You’ve done a LOT of work to build your business to a place now where it is flowing, sustaining, and a full-time income. You’ve got the amount of clients that you need or want, maybe more than you need or want. Now you finally have some room to pause, reflect, and develop something that elegantly adds to your business, while also serving you, your clients, and your community!Read More
I know… I know… your money issue is that you need income coming in… But, is that it? Whatever issues you have with money in your personal life, in your business finances, and your business plan- those patterns tend to track to any new venture including one relating to passive income.Read More
Last week we talked about the idea of Passive Income to start building up income that doesn’t require you to directly work. I know you are VERY excited about creating passive income that could take care of your living expenses without seeing a bajillion clients a week, but before you do that- you have some work to do…
If you have been following us for awhile, you may have realized that Kelly and I don’t gloss over the tough stuff. There is no fast forward button or magic wand when building a profitable, sustainable business. Why? Because the things that you try to avoid now will come back to bite you on the tush later!
Yes, sometimes people seem to grow faster than others, but often you don’t see the work, research, planning, and implementation that came before what looks like an “overnight success.” Anybody who has been through our Business School Bootcamp for Therapists can tell you- it works- but it is NO magic wand! It really is a bootcamp!
Why You Must Create Time for Passive Income
You need passive income so you can see less clients, and have more time. But, you also need time so you can create passive income, and see less clients! It can feel frustrating when you’ve been overworking for so long and you need something to change right now and realize that there isn’t an overnight fix. The reality is most therapists don’t have the time to implement a passive income stream successfully.
A Quick Example About the *Time* It Really Takes to Create *Passive* Income
The most classic example of passive income is rental property. Buy a property, rent it out, the rent check covers the costs and then some and poof- you’ve got passive income. But what came before that… or during that “passive income” stream?
Have you ever purchased a piece of property? Think about the amount of time you spent researching, negotiating, signing papers, making sure the space was ready for move-in.
Ever looked for rental occupants, “marketed,” your rental space? Or managed a rental property , otherwise known as provided ongoing customer service? It is seldom initially a completely passive process. And, this doesn’t take into account all the “time” that was invested previously saving up that money to invest in a down-payment or closing costs for the property.
That ebook, or ecourse is not much different. There is research involved, paperwork, moving, marketing, customer service. You need time to research plan, create, and implement that passive income that you so need.
What Happens If You Don’t Create Time for Passive Income
I know you- you’ve listened to all the podcasts, watched the YouTube vidoes. They make it seem like you can create a magical income stream in just a few hours. Some of the trainings almost make it sound like you are stupid if you don’t already have a passive income stream.
But, most people find that creating and launching a passive income stream takes a LOT of time- much more than they were prepared for! If you don’t create the time for passive income you can end up spending more time, spending more money, and WASTING time for a project that would be a great idea but it never gets launched at all. Or, it gets launched in a way that doesn’t allow it to actually bring you in income.
You wouldn’t expect to spend 10 hours one weekend buying a house, getting it ready to move-in, finding renters, and setting up processes to make sure your rental gets taken care of. You can’t expect to spend 10 hours one weekend building an entire new arm of your business that will support you from scratch and have it start bringing you real income.
Erika, a psychologist in Florida, and one of our My Awesome Year coaching clients had this to say about passive income: “I thought launching passive income was gonna be easier than starting a business, but really it’s just as difficult and time consuming because now you have 2 things to juggle 😫. You have to have a solid business with consistent referrals and systems before venturing into a passive income stream, and an assistant you can delegate to.”
How to Create Time for Passive Income
Ok- you can’t really “create” time, but you can definitely take back time. It is important to assess how you are spending your time right now. Both our bootcampers and our private coaching clients consistently find that without addressing this issue, they end up getting distracted from the projects, passive income streams, etc. by the reality of running a business and living life. Here are some questions to explore:
What am I doing right now that isn’t actually helping my business that I can let go of?
What am I avoiding right now that needs to be done to keep my business running smoothly?
What am I doing (or avoiding) that could be automated by software?
What am I doing (or avoiding) that could be outsourced to an assistant?
Can I batch any activities to free me up for a few months? (Set 6 months of blog articles to drip out for example so the marketing continues while you shift your focus to another project).
Is there anything in my business that I could change to free up my time or make my life more streamlined? (Dropping an insurance panel, letting go of a contract that takes a lot of time, etc.)
Do I have processes and systems in place that make it easy for me to delegate tasks, oversee big projects, and move my focus away from my business without my income dropping?
These questions may seem easy on the surface. We know they aren’t. It is really easy to get mired down in the way that things have already been done. Before you move to creating a new business or income stream- make sure your current business process is truly running as efficiently as possible. If you don’t, it could easily keep you from ever getting a really great passive income project off the ground. OR, you could take the same inefficiencies that keep you busy in your business as is and replicate the same problems in a new area of your life.
One of the best pieces of advice that we can give you is to have an outside person really look at what is happening in your business. It is uncomfortable, it is vulnerable, but it is incredibly powerful. It doesn’t have to be a business coach, but it does need to be someone who understands your field, and that knows how to create something that is streamlined and that meets your needs.
Already ready to dig deeper into other income streams? Check out the free multiple streams of income for therapists training, or listen to stories from a panel of therapists who are thinking Beyond the Couch and making money beyond traditional 1:1 psychotherapy.
You love your work. You love helping people. But, you’ve realized you can only see so many clients and do really great work. Or, maybe you’ve realized that the kind of work you’ve done for so many years is starting to wear on your body in a way that you need some time to recover. Or, maybe you just want to live debt free or send your kid to college. Whatever the reason, you are searching for how to make more money, or passive income ideas, or passive income for therapists for inspiration and how-tos.Read More
Some of you have watched Gary, PhD a therapist in Los Angeles in our Private Practice Success Stories video. Today, I was working on sending out an email and stumbled upon this standalone video that Gary recorded just 6 weeks after bootcamp after his first round of bootcamp. He got me to tear up and he has a real conversation about what it means to take a look at your practice when you are established as a therapist.Read More
What do you need? What do you want? What are you REALLY looking for? Your clients often come into you with a surface symptom, complaint, or desire. But, when we dig deeper we find the real gold in that experience. Mercedes, LCSW shares her journey in teasing out her big vision, her real passion, and getting to know deeply how to run a business that was the perfect fit for her.Read More
Starting a new private practice and being full in less than 6 months sounds exciting, but there can be some major fear and doubts along the way. Listen to Mollie's story today and get inspired!Read More
Change is absolutely terrifying when you are a business owner. It can feel like even once you've gotten your feet under you and you are doing well, that if you make any changes, that your business can fall apart.
Dr. Kimberly, LMFT joined our bootcamp in Spring of 2015 as she was starting out in private practice. Now, she has used the skills, insight, and tools she learned to not only come back to a thriving practice after going on maternity leave but after moving her private practice to a new town she is at capacity in 6 months!
Listen to her story and her insights, she has excellent advice for any therapist in private practice- so give it a listen!Read More
We aren’t meant to build our businesses in isolation though when you start your private practice, you usually think about it just being you, in your office, handling the business. In reality, it takes a lot of support to help you get to a place of success so let’s look at who is on your team.
So how do you build up the support you need? First it’s time to ditch…Read More
Wow, have you been following along and working through each week of the streamlining your private practice challenge? Are you making some deep change and tidying up that practice? We sure hope so! This week we are moving on to marketing!
A lot of people find us and join our Business School Bootcamp for Therapists because they want help marketing their private practice. They are often surprised that marketing is about much more than just posting on Facebook and that good marketing includes a solid business foundation! So, all of the work you’ve been doing so far has been preparing you for your marketing assessment!Read More
Starting and growing a private practice can be a real time suck. There are so many things to accomplish and to balance the management of the business along with the clinical work, well it’s often something we don’t plan for. So all the management stuff gets shoved in between appointments with clients, or late nights after the kids have gone to bed.
In the beginning, it can be fun. It’s like finding a new love. You are all excited and have a new found energy. But over time, you get comfortable and maintaining that kind of energy long term can really wear you down.Read More
I know you talk about boundaries in your clinical practice regularly. From the outside looking in, it is always so clear. We can see the places that people aren’t speaking their truth. We can see the impact of putting other people’s needs before own’s in a way that is unhealthy and detrimental (as opposed to in a giving back, act of service sort of way). As we reflect, explore, and delve deeper we can often help our clients create that beautiful connection that lets them see the why and how of this pattern and develop new ways of being.Read More