Sorry about the music in the middle of the podcast. The podcast file is corrupted so for some reason I can’t change it. Guess I gotta work slower.
Today we’re talking about eight passive income ideas with Joe Sanok.
In This Podcast:
- Amazon affiliate
- Course to prepare people for therapy or a group
- Weekend retreat, where you hire people to run most of it
- 1099 or W-2 or sublease office
- Teach counselors how to do something unique affiliate links
- Supervision groups
Visit www.practiceofthepractice.com/12days to download the 12 Days of Private Practice PDF.
Meet Joe Sanok
Joe Sanok, MA, LLP, LPC, NCC is one of the world’s leading private practice consultants. He is the owner of the Traverse City counseling practice, Mental Wellness Counseling. Joe helps counselors to start private practices and grow them.
Pop 184 | 12 Days Of Practice: Eight Passive Income Ideas
[0:00] Welcome to the twelve days of practice series had an over to practiceofthepractice.com/12days that’s the number twelve days,
you can download the twelve days of,
act of god that goes along with this twelve part series up in over there and you will get resources infographics and what awesome things to help you launch two thousand seventeen and an awesome awesome way,
give us practiceofthepractice.com/12days.
[0:54] Happy new year i am so glad that you’re here all my gosh it’s two thousand seventeen.
You guys rock you are doing such a great job and it may feel like the holiday season is behind us but we’re still doing our twelve days of practice holidays series,
so today is the eighth day of practice or covering eight passive income ideas so,
on the eighth day of practice to give to me,
eight passive income ideas seven ways to grow six productivity tenets and my computer is not working like it should and five lug posted mr mcdougal one hundred and when you gonna.
[1:37] On the eighth day of practice is to give to me,
a passive income idea seven ways to grow six productivity tips five blog post ideas,
four day weekend threes and tits to that questions and an awesome in the mines.
[1:58] Oh me and i know i’m not an awesome thing i was in a band in college and obviously never made it big but we did get to a little bit and i was better at i think guitar,
and we have him dreams and so tired and one of the hands and is just fine we will pass out hindrance to the crowd and.
It is fun so anyway eight passive income ideas let’s talk about a different things that you can do,
there are gonna bring in money when you aren’t working.
To me passive income is a great strategy because and you can spend extra time and all sorts of different things that are beyond just that time for money counseling sessions.
And as you do that it makes it easier to continue to level up stephen just think your hot right now.
This morning i had breakfast with my friend shay who is in life coach here in traverse city and she’s continue to grow her life coaching business and now i’m doing this podcast and then i’m gonna be on the radio.
And those are all things that they may bring in some money and they may not enter the podcast taken directly tied to leveling up my career and ability to charge more.
I’ll be on the radio by going on that i am taking a new lady dr mailing fitzgerald who has custody evaluations i’m taking her in with me so that’s gonna build some passive income will talk with that a minute.
[3:21] It allows me to not just have to be doing counseling instead i can really look at,
spending time on creative endeavors they continue to help me level up so passive income is a really good thing to pursue on a number of levels list of some really easy low hanging fruit.
Doing an e-book is a great way to build some passive income I wrote the practice of the practice book startup guide to launching a private practice that he was back in 2011/2012.
What use me that winter coffees coming in northern michigan excuse me.
[3:57] But I wrote that several years ago and every single month it has made 50 too,
hundred and fifty dollars for me so that’s like a grand a year or so of holy passive income and having on backed up dated a,
i even use as a giveaway lead magnet but it still brings in money where people are searching ems in the desert we have between coughing yawning this new year’s off to a.
Quit the start.
[4:26] So writing a book is a great way to build some passive income is going to bring in you know a thousand or two a year and if you do a few different series around your topic,
you can also be a way that builds authority for you second i would say what makes sense for accounting private practice passive income is to do an amazon affiliate programs so if you go and amazon.com,
scroll all the way to the bottom you’ll see become an affiliate and it was an associate for amazon affiliates it’s coming interchangeable.
You get three to five percent of anything people buy within that purchase time is usually it’s the click on your link,
and if they buy anything the next twenty four hours you get three to five percent of that i probably bring in any month twenty two thirty dollars i don’t really push it tho,
it’s not something i pushed but i would guess that if i wrote more blog posts are on the books i was reading.
Did evaluations of those books that had links to those books i imagine i can bring in a lot more but even fifty bucks a month you know that’s a few hundred dollars a year that you’re bringing in extra.
So i always wanna disclose that you have a relationship with the amazon that’s a really good way to build trust with your audience.
The third i would say he would be to sign up for muses professional program if you go to practiceofthepractice.com/muse,
muse is a biofeedback headband teaches people how to do meditation to really cool technology device it reads your brain usually cost four hundred dollars or so.
[6:05] So if people buy that thru you can get a percentage of that or you can have a discount.
Where you purchased and then sell them to clients i prefer just can giving people a link to buy it to me that you’ll kylie’s in their court a little bit more.
But it’s a great way to passive income also if you don’t feel comfortable with that you can always have that money donated to the charity of your choice next to receive building.
[6:37] There’s therapists that i worked.
[6:40] They may have a group and see eating disorders are cutting or anxiety and they have sort of like a start of course everybody has to go through to learn the language of that group ahead of time and not charge for that.
[7:27] And so you may set up kind of the sales funnel a to get people to come to a couples retreat for example and then you may higher on therapists at a certain hourly rate to help run the most of the retreat.
So becomes useable pitch.
Must be because i was up late last night for the new year not that i’m recording this in the morning of that would just be ridiculous,
thanks for leaving for my aunts need any not record the that ten twenty in the morning you think that i would not be on this point,
also weekend retreat where you got some passive income rehired people to run most of that is a great way to build passive income.
[8:07] Next looking at adding ten ninety nines or w two’s or sub leasing your office.
This was attacked yesterday about growing but also great passive income idea.
And so the way i structure is for a someone this new to my practice there’s an on boarding phase where i take fifty percent of the first twenty five hundred dollars that they bring in,
in their first month that they bring in twenty five dollars the moving to full clinician status this is a way to pay for my time when i’m on boarding someone,
i have to really motivate people to get going to bring in that money so once they bring in that twenty five hundred dollars in one month then they move from being in the on boarding phase,
giving for clinician face and during that phase i take fifty percent of the first thousand dollars,
and then it takes then i give sixty five percent of the next fifteen hundred so it thirty five percent then above that twenty five hundred i only take twenty five percent,
so this morning people to come see more and more clients it helps people to feel like,
they get more as they grow and then when they raise the rates there able to make even more money and so for me it’s important to have can the same standard for everybody and not have differences between the other than that i’m boarding face,
i’d so you think about the passive income think of all the hours in a week you’re not using your clinic.
Most cancers are probably working twenty hours a week if their fall twenty to thirty but you think that from seven am and tall like.
Pm so twelve or thirteen hours a day.
[9:39] Monday through probably fifth maybe friday you can see people quite that late and then saturdays and sundays there’s probably sixty to seventy hours a week or more the you could be utilizing your office.
So the map that i can use is that each office can usually have one full-time person and two-part time people sometimes even more than that and so that’s really important to utilize their office space they’re paying for cuz you’re not,
you’re not in there and seventy hours a week next.
We’re gonna talk about teaching counselors how to do something unique so for example you could teach other counselors how to grow up teach them,
within your community when you sit down people and give them affiliate links to the things that you use soap.
Having coffee with other counselor and they are asking about website sign up to be a blue host affiliate sign up to be a weber affiliate give them those tools so that you can make a little bit of extra income off of those individuals.
And then last dot supervision groups as a great way i would love to and passive income because you can have in many states a second.
Third supervisor that joins you were you have the supervision group,
but then you’re paying that individual less per hour that supervising then if they are there are a lot of counselors don’t wanna do the marketing they don’t wanna,
find your own supervision group and if you sign up maybe non compete clause of course doctor turning about that that’s a great way to build some passive income as well so for example i have a supervision group.
[11:12] Where people pay anywhere from thirty to forty dollars an hour to be in that group and then if i have c twelve people that are in that group.
That’s a large amount of money for four hours of supervision and then i hire another counselor.
To come in for fifty bucks an hour to do that supervision he’s able at your shop make some extra money doesn’t have to do any of the marketing and that i make more per hour as well so those eight.
Passive income ideas are e-book amazon affiliate muse creating a course creating a weekend retreat.
Adding people to your clinic kitchen counters how to discipline using affiliate links and then supervision groups.
Tomorrow night steve practice were gonna talk button nine it quick changes that you should make,
that will improve your overall business thanks for letting me into yours and into your brain have an awesome day and i will talk to you.
[12:14] This podcast is designed right after the third information in order to subject matter covered this come with the understanding any of the host,
where the publisher rings legal accounting clinical other professional information if you need a professional you should find wall.