One of the biggest concerns of anyone in private practice is covering overhead expenses every month.
Most of us do that by seeing enough clients to break even before we can count on any net income. Some people who aren’t really up and running yet are doing it the hard way — out of pocket, running in the “red”.
All of those folks would love to find a way to get those overhead expenses covered without having to see more clients face-to-face; they’d like to get beyond the Dollars for Hours model that is the foundation of most mental health private practices.
You’ve been hearing a lot about multiple streams of income. There are many to choose from, including:
- Selling niche-related products and services
- Becoming an affiliate for others who are selling products to your target market
- Developing a website on which you sell advertising
- Creating CDs and DVDs to sell to your clients and to others who visit your website
- Record a webinar or teleconference that you can sell over time
- Employ other clinicians and put them to work for you
- Build a group practice
The ideas for generating “other than Dollars for Hours income” are only limited to your imagination. Think about what products, services, or collaborations you can generate in an effort to cover your expenses and eventually take you into retirement (unless, that is, you want to continue seeing clients all week up into your 90’s!!)
I put together a little something that I think might help you to explore your options. I’ve made it part of the new PP4SP (Private Practice for Smart People) offerings, and it is called: Lessons Learned. You can read more about it here.