Are you looking for ways to supplement income for your private practice? How can you make a substantial income from affiliate links as a practice owner? Do you have passions that complement your niche that you’ve been thinking about expanding?
In this podcast episode, Joe Sanok speaks about creating products and email lists for sustaining additional streams of income.
Podcast Sponsor: 28-Step Checklist
Are you ready to leave your full-time job for private practice? Maybe you work at community mental health, or at a non-profit, or you’re a 1099 or a W2 at a private practice already.
Is this the year that you start a solo practice? Or maybe you already started a solo practice, but you’re really not sure if you’re doing it right.
I want to give you something totally free that will help you out on your journey. I have a 28-step checklist to make sure that you start a solo practice correctly! It’s totally free, it’s a download. I just get your email and send you other tips that are going to help you be able to grow your solo practice!
You’re going to get weekly emails that help you to start your practice correctly.
So, if that sounds good to you, head on over to www.practiceofthepractice.com/new to get started today!
In This Podcast
- The three core streams of income
- Why you should develop an email course
- Steps for developing your passive income
The three core streams of income
1 – Affiliate links: this is where you get paid for sponsoring someone else’s work. What is something that you can naturally refer people to? Reach out to those companies and see if you can set up a meeting.
2 – Products: these can be mastermind groups, one-on-one sessions, and so forth.
Your own products [are] usually where you could make the most amount of money.Joe Sanok
- Mastermind group: a time-limited small group that meets for around six months.
- Email series: your audience receives small-time coaching from you over six months to a year that helps them move from a particular pain into a transformation.
3 – Sponsorships: this could be a cost-per-mention.
You’re in some way saying, “I like this product, I have vetted this product, I have used this product, or I … know people that have used this product, and I support it!” To me, [ethically doing that], to make sure that it’s something that you like and support, is really important.Joe Sanok
Why you should develop an email course
Create an awesome opt-in.
This is where it helps you so much to know your audience and what their pain points are because then you can create specific products, services, and opt-ins that they will actually want and sign up for.
[With] an email course, the goal is to take people from that “know, like, and trust” process [to working with you]. Joe Sanok
People need to know that you exist, they need to share your values – which comes from you working within your niche – and they need to like you – which comes from you being authentic in your work.
Why should you start with an email course? It first builds authority and expertise, and you have to differentiate what you teach and how you teach it from other therapists working in a similar niche.
[Email courses] help you stay in touch. Now, if you’re on Instagram or Facebook, none of those [places] are bad but you don’t really own those audiences. Joe Sanok
Your email list is your direct, opted-in audience.
Steps for developing your passive income
The main goal of creating and sustaining passive income is to create money-earning streams that are not directly linked to your working clinical hours.
You’re looking at going from one-on-one, to one-to-a-few, to one-to-many.Joe Sanok
1 – Grow your audience: develop your know-like-trust factor, understand their pain points, and have ways to help them achieve the transformation that they’re looking for.
2 – Expand your content: develop your content so that your audience can continue to learn from and about you.
3 – Develop your product: Talk with at least 20 people from your email list or in your audience and ask them about:
- Pain points
Books mentioned in this episode:
Sponsors mentioned in this episode:
- Check out the 28-step checklist!
Useful links mentioned in this episode:
Check out these additional resources:
- How Your Childhood Money Script Could be Directing Your Practice Spending and How to Change it with Ashley Quamme | POP 834
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- 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.
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