Get Ready for Multiple Streams of Income

Therapy is a beautiful blend of art and science. In many ways, therapy is a creative process. Naturally, if you are a therapist in private practice, that creativity can be translated beyond the couch and into your business. 

There is a lot to creating multiple streams of income in your practice, but before you start, here are some things you need to know.

You need time.

Adding any new project to your business will take time away from your initial business objectives. To find the time to add another stream of income, you will want to automate and streamline as much as you can in your private practice. Take time from the business, not from your personal life if at all possible. Get an assistant to help you, or get your notes done on time, and charge a fair fee that will allow you to see the number of clients you need to make a good income and still have time to do other things in your business. 

You need energy.

Why am I talking about energy? I talk to a lot of therapists who struggle with chronic illness, high stress, depression, anxiety, or other things that drain them. You physically and emotionally need to be able to give to a new thing in your work in order for it to succeed. Take care of you first before you grow your business. 

You need money.

Say what? Whether you outsource the automation of your practice, hire a coach, an editor, a designer or project planner or even pay for printing, supplies, sales licenses, there are costs to adding another stream of income. Recently we had to get a sales certificate to start project: rebel, and pay for a new website. Do some research so you can at least have an idea of initial costs. I will also add, you need your first stream of income to be steady. We see when therapists aren't profitable in their first project, adding another project in hopes that it will save the original business plan...and the stress is a lot for them.

You need a vision.

How does this fit into the big picture of your life and your dreams for helping others? Knowing the connection will keep you afloat when you freak out and want to throw in the towel. Behind every project is a purpose. Take some time to thoughtfully identify yours. 

Are you ready to add another stream of income? Join our upcoming trainings to learn from others on how they built their practices in out of the box ways!