🛎 [TBB #102] Before you hire a business coach, read this


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NOTES FROM THE EDITOR

To hire or not to hire?

There are 60,472 business coaching businesses in the US right now. The industry is worth $14.2B and growing. (IBIS World)

In other words, coaches are here to stay. Seeing these numbers brought two questions to my mind:

  • What do they all do?
  • Do you need one to grow your practice?

In the mental health space, a business coach can help you grow your practice by focusing on your time management, financial management, leadership and even mindset.

There are many benefits to hiring a business coach as long as you're clear on why you need to work with one. But in many cases, you don't actually need the services of a business coach. Sometimes all you need is the help of a financial or a marketing consultant.

To explore that, I dive deeper into this topic in my recent article: The Benefits of Hiring a Business Coach for Therapists in which I highlight the benefits, and drawbacks and offer alternatives to hiring a business coach to help you grow your practice.

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And now to the news!


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NEWS, TRENDS & DATA

Self-diagnosing on social media

According to a poll by EdWeek Research Center, 55% of students use social media to self-diagnose with mental health conditions. According to experts, teens say that their self-diagnosis comes from social media groups and online quizzes.

60% of teenagers use social media and find it easier to access mental health information online from peers and influencers their age.


Anxiety at work

Mental health-related absences from work rose by 33% in 2023. According to ComPsych’s new report on anxiety, 69% of the absences were taken by women, 33% of them are Millenial women and 30% are Gen X women.

Post-pandemic, employees are experiencing more negative feelings at work, stress, and burnout.

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2024 trends for 2B2 marketing in Healthcare

According to the MTC website, there are 5 major B2B healthcare marketing trends to consider in 2024.

The ones that stood out as relevant to the business of private practice are; the prioritization of HIPAA-compliant marketing and and embracing reputation management.

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A study shows a rise in youth antidepressants

A recent study presented by Kao-Ping Chua, MD, PhD, a primary care Pediatrician, is an overview of Antidepressant Dispensing to US Adolescents and Young Adults: 2016–2022.

Results of the study showed:

"The monthly antidepressant dispensing rate increased 63.5% faster from March 2020 onwards compared with beforehand."

I love hearing from readers, and I'm always looking for feedback. How am I doing with Therapy Business Brief? Is there anything you'd like to see more of or less of?

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Keep growing,

Avivit


Whenever you're ready, here's how I can help you:

1. Work with me 1-on-1 to grow your therapy business.

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Therapy Business Brief

Hi, I'm Avivit Fisher, the creator of Therapy Business Brief.I've been helping therapists fill their private pay caseloads since 2017. Every week, I link mental health industry updates, marketing, and private practice strategies, so you can uncover the opportunities for growing your practice.

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