How to Diversify Your Income as a Therapist
Are all of your eggs in one basket?
As a therapist working in private practice, you’re very aware of the ups and downs of self-employment. Sometimes, the stars align, and you have a steady stream of clients. Other times, there’s a tumbleweed blowing through your office.
And for those of you who have more clients than you know what to do with, you’re facing another problem: there’s only one you and you’re pushed to the limit and out of time. You’ve been working overtime with one on one client sessions and you’re burned out. But, decreasing your hours will mean less money in the bank, affecting your retirement and your peace of mind.
So, what should you do? Diversify, of course. Not sure how?
In this post, let’s discuss easy ways to diversify your income so that you’re not burning yourself out with one on one sessions all the time. While that will definitely be the cornerstone of your income, there are a lot of alternative revenue streams you can implement right away to relieve some of your burden. Let’s discuss!
Write a Book
Whether you seek out a traditional publishing house or you self-publish through the popular (and free) eBook tool Amazon Direct Kindle Publishing, writing a book can generate an extra stream of revenue for you.
So, what should you write about?
You can write anything from self-help (you’re more than qualified) to workbooks that help a client get clarity on an issue. You can sell your book online, in your practice, or during speaking events. People will pay a premium for your information— in fact, they already are if they’re coming to you for therapy services. Why not distill what you know in written form and build an avenue of passive income?
Contribute to a Publication or Blog
What if you like the idea of writing, but don’t want to commit to writing a book?
You can write for magazines, newspapers, professional journals, or other print publications. There are thousands of publications needing fresh, inspired content, whether weekly, monthly, or quarterly. Consider becoming a regular contributor to a publication. For example, you can have a weekly column in your local newspaper where you tackle questions from readers.
Another idea is to finding paying guest post opportunities. On the low end, you may make $50 for your post. But, on the high end, you can walk away with thousands for one guest post.
You can make a handsome wage penning just a few articles per month.
Consider Public Speaking
Are you good at public speaking? You can earn money for speaking at conferences, events, workshops, and more.
As long as you can solve a problem, there’s an audience that’s ready to listen to you. In fact, you don’t even need to provide the solution in your speech— but if you can hint at it, start a dialogue, ask the right questions, and provide inspiration, you’re the right person for the podium.
Public speaking definitely requires passion and knowledge on the subject, but you’ve already got those working for you. To get speaking gigs, you’ll need to chase down opportunities, network with the right people, and build up your testimonials.
To help you along those lines, check out these posts:
Teach a Class In Person
Consider teaching a class at your local community college. Most community colleges have adult continuing education programs where they offer classes on all types of disciplines. You can contact your local college and pitch them an idea for a class or workshop. Find something in your niche that you feel you can teach. Here are a few examples:
- Parenting (teenagers, tweens, special needs, single parenting, divorced parenting)
- Communication skills (public speaking, romantic relationship, parent child)
- Self-care (meditation, stress management)
Teach a Class Online
You can also teach a class from your home or office. One benefit of teaching a class online is that you don’t actually need to be live. You can record your sessions and share them as a complete, self-paced course.
You can use the same ideas we discussed above as ideas for your future course.
But don’t feel limited to discussing something in your professional discipline. You can also teach something you’re passionate about, such as a hobby. What do you love to do in your spare time? Photography? Travel? Music appreciation? All of these topics, and just about anything else, can be converted into a marketable course.
Create a Website and Blog
We’ve talked before about why you need a blog. If you haven’t already, definitely read that post for the most compelling reasons why every therapist should maintain an active blog. Among my favorite reasons is being able to market yourself and establish your authority. However, there is another stellar reason to blog, and it’s called money.
If you don’t have a blog, you may be missing out on an opportunity to make extra income. While I don’t recommend plastering ads on the sides of your blog, you can still make quite a bit of money with a website.
For example, you can become an affiliate for some product or service that you believe in. Amazon has an excellent affiliate program. Whenever you mention a product on your blog post that’s available on Amazon, you can link to it. Let’s say it’s a book that you think your audience will benefit from. You’ll simply send them to that direct link and make a percentage off of the sale if they purchase.
Of course, you’ll want to disclose to your audience that you have an affiliate agreement, but it’s all perfectly legal and won’t harm your reputation. The key is to promote the products you truly recommend.
Offer Group Therapy Sessions
Are you only offering one on one counseling? Perhaps you should consider offering group therapy sessions. You’ll be able to serve more than one client at a time while also enhancing your hourly fee. They may pay less for a group session, but you’ll earn more for less time spent.
Similar to group therapy sessions, you can host a monthly workshop where you share actionable strategies.
Become a Consultant
In addition to your therapy practice, you can work with businesses on a consultation basis. In the course of your research, you’ll probably be astounded by the number of people who’ve been able to cross over from therapy to consultation work. Love him or hate him, Dr. Phil was able to parlay his private psychology practice into a trial consulting firm.
Depending on your field of therapy, you can become a consultant for a wide range of businesses, including law firms, media groups, other therapists, and more. Look for network opportunities within your city where you can lend your services to help a business finance your private practice at the same time.
Before you go, check out these extra resources:
- 6 Ways to Get More Private Pay Clients for Your Therapy Practice
- How to Market New Services to Existing Clients
- How to Educate Prospective Clients on the Need for Mental Health Services