In this episode, Gordon reveals nine unique ways to diversify income in private practice typically, we trade our time and expertise for money. We have a session, and our clients pay us for that. Trading time for money can be limiting. There are lots of other ways we can generate income for our practice. Gordon identified nine different ways to diversify revenue. The list goes in order from most practice related to less practice related.
Nine Ways to Diversify Income in Private Practice
1. Group Sessions
Most groups are between four to six people. You can have a group around a particular topic or niche. This way, you are maximizing the amount of money you get for the time spent.
2. Start a Group Practice
Partner with other therapists and create a small group. Gordon collects a small portion of their rates to pay for overhead. However, a small piece of that is also the profit margin. This additional income allows Gordon to see fewer clients himself and gives his other therapists more clients. You can bring on therapists for your group practice as independent contractors or employees.
3. Affiliate Marketing
Find products and services that other people are producing. When you offer that product or service, then you will get a commission from that. A lot of the links Gordon uses are affiliate links. If a person clicks through the link, then Gordon will get a commission. A big affiliate is Amazon. Gordon says to sign up for an Amazon Associate account. Through the account, you can offer anything from Amazon, link it on your website, and then you will receive a commission. For instance, Gordon recommends The Full Focus Planner. Whenever you click on his site, Gordon will earn money from Amazon. Here are some other resources Gordon recommends:
4. Selling Online Products
Gordon offers a Paperwork Packet as one of his online products. A lot of therapists create handouts and worksheets for clients. You can generate income from providing these resources online. Check out Practikat; they help therapists sell resources through their platform. Another platform is Gumroad – you can sell digital products on this site. With Gumroad, they take a percentage of what you sell. However, it can still be a lucrative way to create income.
5. Online Courses
Gordon uses Teachable for his online courses. There is a lot of stuff that you as a therapist and a private practice owner are knowledgeable about. It doesn’t necessarily have to be courses for other therapists. It can be courses that you offer to your clients. If you do a lot of anger management counseling, think about putting it into a course format and provide it to your clients.
6. Writing a Book
Gordon offers a Private Practice Start-Up Guide. When people sign up to get it, they use their email address. Then, Gordon will use the email address to market. An eBook will get your name out there and establish you as an expert. EBooks can be used as a lead magnet, or you can sell the eBook online. Make sure the eBook is quality. Do not do it just to make people spend money.
7. Public or Live Events
By offering continuing education events, you can create more income. Dr. David Hall of PsychMaven has a whole course on how to create one of these events: A How-To Guide to Build Your Own Continuing Education Events for Income. Several organizations also offer continuing education credits online and as live events.
8. Starting a Podcast or YouTube Channel
Gordon’s podcast has grown, now advertisers are interested in sponsoring the podcast. For example, TherapyNotes pays to be a sponsor of the podcast. Gordon does not take any old advertiser. He only uses people that he trusts and businesses that offer a relevant service for his audience. People on YouTube will also create income via advertising.
9. Consulting and Coaching
If you have been in practice for a while, and have business-related skills, think about consulting others. Generally, you can charge more for consulting than you can counseling because it comes with a level of expertise. Gordon charges two or three times higher for consulting than he does for counseling. Plus, counseling is more of a long-term commitment, whereas coaching may be more of a short-term commitment.
Being transparent… Some of the resources below use affiliate links which simply means we receive a commission if you purchase using the links, at no extra cost to you. Thanks for using the links!
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Meet Gordon Brewer, MEd, LMFT
Gordon is the person behind The Practice of Therapy Podcast & Blog. He is also President and Founder of Kingsport Counseling Associates, PLLC. He is a therapist, consultant, business mentor, trainer, and writer. PLEASE Subscribe to The Practice of Therapy Podcast on iTunes, Stitcher and Google Play. Follow us on Twitter @therapistlearn and Pinterest “Like” us on Facebook