8 Multiple Streams of Income Ideas for Therapists in 2023
There are many ways to make an income as a therapist, including running a private or group practice in a sustainable manner. However, if you want to make an impact on an even greater scale, reach a larger audience, and/or set yourself up for even more financial success, having more than one income source is a fantastic idea!
Why Are Multiple Income Streams Important for Private Practice Owners?
Multiple streams of income provide more opportunities for private practice owners. You not only create more opportunities to make money, but you’re also building connections, impacting people on a larger scale, and exposing yourself to more ways to connect with and help support others.
Typically, people trade time for money, so creating multiple streams of income also frees up more of your time, creating a better life/work balance. And if you’ve experienced anxiety or burnout as a therapist, an increase in income may help you take more time for yourself.
Best Income Stream Ideas for Therapists
Having multiple streams of income basically means the money you earn regularly without needing to put in too much effort, although energy and effort do still need to be applied – especially when getting started!
Best 8 Multiple Stream of Income Ideas for Therapists in 2023:
Create an online training course, workshop, or Masterclass
The best part about income streams is that you can create a course based on your expertise. Maybe you want to create an online course about how to prioritize your mental health or ways to support a partner who has an anxious or avoidant attachment style. Think about what it is that you can offer and create a course, workshop, or online training on that topic.
At zynnyme, we’ve created multiple online trainings, including our burnout training for therapists on 3 ways to eliminate burnout now.
2. Write an ebook
Chances are your clients would love to learn more about your perspectives on life as well as your advice and tips. There are also plenty of people looking for support, especially when it comes to mental health, that could benefit from your ebook. And an ebook gives you the chance to distribute your book to a larger audience and reach more people.
3. Launch a podcast
If you want to reach more people, a podcast might just be for you! You can share self-care tools, mental health advice, and more. And if you sell products or services on your website or you’re part of an affiliate program, you can spread the word for free on your podcast.
4. Create an app
Another option is to create a mental health or wellbeing app. You’lll want to define your intended audience, determine your app’s features, and test them, and seek out a software developer with the expertise to help – or you may even find some DIY, no-code options!
5. Become a public speaker
Create a section on your website that lets people know you’re open to public speaking gigs. Next, compile a list of various organizations who would benefit. Some of these organizations might include schools, hospitals, nonprofits, libraries, and churches. Pick out a couple topics you would like to speak about and create a presentation to share with these organizations.
6. Monetize your Instagram account
If you have a solid following on Instagram, try launching a coaching program or workshop targeting your followers. You might want to offer a free live Q&A session and then share your workshop with the group to gather interest.
7. Create a YouTube channel
If you enjoy being in front of the camera, you could launch a YouTube channel where you provide advice, tips, and suggestions on various topics of your choosing. You can reach a wide audience on this platform and even maximize earnings with YouTube ad revenue (if you’d like).
8. Sell products on your website
You could also offer various products on your website that you love that could also benefit your clients. Some ideas might include essential oils, yoga bolsters, eye masks, card games, and books you feel would best support your clients outside of appointments.
Another option is to offer your own product on your website as well. Esther Perel did this with her card game “Where Should We Begin.”
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Which income stream ideas are you interested in adding to your business? Let us know in the comments, and share any other options not listed to support other clinicians!
Disclaimer: Before you incorporate any of these income streams into your own business, please ensure you’re following all ethical and legal best practices that apply to your practice.
Learn more about how to generate multiple streams of income in our multiple streams of income for therapists free online training today.
