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Why do multiple streams of income matter? Are you frustrated from spending so many hours in the chair to pay your bills? How can you earn yourself more income while helping more people outside of the therapy room?
In this podcast episode, Joe Sanok speaks about multiple streams of income for therapists like e-courses, books, communities, and consulting.
Podcast Sponsor: Therapy Notes
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In This Podcast
- Scaling beyond sessions
- Notice the need before creating the product
- Why do multiple streams of income matter?
- Ideas for streams of income to consider
Scaling beyond sessions
There are many ways for you to grow your private practice – and your income – without having to directly put in more hours of your personal time into working.
When it comes to building additional streams of income you can let your creativity loose and brainstorm how you can meet the needs of your clients or fellow practitioners with your unique skills, ideas, and tools.
There’s ways that we can scale [that are] completely different, and really, our creativity is the only limitation.
Joe Sanok
Notice the need before creating the product
Before you spend hours and money creating a product, you first need to connect with the pain and the needs of your client before you can launch the product, otherwise, nobody is going to buy it.
Generally, a client will be far more willing to pay for services when they feel that you, the service provider, understand what it is that they need.
We want to start with the pain and the people and growing that audience before we ever pitch a product.
Joe Sanok
Why do multiple streams of income matter?
Multiple streams of income reduce your potential for [having] all of your eggs in one basket.
Joe Sanok
At the beginning of private practice, it’s standard for you to be putting in the hours to see clients because that’s the main model.
- However, once your practice grows after a couple of months or years and things have stabilized, you can start to consider some alternative ways of diversifying and earning income.
- Expand your reach and help more people in different ways by having more content, tools, or skills available to them outside of the therapy room with you.
It expands your reach. We’re looking beyond individual sessions or even beyond our practice, it expands your reach to go way beyond your individual area.
Joe Sanok
- Open yourself up to new markets and creativity through having different streams of income and availability to clients.
By offering teaching and other tools, it won’t fall under therapy and therefore it won’t fall under your license in the same way as it would if it were one-on-one therapy sessions.
Ideas for streams of income to consider
1 – Consult on emotional issues: reach out to businesses for consulting sessions on big-picture items.
What is your area [of] expertise that overlaps with a business need? Is this more for an individual, a group, or a combination?
Joe Sanok
Create a proposal for the business when you market yourself:
- The outcomes that you are assisting with
- How these outcomes are tied to keeping the business afloat
- Other important business outcomes
2 – Online group coaching: create a group with a clear purpose that you guide, like couples, professionals, or individuals going through a similar experience.
Consider your audience reach. How many people do you have to discuss these ideas with? Do you need to build your audience more first?
3 – Repurpose your materials: you probably have loads of paperwork, worksheets, or courses. You could sell them on GumRoad or other websites.
4 – Become an Amazon Affiliate: this is a great and easy way to make some money. Check out their page and scroll down to “affiliate” or “associate”.
5 – A pre-consulting product: what is something that you can offer your audience to help them, before they need counseling? Like a course, a work-through series, a new tool?
What do you wish that they knew before they came into counseling with you? … What retreats do you wish they had done? [In] what ways do you wish they were thinking so that counseling would go really well?
Joe Sanok
6 – An e-course: people learn from home all of the time, so what can you teach them? Offer a pre-sale to test the waters and see how many buyers are interested in this course.
7 – Host a podcast! A podcast builds an audience for you to make money from products, sponsors, and affiliates.
Sponsors Mentioned in this episode:
- Ready to take your practice to the next level? Try Pillars of Practice!
- Trust me, don’t waste any more of your time, and try TherapyNotes.
Useful links mentioned in this episode:
- Check out Level Up Week! September 18th to September 21st Level Up Week 2023!
- See this podcast for hiring!
- Check out our paperwork bundle!
- Find out more about the microphone that we use and recommend
- Audience building academy
Check out these additional resources:
- How to Add a Virtual Assistant to your practice with James Marland | POP 898
- 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.
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