Mar 03 2025 11 mins
In this episode of Dietitian Boss, Libby Rothschild, CEO and founder of Dietitian Boss dives into one of the most important questions for new dietitians: How much should you pay yourself and when? Whether you're just starting your private practice or navigating your first year in the field, this episode provides actionable advice on:
- Understanding salary expectations and budgeting as a dietitian.
- Common pitfalls to avoid in your first year.
- Creating a payment plan that balances personal and business needs.
- Planning for taxes and reinvesting in your business.
- Evaluating and adjusting your salary over time.
Libby shares real-life stories from dietitians she has coached, as well as practical tips to help you set realistic income goals, manage expenses, and build financial stability in your business.
What You’ll Learn in This Episode:
Dietitian Salary Expectations:
- Average salaries range from $50,000 to $70,000 annually, varying by location and setting.
- First-year private practice income often ranges between $30,000 and $50,000.
Budgeting Tips for Your First Year:
- Separate personal and business expenses using tools like QuickBooks or Wave.
- Allocate funds for essentials like website hosting, marketing tools, liability insurance, and more.
- Avoid common pitfalls, such as underestimating marketing costs or neglecting analytics.
How to Pay Yourself:
- Start with a modest salary that covers essential living expenses.
- Allocate 20% of your revenue for reinvestment into your business.
- Automate salary payments to maintain consistency and reduce financial stress.
Planning for Taxes:
- Set aside 25-30% of your income for taxes to avoid surprises during tax season.
- Keep detailed records of deductible expenses, such as software, home office costs, and professional development.
Evaluating and Adjusting Your Salary:
- Conduct quarterly financial reviews to track income, expenses, and business growth.
- Use data from these reviews to make informed decisions about salary adjustments, hiring, or reinvestments.
Building a Strong Foundation:
- The first year is about learning and growing. Be patient and prioritize financial planning for long-term success.
Connect with Libby:
Instagram: @libbyrothschild | @dietitianboss
YouTube: Dietitian Boss
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Resources:
Are you ready to get support? Team Dietitian Boss offers support to help you start, grow and scale your private practice. Book a call to learn more about what options we offer to help you based on your stage of business.
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