Podcast Summary: Private Practice Startup Podcast – Episode 147

Title: How to P.R.O.F.I.T. and Build a Six-Figure Private Practice
Hosts: Dr. Kate Campbell & Katie Lemieux
Guest: Dr. Elizabeth King, The Holistic Psychotherapist
Date: August 4, 2019

Episode Overview

This episode features Dr. Elizabeth King, internationally recognized wellness expert, motivational speaker, holistic psychotherapist, and founder of the Suits, Stilettos, and Lipstick (SSL) Foundation. Dr. King shares her personal journey and expertise on how mental health professionals can grow a six-figure private practice. She introduces her P.R.O.F.I.T. system, breaking down each step with actionable advice and real-life examples, while discussing the importance of intentionality, diversification, and embracing the business side of private practice.

Key Discussion Points & Insights

1. Dr. Elizabeth King's Journey (03:10 – 05:05)

• Background: Born in the Dominican Republic, Dr. King overcame polio and multiple surgeries. Inspired by the strong women in her life, she became an educator for over 20 years before starting her counseling practice.
• Pivot Point: A period of being bedridden due to illness led her to discover holistic medicine and reinvent herself as a holistic psychotherapist.
• Notable Quote:
  “I didn’t let polio or 36 surgeries stop me. ... Now I just get to teach people how to live their greatest life through the mental health profession.” (04:05 – Dr. Elizabeth King)

2. The Birth of Suits, Stilettos, and Lipstick (SSL) (05:25 – 09:30)

• Genesis: Dr. King noticed professional women struggling with balance, stress, and mental health. She created SSL to empower women to prioritize their wellness while excelling in business.

• First Event: Rather than playing small, she launched the initial conference at the Ritz Carlton; 250 women attended. Over time, SSL became a movement, with events now drawing 1,500+ participants and supporting charitable projects.

• Notable Quote:
  “You have to go all out. You have to just, you know, think out of the box and just go for it.” (07:21 – Dr. Elizabeth King)

• SSL “SASSY” Acronym:

  • SASSY = Smart, Assertive, Strategic, Selfless, Young at Heart
  • Quote: “That is really the SASE revolution – to create that confidence within yourself to be able to go for it.” (09:10 – Dr. Elizabeth King)

3. Five Steps to Building a Six-Figure Practice: The P.R.O.F.I.T. Acronym

P – Proficient (10:30 – 12:51)

• Define Your Niche: Be known as an expert in a specialty (e.g., holistic psychotherapy, trauma).
• Deliver Excellence: Clients should leave sessions ready to tell others about the results.
• Quote: “You have to be very clear on what you’re good at and what you’re passionate about so that when people think of you, they think of that condition.” (11:27 – Dr. Elizabeth King)

R – Rate (14:36 – 19:07)

• Know Your Worth: Set and stick to your fees based on market analysis and your goals.
• No Apologies: Don’t talk yourself out of your rate, and don’t be afraid to discuss money.
• Math Example:
  “Work 35 hours a week, 48 weeks a year – that’s 1,680 sessions. Multiply by $100, that’s $168,000/year. Set your rates according to your goals.” (15:39 – Dr. Elizabeth King)
• Empowering Mindset:
  “Everyone else charges for what they do, for their value, for their work. We should not be any different.” (18:18 – Dr. Elizabeth King)

O – Offer (19:10 – 20:29)

• Diversify Within Your Niche: Develop products and services beyond one-on-one counseling (e.g., workshops, blog, books, speaking engagements, groups).
• Quote: “Don’t leave any opportunity on the table. Sometimes you can’t reach one person with one item, but you can reach many with many.” (20:00 – Dr. Elizabeth King)

F – Flag (20:29 – 22:23)

• Identify What Works: 'Flag’ what’s effective and what’s not in your business. Review and be fearless in cutting out what's not productive.
• Permission to Let Go:
  “Sometimes we get so hung up on, ‘Well, I put so much time into this, I need to keep doing it.’ No you don’t. I give you permission to stop it right now. Swag it and stop it.” (21:08 – Dr. Elizabeth King)

I – Intentional (22:23 – 23:20)

• Purposeful Action: Only say yes to activities aligned with your goals. Table the rest for another time.
• Quote: “You have to be very intentional to what your goals are and really only say yes to the things that are producing that goal.” (22:57 – Dr. Elizabeth King)

T (Bonus) – Track It (23:20 – 25:39)

• Track Everything: From financials to program outcomes, let numbers guide business decisions.
• Modify or Let Go: Quantitative tracking makes it easy to see what stays or goes.
• Quote: “What is the monetary value to that program you created? If it does not meet your goal, again, stop it.” (24:12 – Dr. Elizabeth King)

Memorable Moments & Notable Quotes

• On Overcoming Money Blocks:
  “I talked myself out of money too … I would pose it as a question, like, $125? Right? Like, it’s not up for negotiation. … This is what it is. Now shut up and let them respond.” (17:37 – Katie Lemieux)
• Focusing on Value:
  “We help people save relationships … be happy and fulfilled … that stuff is priceless.” (18:48 – Dr. Kate Campbell)
• On Sheer Determination:
  “Don’t let anybody talk you out of it. … Think out of the box so you can make it a success. And don’t be afraid to go for it.” (26:28 – Dr. Elizabeth King)

Important Segment Timestamps

• 03:10 – Dr. King’s personal/professional journey and shift to private practice
• 05:25 – Origin and evolution of Suits, Stilettos, and Lipstick (SSL)
• 09:30 – Dr. King introduces the five steps to P.R.O.F.I.T.
• 10:30 – Proficient: Defining your niche and expertise
• 14:36 – Rate: Overcoming money mindset and charging your worth
• 19:10 – Offer: Diversify services and revenue streams
• 20:29 – Flag: Identifying what to keep, cut, or revisit in your business
• 22:23 – Intentional: Purposeful decisions; avoiding shiny object syndrome
• 23:20 – Track It: The necessity of tracking your business numbers
• 26:28 – Dr. King’s final takeaway message and empowerment for clinicians

The “Shimmy” Sign-Off

(30:01) – At SSL events, participants do a “shimmy” to bring the group together:
“We just count 1, 2, 3, and then you shimmy.” – Dr. Elizabeth King

Final Takeaways

• Dr. King’s P.R.O.F.I.T. formula provides a practical, empowering roadmap for private practitioners to build a thriving, purpose-driven business.
• Mindset shifts—especially around money, confidence, and permission to grow beyond the therapy room—are crucial to entrepreneurial success in the mental health field.
• Data-driven decisions, diversification, and constant alignment with your mission ensure sustainable growth.