If “dollars-for-hours” income is the only basket in which you are putting your eggs, you may want to reconsider your business model.
You may now be struggling to fill your book however, you will likely reach a point when you are: out of time; wanting to decrease your hours; or looking to retire. There may come a time when you want to work less and still derive an income from your practice.
Over the past 20+ years, I’ve ALWAYS had my hand in something in addition to my clinical practice. I can’t remember all of the things I’ve tried and done. Some of them worked and others BOMBED, but overall, diversifying my revenue streams has given me lots of peace of mind, security, and has added elements of newness and fun to my work. One thing I can say for sure — I NEVER feel bored!
You may also do well to consider ways to increase and diversify your income even while you are still building your clinical practice. Generating income that is not affected by the government, insurance, the weather, or your desire to take some time off makes good sense.
Here are 10 ways (off the top of my head — in reality the number is only limited by your imagination) to add alternate income streams to your business, so you are not 100% dependent on face-to-face client income:
- Webinars and teleseminars
- Trainings and workshops
- Selling other people’s products
- Books and ebooks
- Audio programs
- Video programs
- Consultation and supervision
These things can address the needs and desires of your target market, or they might be more general in nature. This is an opportunity for you to be creative and do things that really make you smile.
Have you thought of any others? Let me know in the “comments”
If you want to learn how to plan, create, and execute an alternate stream of income for your private practice, here’s your chance to work with me and others with the same goal. JOIN US HERE, and stop worrying so much about how many clients your are seeing this week!