Transitioning into Private Practice is Not for the Weak at Heart

My original “plan” did not work. It will take an additional one to two years to transition from my current job to my private practice. What went wrong?

I planned to walk out of my job the year I turned 55. However, I  am now married. Things Change. Marriage is compromise.

My husband thought I’d lost my mind. “People don’t quit jobs for no reason.” he said. To keep peace in the household, I agreed to wait one year to better plan my retirement.

It is a good thing  I listened to my husband.

During my retirement, I plan to run a part-time Private Therapy Practice out of my home. The sunroom in the rear of our home has a private entrance and parking for four cars. I even obtained approval from my day job to start my therapy practice. What I did not determine were the extra costs to run my business.

I realize the practice may not produce much income for the first year or two. I also found a transition job that will allow me to bring in an additional $2000 if needed. However, I can not count on this job now.

I have money in my retirement accounts that will cover my personal expenses once I turn 59 1/2. How am I going to make a suitable income from age 56 to 59 1/2? I can’t see reducing my costs. My husband is retired, on a fixed income and carries a Medicare and a Medicare Supplement Plan. I pay our mortgage and my husband pays our bills. No wiggle room there.

Sources of Monthly Income:

Private Practice – current estimate of $2,000 – $2,500


Personal Expenses of $2,000. I can cover my expenses with my private practice income.

Monthly business expenses will include taxes at $533, health insurance at $500, and phone/internet business expenses at $200. This is $1233.00 per month! Who knew being in private practice cost this much? This was my error!

1. I didn’t save enough cash and was unprepared for a “hiccup”. I need to have money saved for hiccups. My plan did not have room for hiccups.

2. Depended on something/someone besides myself in my planning. In this case, I depended on my transition job.

3. Next time, factor in health insurance, cell phone, house fax/dsl line, business income taxes and malpractice insurance as fixed business costs.

4. Be realistic about Cost Estimates. Take off my Rose 🌹 Colored Glasses!

What can I do right to fix my wrongs?

1. Save 12 months worth of business expenses in my business account before jumping to private practice: $15,000. Business Savings. I have $3,000. Need $12,000.

2. Depend on myself for my transition. Save $ 2,000 Monthly Costs for 6 months is 12,000 Personal savings. I have $12,000.😎

3. Emergency Fund balance of $6,000. Right now this is at $1600 due to house repairs over the last five years. Need $4,400.

Total Savings Needed: $16,400.

3. Pray and Meditate. Visualize myself as transitioning to Private Practice. See it happening.

This day 262 out of 362. Chin up and forward March!


That Damn Decision-making in Growing my Private Practice

I am transitioning from a full-time counseling job to part-time Private Practice self-employment. In order to do so, I obtained a transition job I can work part-time to keep money coming in as I expand my private practice.

One month ago, I found out my part-time transition gig was having some challenges, as the owner of the business may be selling his business due to health problems. I decided to wait on taking new clients until his health situation is diagnosed.

The office manager texted me to ask me if I was taking on new clients now. I texted her back, asking if the owner is still involved. I told her I wanted to work with the owner. Her answer – He is working full-time now. Shit! He has been having memory issues and got lost going to the office last month.

I like the owner and want to work for him. Not for anyone else.


1. I will stay at my full-time job through July, 2018. I will work every other Friday in Richmond and reevaluate my options in July, 2018.

2. In July, I will have more information.

3. Keep up my home business, seeing clients in evenings at my home office.

4. Text office manager, letting her know I can work Fridays starting in March.

5. Be flexible every other Friday. Either work in Richmond or at my home office.

6. Relax. Four to Five more months of working 3 jobs. Take it one day at a time.

7. Put off the grand opening of my website till at least the summer.