5 Ways Therapists Can Add a New Source of Income
When you run your own private practice, you get to experience the freedom of being your own boss and deciding your own schedule. Unfortunately, that doesn’t always mean you can control your income.
As a therapist, there are a few levers you can pull to adjust your income:
- Work more hours (ie see more clients)
- Raise your rates
- Hire more therapists
- Add a new source of income
As you can probably guess by the Title of today’s article, we are going to be discussing #4 — Adding a new source of income.
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Without further ado, let’s get to it and dive into the most effective and modern methods for diversifying your income in private practice.
Additional Sources of Income for Therapists
Marketing is about messaging. And when it comes to private practice, it’s critical that your messaging is about how much of an expert you are in your field of specialization. What better way to demonstrate that expertise – and earn a little extra cash – than by creating an online course (or “e-course”) targeted towards your ideal client?
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Creating an e-course is easier than you might be imagining, especially since you can make one on a topic you already know a lot about! For example, if you specialize in anxiety and adults, consider an e-course titled, “How to Date With Social Anxiety.”
To learn more about how to build your very own e-course, check out this episode of The Therapist Experience, How to Create an eCourse to Bolster Your Business Income.
Just like an e-course, writing an e-book positions you as an expert and authority on your subject matter.
Plus, it can be used to increase your income!
While writing an e-book (a book that you sell online as a file download instead of a physical book) may sometimes take longer than creating an e-course, it takes demonstrating your expertise to a new level.
Published authors, even if it’s ‘just’ an e-book, have a level of authority and expertise associated with them. This expertise is incredibly effective at driving in more clients to your practice.
If you’re thinking, “How would I fill up a whole book?” then you need to listen to this episode of The Therapist Experience, How Writing a Book Can Super-Charge Your Entire Practice.
If you haven’t already hopped on the telehealth train, it’s probably time! Adding teletherapy to your practice adds a huge amount of flexibility to your working schedule. It also gives you the ability to see clients that you couldn’t before, such as clients who can’t leave home or who live in your state but are too far away for a casual drive.
Learn more about why adding teletherapy might be right for you in our article on busting 6 Myths About Offering Online Therapy.
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Adding coaching services is a wonderful way to help many more people, while opening up your practice to many new types of clients at the same time.
As a therapist, you know there are a number of significant and subtle differences between coaching and therapy. But it can be an effective way for you to help even more people, while growing your business.
If you’d like to learn how a fellow clinician used coaching to seriously boost her practice, check out this episode of The Therapist Experience, How Mercedes Samudio Niched Into Parent Coaching & Her Practice Exploded.
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Are you a private practice superstar? If so, then I bet you have a ton of insight, guidance, and expertise that other therapists would love to learn. And that’s where consulting steps in!
Consulting has really taken off in the private practice space of the last few years, with a wide range of business and independent consultants. These consultants offer everything from e-courses, to private Facebook groups, to in-depth business coaching. And there’s still plenty of room for other experts. If you’re a private practice superstar, we hope to see you offering your advice to other therapists soon!
If you want to know the right way to add consulting to your practice, check out this episode of The Therapist Experience, How Therapists Can Add Coaching/Consulting & Protect Their Licenses.
Your Next Step
Are you looking for even more advice on increasing your practice income? Then check out these great additional articles:
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