Have you considered creating multiple streams of income? How does passive income boost your overall profit margins? Instead of thinking “outside of the box”, can you challenge yourself to get rid of the box entirely and pursue your dreams?
In this podcast episode, Joe Sanok speaks about building multiple streams of income to boost your business income and recognition with Azizi Marshall.
Podcast Sponsor: Therapy Notes
Is managing your practice stressing you out? Try TherapyNotes! It makes notes, billing, scheduling, and telehealth a whole lot easier.
Check it out and you will quickly see why TherapyNotes is the highest-rated EHR on TrustPilot with over 1000 verified customer reviews and an average customer rating of 4.9/5 stars.
You’ll notice the difference from the first day you sign up for a trial. They offer live phone support 7 days a week, so when you have questions, you can quickly reach someone who can help, and you are never wasting your time looking for answers.
If you are coming from another EHR, they make the transition really easy. TherapyNotes will import your clients’ demographic data free of charge during your trial so you can get going right away.
Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached, and remember, telehealth is included with every subscription free. Make 2022 the best year yet with TherapyNotes.
Meet Azizi Marshall
Azizi Marshall is the founder and CEO of The Center for Creative Arts Therapy, as well as being a speaker, author, mental health expert, creative entrepreneur mentor, and pioneer in harnessing creativity to heal burned-out hustlers. Azizi helps stressed out and overwhelmed private practice owners and female leaders reclaim their health, their time, and connection with themselves… without sacrificing their passion to hustle hard and achieve greatness.
In This Podcast
- Launching your business
- Why you should consider creating multiple streams of income
- Passive income boosts your profit margins!
- Get started on your passive income
- Azizi’s advice to private practitioners
Launching your business
First off, you need to create awareness around your business. Your business doesn’t automatically launch with your website, even though the website is an important starting block.
Put your business name out there, and then work towards building awareness around it.
So that was the biggest lesson, which is [that] the website is not the one-and-done. It is getting out there and letting other trainers know that you’re offering these courses, putting things out on social media, and then bringing them to the website as a link.Azizi Marshall
Then, you have to “play nicely” with other associations and businesses within your niche. How can you make sure that you are checking the boxes while completing entrepreneurial work?
When offering those trainings, I had to really learn who those associations [were]: what do I need to do [to] stay in compliance with them so that people can come through the training program and actually get what they need?Azizi Marshall
Why you should consider multiple streams of income
1 – Maintain consistent income over seasonal changes: clients will come and go, especially throughout the year over school holidays, festive seasons, and so forth. Passive income can help you and your business to stay afloat while customers come and go.
2 – Backing your income over slow months: sometimes business is low when clients are few or the cost-of-living increases and people shift their spending habits. Small but consistent sources of income can carry you over these months.
We set it up so that when we know there’s going to be some revenue disparity … we have the trainings to help supplement any sort of [financial] loss.Azizi Marshall
3 – Take time to rest: if you have money that comes in whether you interact with it directly or not, it gives you the chance to also take a breather, reducing your risk of burnout. Passive income is therefore both a good business and a good health decision.
Passive income boosts your profit margins!
Often what you pay for – your expenses – like your staff, tech, outsourcing, and marketing, provides you with your profit. You are essentially paying to make money and keep the business running.
With passive income, it creates itself. You spend some time, effort, and money to create the source, and then it can continue doubling up on itself. It will pay itself off and then continue to bring extra revenue that you don’t pay for.
Get started on your passive income
- Delegate work that you specifically don’t need to be doing to free up your time
- Look at who you are marketing your services towards, and get specific
Who ignites that passion in you that every time you show up, you [think], “Oh my gosh, I can’t wait to do this group, I can’t wait to work with this client”. That’s who you want to design the program for.Azizi Marshall
- Create your dream-client avatar and hone in on what they struggle with and how you can help them
- Record your content, put it together, and launch it on a platform as an offer
Azizi’s advice to private practitioners
Believe in what you can accomplish! Instead of thinking “outside the box”, realize that there is no box!
Useful Links mentioned in this episode:
- Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached, and remember, telehealth is included with every subscription free.
- Visit Azizi’s website and see also The Center for Creative Arts Therapy and Artful Wellness. Connect on Facebook, Instagram, and LinkedIn.
- Help A Reporter to boost your business
Check out these additional resources:
- Building Trust Online with Nicole Krug | POP 790
- Apply to work together
- Events – click on the event’s dropdown
- Sign up to join the free webinars and events here
- Podcast Launch School
- Practice of the Practice Podcast Network
- Free resources to help you start, grow, and scale
- Apply to work with us — a decision-making matrix for your next steps
Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
Thanks For Listening!
Feel free to leave a comment below or share this podcast on social media by clicking on one of the social media links below! Alternatively, leave a review on iTunes and subscribe!