2024 Forecast: What's Next for Private Therapy Practices?

All you need to know

If you are a free subscriber, upgrade to paid today to join The Therapists Corner.

Don’t you just love the start of a new year, a clean slate, a new diary and new exciting goals? But let's face it, this year's buzzword in the business world seems to be 'recession'. Everywhere you turn, there's talk of budget cuts and tightening belts. Sophie's also noticed it, especially in the corporate sector, where the purse strings are getting a bit tighter.

In my own practice, while the flow of referrals hasn't dipped just yet, there's a definite air of caution about spending. It's like everyone's holding their breath, waiting to see what will happen next.

But here's the thing about private practice – it's all about change. If there's one lesson I've learned over the years, it's that the only constant in this line of work is constant change. Our practices evolve and grow, sometimes in ways we didn't expect. It's just like how we guide our clients to cultivate their minds; we need to do the same with our businesses. Otherwise, we might find ourselves in a practice that looks nothing like what we wanted (been there, done that!).

So, how do we manage this ever-changing landscape? My go-to strategy? Quarterly planning. And good news – we're hosting our first planning session for members in the new year. This isn't just any old planning session. We've created a new template to help you navigate these uncertain times.

Another key strategy? Keeping an eye on trends, with the economic climate looking a bit stormy, staying informed is more important than ever. What's the market doing? What are clients looking for? Are there new opportunities we can tap into, even in a downturn?

At last Friday's Q&A, Sophie talked us through some of the trends shes’ seeing in websites.

Replay - Q&A at 12 pm GMT, Fri 8th December

Remember, change doesn't have to be scary. It can be an opportunity to fine-tune our practices, explore new avenues, and maybe even discover a more fulfilling working method. So, let's embrace this new year with open arms and a sharp mind, ready to adapt and thrive, no matter what the economic forecasts say! Here are 11 trends plus one bouns trend for 2024!

If you are a free subscriber, upgrade to paid today to join The Therapists Corner.

We've got a mix of challenges and exciting new trends that are shaping our profession. So, grab a cuppa, let's dive in!

1. Recession-Ready Strategies: Let’s not beat around the bush – economic downturns are tough. But hey, we’re therapists; we're no strangers to challenges. It might be time to consider offering various services to cater to different budgets. Think sliding scales or premium services for those looking for something extra special. And remember, diversify your income streams (head to trend - 4, 11 and 12 for inspiration). Adding additional income streams is like having an umbrella when it rains – absolutely essential, especially in 2024.

The Income streams in my Private Practice

1.B Building a portfolio career: This is not just a passing trend but a lifestyle choice, especially relevant for therapists. This approach involves crafting a multifaceted career that reflects the uniqueness of your professional and personal interests. For a therapist, it means diversifying beyond traditional client sessions to include activities like teaching, consulting, creating educational content, or even authoring books. This not only broadens your income streams, making you financially more resilient and expands your impact in the field of mental health. It paves the way for continual learning and professional growth as you acquire new skills across various roles. It offers the flexibility to balance work with personal well-being and pursue creative satisfaction. In embracing a portfolio career, therapists can forge a path that is not only financially rewarding but also intellectually fulfilling and emotionally enriching, ensuring a career that truly resonates with their diverse passions and skills.

2. Video Content is Still King: If you haven't already embraced video, 2024 is your year. From offering teletherapy to creating educational snippets for social media, video is a game-changer and it’s not going away. How about creating a warm, welcoming video on your homepage? It’s like greeting clients with a virtual smile.

3. AI: The Therapist's Digital Assistant: AI isn't just for tech whizzes; it's becoming a therapist's ally; picture AI as your digital assistant that will eventually streamline administrative tasks like scheduling and billing and enhance client engagement with personalised therapy tools. AI can also enrich your online content, making it more engaging and SEO-friendly. Beyond that, AI's data analysis capabilities have the potential to offer deep insights into client progress and treatment effectiveness. By integrating AI into your practice now, you're not just keeping up with technological advancements; you're elevating the entire therapeutic experience for both you and your clients.

If you are a free subscriber, upgrade to paid today to join The Therapists Corner as a member and continue reading.