc.) Effective service delivery involves choosing the right channels that align with your business goals and customer preferences, ensuring that your offerings reach your audience efficiently and effectively.

16. What do I need to consider when working on MARKETING for my private practice?

Marketing encompasses a broad range of activities focused on creating, communicating, delivering, and exchanging valuable offerings to your customers and the wider community (AMA, n.d.). It goes beyond just selling; it’s about effectively conveying the unique value and benefits of your products or services (i.e., your value proposition). Effective marketing involves several key components: identifying your target audience, crafting a compelling message that resonates with them, and selecting the right channels to reach them. This might include digital marketing strategies such as social media, email campaigns, and content marketing, as well as traditional methods like networking and community engagement.

For SLPs, it’s important to focus on how to authentically present your services and expertise in a way that highlights your unique value proposition. Developing a strong marketing strategy can help you build your brand, attract and retain clients, and differentiate yourself from competitors.

To gain deeper insights into creating an effective marketing strategy tailored to your private practice, consider joining our latest webinar on SpeechPathology.com. In this course, we provide valuable tips and strategies to help you enhance your marketing efforts and achieve your business goals.

17. What do I need to consider when budgeting for COSTS & REVENUE for my private practice?

Starting a private practice involves carefully planning for both startup and ongoing costs. Startup costs are the initial expenses necessary to launch your practice. These can include a variety of one-time investments such as securing office space, purchasing equipment and supplies, obtaining licenses and permits, and setting up your technology infrastructure. Additionally, you may need to invest in marketing efforts to build awareness and attract your first clients.

Ongoing costs, on the other hand, are regular, recurring expenses required to keep your practice running smoothly. These include rent, utilities, salaries for any employees or contractors, insurance, and continuous marketing efforts to maintain and grow your client base. You will also need to account for administrative costs such as billing, bookkeeping, and professional development.

Understanding and planning for both types of costs is crucial for maintaining financial stability and ensuring the sustainability of your practice. Developing a clear financial plan and regularly reviewing your budget will help you manage your resources effectively and achieve your revenue goals. This strategic approach will also prepare you to make informed decisions about pricing, investment in additional services or products, and overall business growth.

18. What do I need to consider when building my NETWORK?

Effective networking is a vital component for both establishing and growing your private practice. It involves actively engaging with a variety of key individuals and groups who can contribute to your business’s success. This includes potential referral sources such as other healthcare professionals, educators, and community organizations that can direct clients to your practice. Collaborators, such as colleagues with complementary services or business partners, can also play a significant role in enhancing your service offerings and expanding your reach.

To maximize the effectiveness of your networking efforts, it is essential to be clear about your mission and the unique value your practice offers. Crafting an effective elevator pitch—a concise introduction about who you are, what you do, and how you can help—is crucial. This brief yet impactful summary should be tailored to different audiences and situations, helping you communicate your business effectively at networking events, conferences, and other professional gatherings.

Regularly engaging with your network, attending industry events, and following up with connections can help you build and maintain valuable relationships. By being proactive and strategic in your networking efforts, you will create a supportive community that can contribute to the growth and success of your private practice.

19. What do I need to consider when addressing REGULATORY requirements for my private practice?

As a certified SLP, you already possess the essential licenses and certifications required to practice in your field. These credentials demonstrate your professional qualifications and compliance with state regulations concerning the delivery of speech-language pathology services. However, when transitioning to the role of a business owner, there are additional regulatory considerations to address that extend beyond your clinical qualifications.

Firstly, it's crucial to understand that regulatory requirements can vary significantly depending on your state. If your private practice includes providing telepractice services, you may need to obtain and maintain licenses in multiple states where you deliver services. In addition to state-specific regulations, you must also navigate regulations related to online business operations. This includes understanding the legal requirements for online privacy policies, secure payment processing, and maintaining compliance with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) for telehealth services.

Furthermore, establishing a clear understanding of local, state, and federal regulations pertaining to business operations—such as tax obligations, business registration, and employment laws—is essential for ensuring that your practice runs smoothly and remains in legal compliance.

20. I’m thinking about getting in network with insurance. Do I have to?

Here are five questions to help you determine whether insurance credentialing is the right choice for your private practice:

1. Does Your Target Client Base Use Insurance? Consider whether your ideal clients typically have insurance coverage and whether they prioritize using insurance benefits for speech therapy services. If you are getting calls from potential clients who only want an in-network provider, then the answer is probably YES!
2. Can You Accommodate the Reimbursement Rates? Are you financially prepared to accept potentially lower reimbursement rates from insurance companies compared to your private-pay fees? You might not know reimbursement rates until you are almost done with the credentialing process. While some insurance companies are willing to negotiate their rates, you need to know the lowest rate you can accept and still run a profitable business.
3. Are You Willing to Navigate Administrative Tasks? Are you willing to invest time and effort in the administrative tasks involved in insurance credentialing, such as paperwork, claims processing, and ongoing documentation? If you do not have the time or desire to handle these tasks, consider hiring someone who can manage this aspect of your practice for you.
4. Can You Adapt to Insurance Requirements? Are you comfortable adhering to insurance company guidelines and documentation standards, even if they might differ from your usual approach? One of the joys of being in private practice is the autonomy and ability to set your own policies. However, you still have to adhere to insurance company requests, such as progress reports and re-evaluations every six months, to justify the continued need for services. You must also keep detailed daily session notes if you are not already.
5. Do You Want to Reach More People? Do you want your services to be accessible to a wider client base, even if it means adhering to insurance company practices and requirements? This may be motivation enough to get credentialed. You are in this field to help others, so broadening access to potential clients is an added bonus!

While some SLPs in private practice choose not to go this route, answering these questions can help you weigh the potential benefits and challenges of insurance credentialing and determine whether it aligns with your private practice's goals, values, and business model.

If you are considering getting credentialed with insurance companies, we've created a course that will walk you through the process, step-by-step. Visit our website, www.TheSLPEntrepreneur.com, to learn more.

References

American Marketing Association. (n.d.). Definitions of marketing. Retrieved July 1, 2021, from https://www.ama.org/the-definition-of-marketing-what-is-marketing/

American Speech-Language-Hearing Association. (2024). 2023 member and affiliate profile. www.asha.org.

American Speech-Language-Hearing Association. (2021). SLP health care survey report: workforce trends, 2005–2021. www.asha.org.

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Speech-Language Pathologists, at https://www.bls.gov/ooh/healthcare/speech-language-pathologists.htm (visited June 14, 2024)

Dweck, C. (2016) What having a “growth mindset” actually means. Harvard Business Review. Retrieved October 7, 2021, from https://hbr.org/2016/01/what-having-a-growth-mindset-actually-means

Harris, D., PhD. (n.d.). How to make your SMART goals even SMARTER. Quantum Workplace. Retrieved June 24, 2021 from:

https://www.quantumworkplace.com/podcast/how-to-make-your-smart-goals-even-smarter

Sethi Kohli, S. & Wallace, A. (2023). The SLP entrepreneur: The speech language pathologist’s guide to private practice and other business ventures. San Diego, CA: Plural.