Multiple Streams of Income - Getting Prepared

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In our upcoming webinar on multiple streams of income for psychotherapy practices, we talk a lot about readiness for growth. We believe before you grow, make the most of what you have. That means simply evaluating what you have created thus far and making sure it is what you love. Otherwise, your multiple streams of income become a way to escape the problems in the business instead of building upon that solid foundation.

Think outside the box.

Sometimes we create businesses out of what was modeled for us. Take for example the 45 to 50-minute therapy session. This is something insurance companies love. It's something many of us do without even thinking if it is the best fit for us or our clients. I've met clinicians who need more time and their clients need more time but they don't give the time because they only have 50 minutes slots.

What would it mean to take some time and challenge what you have done so far? You might discover you are ready to grow and you might discover that making some immediate changes will make growth easier.

Take a look under the hood.

1. Services - Do you love the services you are currently providing? Can you maintain these services if you are going to add another stream of income? Instead of adding a stream of income, do you need to replace a service with a different one? Sometimes people want to replace no longer do group therapy and want to solely do individual. Just checking in with your business to what is stellar and what isn't can save you the heartache of adding a floor to the house of your business while you are shoring up the foundation. 

2. Niche - Do you love who you are working with? Even if it is hard sometimes, you embrace working through the transference and countertransference. Are your multiple streams of income going to grow from this same niche? Would adding another stream of income to a new niche dilute what you have created or make it richer? You want to enjoy the relationships you have built up until this point. Those relationships will also be a part of future growth in your business as well. 

3. Processes - Ugh, this is not always fun, BUT it's so important. Look at what irritates you in your business. From how you collect fees, to how you have your initial call to book someone, and to how you work with your employees or contractors. Is it smooth? Do you wish it would change? If you don't change it now, the irritation will get worse as you divert your attention to other growth opportunities. Take care of business now or you will also replicate these issues in the new stream of income. Look at you the process you go through from finding the client to the first call and all the way to termination of services. Does it all make sense? Is it smooth and clear? 

Be Proud.

Often we are so excited to move onto the next thing, we forget to just enjoy what we have. After you have evaluated your business, take a moment to appreciate the good stuff. If you are truly ready that's great and if you aren't, even better that you honor where you are at than to force something. Take some pride in what you are creating in the world.