Or Get Ready to Launch Your ABA Therapy Business with a Bang!
Are you thinking about starting your own ABA therapy business? Launching your own private practice? Are you ready to join the league of #BCBAentrepreneurs and #BCBAbusinessowners?
Awesome! We love that for you! No seriously!!! No shade, naysaying or gossiping here!
From one business owner in the ABA industry to another, and as someone who has helped other business owners launch and grow their own businesses, I would love to share some of the secrets to success.
To get started, we suggest you do the following:
Develop a Comprehensive Business Plan
Secure Funding & Develop a Financial Plan
Establish your ABA Therapy Business
With these 3 essential steps to starting your own business, you'll be well on your way to getting ready to launch your business! Let's break it down!
Develop a Comprehensive Business Plan
Before you dive in, let's talk about the magic ingredient: a business plan. Think of it as your trusty roadmap, guiding you through your goals, strategies, and financial dreams. It's where you'll jot down the services you'll offer, your target market, cool marketing ideas, and your pricing game plan. A solid business plan keeps you organized and laser-focused as you embark on this exciting journey.
Don't forget to cover all your bases!
Your business plan should also tackle any legal and regulatory stuff specific to the ABA therapy world. This means getting the right licenses, certifications, and insurance. By digging deep into these requirements, you'll make sure your ABA therapy business is all set and compliant from day one.
TIP: Hey! One thing I like to remind BCBA business owners is that business plans aren't set in stone! They're more like a client's treatment plan—alive and ever-evolving (aka "living documents"). So, when you're doing your quarterly, semi-yearly, or yearly check-ins, give that plan a revisit and tweak it as needed.
Get ready to rock your ABA therapy business with confidence and a killer plan! 🚀
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Secure Funding and Develop a Financial Plan
Alright, so you’ve got the plan, now let’s talk money!
No seriously, most new ABA therapy businesses don't see their first insurance claims paid for the first 3-6 months, sometimes longer. This means you NEED a plan to have cash on hand! This gets even harder if you hire employees in the first 6 months! You the business owner gets paid last, after payroll, expenses, and all the other things that come up.
Securing funding and developing financial strategies are key to kickstarting your ABA therapy business. Starting out can be pricey—think the cost of materials, data collection and a CRM, assessments, and a fantastic team. There are a couple methods that BCBAs take when launching their own businesses:
relying on personal savings
having more than one source of income
funding from investors, friends & family, angel investors
grant money
Debt: credit or loans
bootstrapping
Some BCBAs #bootstrap their initial startup ABA businesses. Bootstrapping is great if you have the flexibility to work for yourself and are #frugal with your expenses. Bootstrapping essentially means that the money you make in your business your business. This can work well for a lot of small, well-structured independent practices. However, if you aren't great at your personal finances, be sure you have an accountant or business coach to help you with financial planning!
If you have the opportunity to acquire outside funding (e.g., grants, friends & family, private investors, angel investors, bank loans, credit), this can seriously take some stress off the first year as you grow and are waiting for payouts come in. Be careful with relying on debt, like bank loans or credit. As a business owner, you don't want to be at risk of losing your personal assets if your business fails.
We suggest checking out all the funding options out there: personal savings, loans, grants, or even partnerships. Find what fits best for your unique situation and financial plan.
And let’s not forget about keeping the cash flowing.
Creating a budget, setting your service prices, and establishing payment and billing processes are crucial. With a well-thought-out financial plan, you’ll keep your business on solid ground, ensuring stability and growth.
Establishing Your ABA Therapy Business
If you've carefully planned your business and secured funding, it’s time to make things official, legally!
We recommend following this order:
Secure a business address. If you’re not using a physical office, a Virtual Business Office will be necessary. It’s important to avoid using your home address for business registration.
Register your business. Use your business address to register with the state, establishing a legal entity such as an LLC or S-Corp. Choose the structure that best fits your goals and provides the appropriate liability protections and tax benefits.
Apply for your EIN. This Employer Identification Number from the IRS is critical for filing taxes, opening business accounts, and hiring staff.
Open a business bank account. Once you have your EIN and business address, establish a separate account for business transactions.
Start the credentialing process. Begin credentialing with insurance providers and, if relevant, Medicaid. Credentialing can take time, so start early. Ensure compliance with state licensing for BCBAs, RBTs, and any federal regulations related to healthcare.
Establish your operational framework. This includes setting up administrative systems, treatment protocols, and hiring qualified staff.
Develop clear policies and procedures. These are essential to keeping your business running smoothly and ensuring high-quality services for clients.
Decide on technology solutions. Will you use paper or digital data collection systems? How will you manage scheduling? Will you choose Microsoft Office 365 or Google Workspace? Determine the necessary IT infrastructure, cybersecurity measures, and HR management platforms.
A solid operational foundation is key to providing top-notch ABA therapy services to your clients and creating a work environment where employees feel supported and want to stay long-term.
Summary: Getting Ready to Launch Your ABA Therapy Business
Starting your own ABA therapy business is an exciting journey filled with potential, AND it also requires careful planning and preparation. This blog breaks down the essential steps to successfully launching your practice.
First, **develop a comprehensive business plan** that outlines your services, target market, and financial strategies. Think of this as your roadmap to success. Next, **secure funding** and ensure you have a solid financial plan—this includes budgeting for operational costs and managing cash flow during the crucial first few months. Finally, it’s time to **legally establish your business** by securing a business address, registering your business, obtaining an EIN, and starting the credentialing process.
Building a strong operational foundation is key to delivering top-quality ABA therapy services and creating a thriving work environment for your employees.
Innovation Moon's Consultation & Coaching Services
If you’re feeling overwhelmed or unsure about where to start, Innovation Moon is here to help. We offer personalized consultation and coaching services designed specifically for BCBA entrepreneurs and ABA business owners.
Whether you need help with business planning, credentialing, financial strategies, or developing operational frameworks, we’ve got you covered! Feel free to book a free consultation today!
Join Launchpad: An ABA Business Owner Community!
Are you ready to leap AND want a supportive community by your side?
Join Launchpad, Innovation Moon’s exclusive ABA Business Owner Community, where you’ll connect with like-minded entrepreneurs. At Launchpad, we provide resources, training, and mentorship to help you on your path to owning and operating a successful ABA therapy business. You’ll also gain access to expert guidance, coaching, and consultation services to help you scale and grow.
So, are you ready to launch with confidence? Join us at Launchpad and get the support you need to thrive!
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Suzanne Juzwik, MA, BCBA, LBA
CEO, Innovation Moon
Are you ready to start pursuing your dreams? Not sure where to start?
Join us at Launchpad! All aspiring ABA therapy business owners, pre-launch, startups within their first year can join with 50% off the membership price for up to 1 year! Join now!
Launchpad, an ABA Business Owner Community
Innovation Moon has a community for like-minded business owners to get support and mentorship on their path to owning and operating an ABA therapy business.
The community also provides resources, training, mentorship, coaching, and consultation services to small business owners. If you are thinking about launching an ABA therapy business or already own a small practice, join us at Launchpad!
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