Multiple Income Stream Success Story #3: Teaching

As we highlight more opportunities to use things that you enjoy doing and instances where others request your services to generate multiple income streams, I am sharing stories of other practitioners who have found ways to do just that: We often forget that we have achieved at least a master's level education that can qualify us to teach others. There are many opportunities out there for teaching. Consider these options if teaching others is a passion for you. Teaching university or college courses, online courses or webinars, community workshops, or professional trainings.

Getting started with teaching can be very easy; start with who you know. Contact your alma mater or other nearby colleges and universities. Many universities have positions available for adjunct faculty to teach entry level classes or to offer professional trainings to students in your field. Keep in mind, these types of teaching commitments usually last for extended periods, so be sure that they work for your timeline and make sense financially.

Presenting or developing online courses or webinars can be an easy, passive source of income. Once a training has been developed, you can easily record it and make it available for download or schedule various presentation times to virtually present it to others. This is an excellent area where your expertise can lead you to topics or needed courses. It also allows you the opportunity to reach well beyond the scope of your geographical location.

Starting small can often lead you to bigger opportunities and income growth. Consider providing small trainings at your practice for continuing education credits. Pam Dyson, MA, LPC, did just that when starting her play therapy trainings. When Pam originally started with trainings, it worked out to about 25% of her income. As those trainings became more successful Pam grew those trainings to the point where they provide 75% of her income. Pam shares this about her experience in growing teaching as an income stream.

“In 2010, I became an Approved Provider for the Association for Play Therapy. I began by offering a day long play therapy training, once a month, out of my private practice office, where attendees could earn the clock hours needed to become an RPT. I set up a website to promote the trainings, and within a year I was at capacity for each training. To meet the demand, I began offering four day-long trainings per month."

If you would like to learn more about Pam Dyson and the trainings that she offers, please visit DFW Play Therapy Training.

Community workshops are another area where teaching can be a beneficial source of income. Workshops are excellent because they often don't take much time to develop and also only last for brief periods. In my practice, we have sometimes taken areas or groups of individuals who have a need for instruction in a particular area and turned that into a workshop. I have done this when I see a consistent or similar problem in my clientele. At one point, I was working with many women who were suffering from a lack of sex drive. I developed a workshop for cultivating desire in marriage that I would present for a few hours every few months.

I encourage you to keep in mind doing those things that you are passionate about. Teaching may not be your cup of tea, but there are plenty of other ways to generate multiple streams of income. If you're still having trouble coming up with something, refer back to my 5 Key Questions to help you get started.

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Multiple Income Streams Success Story #1: Supervision

In the past, I've written about increasing revenue using multiple forms of income (income not related to direct client hours). I offered five key questions to find areas where you might be able to enjoy adding some extra income to your private practice. In this series, I want to share the successes of private practitioners who have used these concepts to find areas that not only increase their income, but help reach their ideal clients and also fuel their passions. Amy Tatsumi, MA, LPC, found that she could garner additional income and give back to the psychotherapy community by providing supervision to others training in her field. Amy estimates that 25-30% of her income comes from supervision and consultation services.

“I believe that supervision and consultation are the biggest ways that I can give back as a therapist. Supporting clinicians in their journey to become sound, connected, and grounded psychotherapists has a powerful ripple effect. The supervisee, as well as all of their future clients, are impacted by the supervision process in their growth and development. In my private practice, I offer both individual and group clinical supervision and consultation for post graduate candidates and post license and seasoned practitioners in art therapy, counseling, and psychotherapy.”

To learn more about Amy and her services, visit amytatsumi.com 

You might find that the fee you can charge for supervision is similar to your hourly clinical rate. I recommend researching what the standard rates are for supervisors in your area. Be sure that you are meeting all the qualifications for supervising a particular discipline as requirements differ depending on the field (social work, professional counseling, psychology, marriage & family therapy) and on in which state you practice. It is common that supervisors meet requirements for a minimum number of years of licensure or have specialized training as a supervisor. It's also important to research and understand which groups of trainees you should or should not supervise.

Income from supervision can be accomplished in a few ways. I have found in my own practice that hiring interns to meet with clients has been a successful way of creating additional income for the practice. It allows your practice to see more clients than only having one provider. You can also provide direct supervision to clinicians from other agencies. There are many times when clinicians may not have access to the type  of supervisor necessary to meet the licensing requirements. They must then seek someone who can provide that. You can also provide supervision for other agencies themselves. Agencies may find that they have a need for someone to supervise employees for similar reasons that clinicians may seed outside supervision. Creating a relationship with an agency for supervision could be a consistent income stream. Consider all your options, then implement the style that works best for you.

If supervision isn't the income source you're looking for, don't worry; I'll be sharing other success stories and ideas for multiple avenues for revenue. I'd love to hear from you about areas where you have found the opportunity to generate income and, hopefully, some excitement for you.

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3 Benefits of Building a Social Media Following

A sizable social media following demonstrates that you are a reliable and respected source.

Once you've set up your social media platforms of choice (Facebook, Twitter, Instagram, etc.), building a group of dedicated followers takes time. Though it may be discouraging to initially only have a few "likes" on your page, consistently creating and curating content and growing your following is a valuable strategy that can pay off. One of the objectives of expanding your readership (gaining more followers on social media) is raising your visibility in the community and attracting more clients. But beyond this, having a loyal audience can help bring you additional professional opportunities. Here's how:

Writing for reputable sites and outlets is one way to secure multiple income streams for yourself. In my own life and career, I am grateful for the opportunity to be a regular contributor for Psych Central and Answers and also to frequently write for other publications. And the reason that I'm able to have these kinds of additional professional experiences is because of my social media following!

Social Proof of Relevance

When I approach a site, I can better convince them to allow me to write for them if I can demonstrate that I have a substantial readership. For example, I point to my 11,500+ Twitter followers and 2,400 followers on Instagram as evidence that I have an audience that cares about the things I say. When I write for a well-known website, I then share that article to my own followers, which increases traffic for both the site and for myself. This symbiotic relationship is possible because I've first built my own social media audience.   

Demonstrates Your Expertise

In addition to showing the numbers, having a body of work you can draw from is critical when seeking to expand your professional opportunities. If you only have a few posts on your blog, you haven't yet established yourself as a credible writer. But by regularly creating and repurposing material, you have existing content to prove yourself as a trusted source. Also, your blog and other articles is what you are sharing via your social media platforms. The only way your followers will remain loyal readers is if you are consistently providing them with relevant material.

Attract Professional Opportunities

One unexpected result of building a social media following is that professional opportunities that I want are coming to me. Because I have a large body of online work, an engaged social media following, people who are seeking someone with my expertise can easily find me online. I've also heard several amazing stories of colleagues who have had publishers read out to them and offer a book contract because of their online presence and social media following.

Having a dedicated and engaged social media following is an excellent strategy to securing professional opportunities separate from clinical hours. Your online material can be "liked," re-shared, and re-pinned, and you can show the number of followers you have as evidence that you are a reliable source of information in your field.

What are YOU doing to build your social media following?

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7 Factors That Affect Private Practice Income

Maintaining a successful therapy private practice takes a lot of time, effort, and skill. There are countless aspects of your business that require painstaking attention in order for things to run smoothly. It can be difficult to work so hard and still sometimes experience economic uncertainty, so it's important to analyze the causes of financial inconsistencies. Here are 7 factors that affect private practice income: 1) Client Retention Rates     

The ability to keep a client engaged in meaningful and helpful therapy is a learned skill that greatly impacts your private practice income. It doesn't get as much attention as generating new referrals, but in my experience it is equally important. While it would inappropriate to continue seeing an individual who no longer needs or desires therapy, keeping clients committed to the therapy process and attending sessions regularly not only helps them adequately work through their struggles and meet their goals, it also helps practitioners maintain their business. Conversely, clients who prematurely discontinue therapy put both themselves and their mental health professionals at a disadvantage.  

2) The Number of New Referrals   

Acquiring new clients is of course an excellent way to increase income, but it can be hard to predict the ebbs and flows of exactly when new individuals will seek your services, so it's not a guaranteed strategy. I have found that it's helpful to begin tracking the number of new referrals and then chart them so you can anticipate and prepare for business lulls in coming years.

3) Economic Climate        

The general state of the economy can greatly impact whether clients will go to sessions as often or are willing to pay out of pocket. For some individuals, therapy is considered a necessity, while others may be view it as a luxury. Your income as a practitioner is in part dependent on the current economy of your community and state.

4) Season/Time of Year     

The time of year can affect when current and/or potential clients ramp up their therapy time, as well as when they often take breaks. In my experience, the last two weeks of December is when everyone (clients and providers) take time off for the holidays. Just as with new referrals, tracking the dips in client numbers can help you save for those times when you will not be getting paid.  

5) Fee Collection

You may have a steady stream of clients, but your income can be significantly lowered if a number of them have outstanding financial balances. How much money do people owe you? Are you good at collecting your fees? If you work with insurance companies, are you able to get reimbursed in a timely manner? All of these play a major role in the financial stability of your private practice (click here for how to set high expectations and create firm financial policies).

6) Moving Office Location        

Relocation will almost certainly affect your private practice income. Depending on how far you move, it can take time to develop relationships, create a strong web presence, and acquire referral sources for therapy. Even if you are moving to another location in the same city, you may find that this may temporarily impact your client hours.

7) Leave of Absence/Taking a Vacation       

One of the biggest complaints I hear from private practitioners is that if they are sick and have to miss a few weeks, they are left without an income. Taking some time off from seeing clients means we are not getting paid; understandably, this can create financial concerns.  

These and other factors (some within your control, others not) can greatly affect how financially stable your practice will be. And as one of my goals is to help therapists experience income stability, I again strongly encourage you to pursue multiple income streams as a way of advancing professionally, serving your community, and also providing for your own needs.

Click here to access my webinar about how to develop multiple income streams.

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6 Ways Media Interviews Will Help Your Practice

Are you hesitant to respond to media interviews? Performance anxiety, lack of training, or placing little value on media interviews as a strategy for practice building may be among your reasons for shying away. You may have heard that interviews don't bring in an immediate influx of new referrals. I have been actively seeking media interviews on a regular basis for the past five years and I've never had a huge increase in new referrals as a result. However, I have seen many long-term benefits of doing media interviews, that have built my practice over time. Here are 6 ways conventional media interviews have helped grow my private-pay practice.

1) Increasing awareness of your practice and services

“If you build it, they will come” doesn’t necessarily apply to opening a private practice. Most private practitioners initially struggle to get clients in the door of their practice because few people are aware of their business. Media interviews increase the exposure of your practice and allow you to get in front of more potential clients. Continued exposure makes it more likely that potential clients will remember your name and will eventually call you if they need help.

2) Opportunity for community service and education

Media interviews provide volunteer opportunities to educate your community, increase awareness about issues that matter to you and to them. In addition to making a living doing something I love, I want to make a difference for as many people as possible and media interviews allow me to make a positive impact for people well beyond the therapy office.

3) Engender public trust and increase credibility

Television stations, radio stations, newspapers, and websites spend a lot of time connecting with their readers and viewers and building their “brand”. When you are featured in the media you get to borrow their credibility and trust as they put you in front of their audience. Regular media appearances have allowed a large number of people to hear my therapeutic philosophy, and get a feel for my approach, and see me as a resource.

4) Helps transition you from provider to "expert"

Regular media appearances help position you us as more than a potential counseling or coaching provider. Interviews allow the general public to view you as an “expert” in your field or specialty area. The role of expert adds value to you and your services and makes it more likely that clients will pay out of pocket for your services.

5) Provides potential multiple income streams

Surprisingly, some media appearances have transitioned into additional income streams. I’ve been invited to be a regular contributor on television or a paid blogger. What could be better for your practice than getting paid to educate the public and create awareness of your practice?

6) Helps provide fresh consistent content for website, blog, and social media

Media interviews help provide new content for your practice website and provides helpful resources to your social media followers. Sharing video of on-camera interviews and links to print or web interviews extend your reach beyond your location driving more traffic to your website. More traffic to your practice website means more clients for you (assuming they like what the see on your website).

So, what are you waiting for? The next time you receive an email from a news or radio producer asking for your expertise, consider saying, "yes!"