But let’s take a step back and consider, as entrepreneurs in private practice, the importance of broader peer support and mentorship as we advance our capabilities both as clinicians and also entrepreneurs.
Let’s start with this. The National Mentoring Partnership, an advocacy group for mentorship with students, found in its own research that:
- Students who meet regularly with their mentors are 52% less likely than their peers to skip a day of school and 37% less likely to skip a class.
- Youth who meet regularly with their mentors are 46% less likely than their peers to start using illegal drugs and 27% less likely to start drinking.
- Seventy-six percent at-risk young adults who had a mentor aspire to enroll in and graduate from college versus half of at-risk young adults who had no mentor. They are also more likely to be enrolled in college.
- Mentoring reduces “depression symptoms” and increases “social acceptance, academic attitudes and grades.”
While some of you may be thinking, “Sure, that’s students. What does that have to do with me as a thearpist?”
Well, another study by Stanford University’s school of business did a survey of over 200 American CEOs and found that 100% of respondents want more mentorship and coaching, as they say it’s invaluable in their own management. Furthermore, the US Small Business Administration found that while approximately only 30% of new businesses fail within the first two years, 70% of businesses that receive regular mentorship last longer than 5 years.
All of this is to say that when you are a therapist in private practice, you are also an entrepreneur. And so, you are under the burden to both advance your clinical excellence while building a strong business.
The bottom line is this: Seeking peer mentorship in your your practice is one of the best investments you can make, because it reduces your risk of failure while also giving you the relationships, information and motivation to continually improve your business.
The key, however, is to make sure that that mentorship is balanced between both your clinical and business needs. And this is exactly why we created Peer Group.
Peer Group is a hybrid kind of peer group mentorship, where there’s space both for clinical and business questions and discussions. You are matched with the peers that will be best for you and your practice. So, for example, that means being matched with people who are at the same volume of clients or seeing very similar clientele, facing the same challenges in their business, and need to be with other people that are “in it” at the same time.
You’ll meet on our healthcare compliant video platform at the same time every month, and have access to the platform whenever you need to schedule an extra meeting or conversation with any members of your group.
Moreover, successful peer supervision and mentorship also needs an accountability function. And that’s why we are building tools to keep each meeting on track, set actionable goals individually, and being held accountable by the group’s members.
And lastly, to address pertinent entrepreneurial topics, Megan, myself or one of our expert friends will be doing a monthly webinar on a core topic on the business of private practice.
We are thrilled to be launching this program and hope that you’ll join! Enrolment is only open until midnight on July 31, 2018 and won’t be for another 6 months. Learn more and sign up today!
If it’s not for you, that’s totally okay! At the very least, I hope you’ll find that balance of clinical and business peer supervision. Because, as we’ve seen time and again, it can be a major make or break in your business!
Remember: As a therapist in private practice, you’re also an entrepreneur!