Developing a Private Practice During an Economic Downturn

Considering starting a private practice, but afraid of how the current socioeconomic environment may impact your business development and success?

Choosing to start a business in and of itself is no easy venture, but when facing a potential economic downturn, the thought of doing so can be even more challenging.

There’s often a whole slew of thoughts & emotions that come through when choosing to start a business, and you may find yourself questioning:

• Is now the right time to start a private practice? 

• Am I even capable of receiving clients during an economic downturn?

• What happens if I funnel all my energy into this but I don’t succeed? 

If this is you right now, keep reading because this article is going to highlight a few key points as to why starting your private practice sooner rather than later is probably one of the best decisions you could make — yes, even when faced with an economic downturn.

How will a recession impact the health field?

Even though we may be facing the uncertainty of an economic downturn, people still need support in their health journeys. This isn’t going to change.

In fact, we believe this work is only going to become more desired by the public, which will increase the number of people who are seeking support – aka – clients for you!

We’ve been through economic recessions before. History repeats itself, but thankfully, today we have one of the most powerful tools in front of us – the internet.

Thanks to the internet, accessing healthcare has become easier than ever before as it has allowed individuals to receive support from healthcare practitioners all across the globe and from the comfort of their homes.

The Growth of Telehealth:

Since the 2020 pandemic, the field of online learning and telehealth has increased dramatically all across the globe. Even before the pandemic, research & marketing experts hypothesized that the online education market would grow as much as $350 billion by 2025.

This means that there is so much potential for reaching your ideal clients and growing your business via online platforms!

On top of this, many women are beginning to realize that they can’t receive the adequate support they need from conventional healthcare systems. This has lead many to actively seek support from more functional & holistically-minded professionals.

According to one report, the telehealth market is projected to grow toward $636 billion by 2028 at a CAGR of 32.1%.

Even investors are beginning to see this trend happen. According to this study, over $14.6 billion was invested in telehealth platforms and experiences in 2021, and this is expected to continue to increase during 2022 and beyond.

So, if we’re not at risk of the health industry failing during this economic recession, but rather quite the opposite, we’re expecting to see exponential growth within the next few years…

This means that now may actually be the perfect time to get your foot in the door and utilize these trends to your advantage when growing your business and online practice.

How to Develop a Successful Private Practice

For many, developing a private practice can feel intimidating, especially when first starting.

There are plenty of things to consider such as how to structure your services, what to price your offers at, how to grow a social media following, and how to effectively support your first clientele. Not to mention the learning curve that can come with managing the administrative side of business!

Starting a business can be challenging, but the good news is that you don’t have to go at it alone.

At The International Association for Functional Hormone Health, we are invested in helping you create a thriving private practice by helping you to 

• Enhance your professional and personal growth so that you can excel in your practice and make an impact with your work 
  
• Create a functional and aligned business structure that brings you less stress and more success in your online private practice
  
• Improve your skills in creating and troubleshooting protocols so that you can show up confidently in supporting your clients
  
• Discover your unique approach and methodologies so that you can stand out from other practitioners as an expert in your industry
  
  

Looking for more resources & support?

Are you feeling more confident and inspired to begin your online practice after reading this article but would like some additional guidance and reassurance as you brainstorm ideas on how to get started? We encourage you to download our Practitioner Mentorship Options Guidebook. Discover how we can support you in building your confidence as you develop your business and clinical skills as an expert in your field!