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#287: Setting up a Financially Sustainable Private Practice with Linzy Bonham


If you don't have the psychology figured out, you'll just keep repeating the same patterns that don't make sense.

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, sits down with Linzy Bonham, owner of Money Nuts & Bolts and host of the Money Skills for Therapists Podcast. Linzy is a Therapist turned Money-coach that helps empower others to be more confident and in control of their private practice finances. Turn in to learn more about Linzy's journey as well as psychological insights to handling finances.

3 KEY POINTS:

  1. Build a business that first takes care of you.
  2. It's not difficult to start at something you're already good at.
  3. Work with those who can do what you can't or don't want to.

EPISODE HIGHLIGHTS:

  • Linzy started doing social work focused on trauma but realized she had a passion for something other social workers don't: finances.
  • Linzy read a book recommending only starting a private practice after practicing for 5 years. She ignored the advice and began her private practice only one year into being a social worker. She considers this to be her best-ever decision.
  • She started her business, Money Nuts & Bolts, in 2018
  • As part of her service, Linzy spent $7,000 creating a beautiful space since she wanted to provide a comfortable, calm place for her clients.
  • Profit First is a budgeting system for businesses developed and popularized by Mike Michalowicz wherein you divide your money in advance. This helped unlock clearer budgeting for Linzy and her business.
  • After reading the book “Million Dollar Consultant” recommended by her mentor, Linzy landed a contract of $50,000. Her service consisted of overhauling all finances for her client's business and personal life.
  • Linzy launched an evergreen course called Money Skills for Therapists which aims to help people develop common confidence about their private practice finances.
  • A Scarcity Mindset is thinking that there's “never enough money.”
  • No amount of money will fix someone's Scarcity Mindset. If they feel like there's not enough, no amount of proof otherwise will help. To fix it, something deeper needs to be unrooted.

TWEETABLE QUOTES:

“Ask yourself, what's causing you so much emotional weight that it's worth paying money to fix?” – Linzy Bonham

“Put on your own oxygen mask first. Building a business that takes care of you is the best thing you could do for yourself, your business, and your clients.” – Linzy Bonham

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ABOUT THE GUEST

Linzy Bonham is a therapist turned money coach who teaches women therapists and health practitioners the money skills to feel empowered and in control of their private practice finances, so they can have rich and fulfilling lives. As the daughter of an accountant, Linzy inherited a good dose of bookkeeping brain, resulting in a perfect mix of spreadsheet and heart. Linzy has helped hundreds of therapists and health practitioners in her signature course, Money Skills For Therapists, and thousands more through her free resources (including her podcast by the same name).

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