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Second thoughts about leaving a practice to start my own

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Viewing 5 posts - 1 through 5 (of 5 total)
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  • #275071
    laelithia
    Participant

    Hi Everyone,

    I’m a little worried that I might have made a mistake by opening up my own private practice in October/November. I was originally a private contractor in a private practice walking distance from my home, but I started to feel like I could do the work on my own without sacrificing 35% of my pay to work under another practice.

    Now that I have opened up my own practice and have been there for a few months, I’m starting to have second thoughts about leaving the security and comfort of the old practice, as well as my colleagues who I adored. I’m probably making about the same I did like the old practice, but I think I will be making more money soon as I get more established. That being said, I visited the owner of my old practice today to give her some chocolate I got for her while I was in Switzerland over the holidays, and it really hit home how much I miss her office space (it’s much, much larger and cosier than mine), and having colleagues like her.

    Additionally, I miss being able to walk over to work in a matter of minutes. I miss not having to deal with administrative duties, paying rent, social media accounts, and other business related stressors. I had decided to leave originally as when I was due to sign my contract with the previous practice, my lawyer suggested financially it would make more sense for me to branch out on my own, as for the most part, my 35% cut was going towards the use of the office space and nothing more, which I could find at a fraction of that cost, which was true. Also, I had to share the office space with my colleagues, which meant there were certain days or hours I couldn’t work even though I wanted to.

    That being said, I don’t think I factored in how much I would miss the space and the proximity to my home, my colleagues, and the piece of mind of someone else taking care of the business side of things. I feel like I didn’t talk to the practice owner enough about what I would need to stay, such as more hours, a smaller percentage cut (although I did ask about this and she declined), and her taking on more administrative tasks for me.

    I guess what I’m wondering- is this regret normal? Will it go away, or is it a sign I made a rash decision? I was pretty insecure about opening up my own practice, to begin with, but all my friends and family (and lawyer) insisted it was by far the better thing to do professionally and financially. I think I also complained about and overexaggerated my concerns with the practice owner, as I was stressed about my relationship and believe I projected a lot of that onto her (i.e., getting very annoyed if she made a mistake or didn’t complete administrative tasks for me right away). I suppose now I just worry I let these opinions decide for me, rather giving myself more time to think it through. I feel really lonely at my current office space, as the other psychologists who are in the same vicinity are often not working when I am.

    To make matters worse, I am also struggling with a LDR right now and whether or not I will move to a new continent to make that work. Perhaps this is affecting how I’m feeling about my business too, I’m not sure. I just feel so lost and confused, and worried that I’m going to continue to regret leaving a comfortable position to start out on my own. Any advice would be greatly appreciated!

    #275179
    nextsteps
    Participant

    Hello,

     

    It sounds like your heart and gut are trying to tell you you arent happy as things are. Finacially it could make sense but peace of mind is so important so youve done the right thing sensing something is “off” in your life.

     

    Could you perhaps find another practice where you can rent office space and also meet new colleagues etc but then also get the cut you would like?

     

    Or you could go back to your old colleagues aand place of work and see if you can have another chat about the % cut?

     

    Or perhaps reach out to your old colleagues socially? As then that could help your lonliness at working alone all the time but also still keep you as practice owner.

     

    Also, it hasnt been THAT long that youve started out on your own which is a fantastic and brave step so perhaps this is more self doubt and wanting to go back to what was comfortable but not 100% satisfying perhaps? The grass always looks greener in hindsight!

     

    I feel maybe this is a decision where meditation or doing exercise and clearing your mind and seeing what comes up in you nay help you hear yourself clearly about what exactly you miss about your old practice. Perhaps if its the cosiness and vibe you could do things to improve where you currently work, maybe seeing your old place as a model for that? Or you could join a lunchtime class or similar once a week or nore so that will make it seem less lonely (as i work from home so know how lonely it can be not connecting deeply with people day-day at work) .

     

    Hope you find the answer and clarity you are searching for.

     

    Best wishes,

    X

    #276217
    Lauren
    Participant

    It sounds like a big change.

     

    One thing came to mind: how about being able to get other colleagues in your office? I guess that would be having a similar people working in your office as you had with your previous office. This way you can bring together this lovely community.

     

    Starting your own thing is harder, but ultimately you can make it your own. Maybe changing office locations could be key, etc. You can make it cozy. You can create community. This is harder, but ultimately, you’ll own the whole thing and can reap the financial rewards. I just hung out with a fellow comedian the other day who talked about how she opened a salon in the Caribbean about 10 years ago. It was the hardest thing she ever did – to be isolated and to take on all that responsibility. But in the end she’s making more money than ever which gives her so many more options, life-wise.

    #359481
    laelithia
    Participant

    Hello Everyone!

    I thought I would update this thread as it has now been over a year since I originally posted it. Although I do still miss my previous workplace and my colleagues there, I am now content and happy about opening up my own practice. Even during the developments with COVID-19 and the restrictions in place, I have been able to maintain a good caseload of clients that I now see virtually or over the phone. I have 100% autonomy to run my practice the way I see fit, and I think in the end that suits me better, even though it is a lot more work.

    Thank you again nextsteps and Lauren for your responses, I read and considered both, and I think it helped me feel confident where I am today!

    L

    #359489
    Canadian Eagle
    Participant

    Good , I am a partner in a practice I stated 30 years ago , best professional decision I ever made. One the practice is successful with critical mass your time will free up….. the holy grail is income , passive income that comes in with no effort …

    your decision was scary and brave , I am glad it is beginning to settle for you. Consider expansion so in time it will survive without as you enjoy the fruit of your effort

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