How To Make Money In Private Practice

1 of the biggest fears of nearly every private practice therapist is:

What if I don't make enough money in private practise??

I hear ya! I felt this mode for the longest time too. But it turns out that information technology's more than possible to generate six figures as a private practice therapist.

In this article, I'yard going to take information technology a step further and share how I generate six figures a year while working part-time as a private practice therapist.

…it can be washed!

As of 2021, I've been fortunate plenty to work function-fourth dimension and however earn over half-dozen figures a year. In this article, I'll give you the behind-the-curtain peek so you can run into exactly how I did information technology. Hopefully, yous discover it inspiring or helpful in some fashion.

Go along in listen that there are a 1000000 ways to earn six figures a year as a private practice therapist, and this is just the fashion I'm doing it right now.

why I only work function-time in private exercise

As of February 2021, my toddler is in daycare simply 2 days a calendar week. During the other five days of the week, it'due south just me at domicile with my girl wearing my mom hat all the time (while also wearing pajamas all the time).

I piece of work part-fourth dimension because my priority right at present is being at home with my daughter as much as possible.

But even if someday I crash-land my work week dorsum up to full-fourth dimension, I'd likely still simply devote a fraction of that fourth dimension to private practice.

(btw, that day is non probable to exist anytime soon because baby number two is on the manner. At which point, I'll likely exist working even less!)

I shared all the details of why I choose to work part-time in private practice in my video: Why Full-Time Private Exercise isn't for me.

Every bit a quick overview, some reasons why part-fourth dimension private practice fits me best include: I'grand a highly sensitive person (HSP), I have TONS of interests outside of beingness a therapist, and I enjoy the extremely flexible piece of work hours that generating passive income offers me. Feel gratuitous to bank check out the video to larn all the details.

how I earn six figures as a function-time private practice therapist

So to be articulate: right now I work two days a week. Not two days a calendar week in private do and so the other days are spent working somewhere else. I just work two days a week in total.

Well okay, let's exist honest: being a mom is hard work. Then technically, I work seven days a week 🙂 Only I recall you become what I mean! I spend simply two of those days doing income-generating activities.

But I withal earn over $100,000 a year as a private exercise therapist, even though I only encounter effectually viii clients a week right now, and I have no employees or contractors working for me.

And my income keeps going upwards!

You might exist wondering: Marie, how is that possible?

You're right, if my income came exclusively from seeing eight clients a week, it would exist pretty difficult to make it at six figures.

Only for funsies, I did the math. Bold I saw eight clients per week and took four weeks' vacation per year, I'd have to charge $260 per session to accomplish vi figures. And that's non even accounting for any overhead expenses!

For the record: I accuse far less than that for therapy sessions. And I even offer a sliding scale!

So how the heck exercise I still earn six figures?

Simple: through passive income!

Okay, it'southward not quite that uncomplicated. A couple of months ago I posted a video sharing how I tripled my private exercise salary with passive income. It took LOTS of hard (and unpaid) work to become here. Feel complimentary to check out that video if y'all want to hear all the details of how I congenital Individual Practice Skills from zero to profit in 2 years

In this article, I'll focus more than on the basic mindset shift in realizing that I didn't have to ever directly trade my time for money.

The phrase "passive income" is a bit of a misnomer. I'm not spending my daughter's daycare days sipping piña coladas past the beach while cash flows freely into my bank business relationship. I'yard definitely grinding out hard work, week in and calendar week out, to go on this passive income coming.

So passive income is very much an active procedure.

But what makes it passive is that after an initial edifice phase, the work hours I put in now are about scaling my income higher for the aforementioned amount of work that I put in.

And over time, I've even been able to scale back my hours while my income yet goes upwards.

Seeing therapy clients is a form of active income

This wouldn't exist possible to do seeing therapy clients.

To some extent, yes. If I started out in individual exercise charging $120 a session and over the years I raised my rate to eventually charge $200 a session, then my income would scale upwards with information technology.

Just at some betoken, this strategy would hit a wall. Could I scale to $400 a session? $1000? What nigh $5000 per session???

No way! At some indicate, one hour of piece of work with a therapy customer has an income cap.

This is why therapy piece of work is a class of active income. One hour of work equals a certain amount of pay. And at some point, there is a ceiling for how loftier that pay can go.

This is also why people refer to active income as "trading time for money."

Passive income tin can scale up continuously

With passive income, though it does require that I keep working, in that location's no cap for how much income I tin can generate for i 60 minutes of work. And I exercise believe that if I wanted to, I could keep working role-time and scale to seven figures.

At that place is just absolutely no manner that could ever happen seeing 8 therapy clients per calendar week.

For funsies, I did that math too. To earn a 1000000 a year seeing eight clients per week I'd take to accuse over $2500 per therapy session.

…non gonna happen!

But between seeing therapy clients and the income generated from Private Practice Skills, I'yard able to generate over v figures in income every month.

How I generate passive income every bit a private exercise therapist

In my earlier video where I talked almost tripling my private practice income, I shared that building an audience has been the key component to scaling my income.

For Individual Practice Skills, one time the revenue streams are in place, my work hours are focused on creating content that will proceed to grow my audience. The income is on autopilot and I just demand to aid more than people come through the door.

This is in dissimilarity with individual practice, where I've built a organization that brings a steady stream of clients through the door on autopilot, and the hard work is spending quality time with each of my clients. (Which, past the style, I absolutely dearest. Only I just tin't do it full-time and still honey it!)

My passive income streams

I remember when I starting time heard most passive income, I didn't actually understand how it worked until I learned more almost specific examples of passive income.

So to paint a picture of how this can piece of work, here is a listing of my 11 streams of income correct at present:

Private exercise income

• Private practise therapy revenue (active income)
• Subletting my therapy office (passive income)

These business relationship for well-nigh $4000 of my monthly income.

Passive income generated from Private Practice Skills

• YouTube sponsors
• YouTube ad acquirement
• Course sales
• Affiliate marketing (six affiliate income streams)

Currently, these account for anywhere between $vii,000 and $10,000 of my monthly income. And they keep scaling upwardly as I keep growing my audience!

How passive income helps my individual do

One huge do good that I beloved nearly generating passive income through my "side hustle," is it takes all the pressure off of my individual practice to generate income. There'south more freedom to offer a sliding scale or to take breaks from individual do without seeing much of a driblet in my income.

Case in indicate: I am currently expecting my 2d child this June. Once she comes, I'll be taking several months off from seeing therapy clients, but the bulk of my income streams will still be intact and paying the bills, all while I'll exist decorated with two kids nether 2.

Passive income opens new opportunities for private exercise

I also have dreams for the hereafter of my practice that wouldn't be possible if it weren't for having additional revenue streams.

For instance, I have a dream to supervise therapist interns someday when my kids are a trivial bit older, and I'd dearest for the trainees I supervise to have a much larger cutting of the charge per unit than is typical. I remember as a therapist intern I took a fifty-60 percent cut of the session charge per unit, whereas I'd dearest for my interns to exist able to continue 80 percent or more than of what their clients are charged. And that's possible considering at that place isn't any pressure on them to generate profits for me.

Similarly, there are far more than opportunities to offer depression-fee or pro bono services, without feeling biting nigh it, getting overworked, or beingness at run a risk of going broke over it. All because of the financial security that comes from additional income streams.

I take lots of other similar dreams for how passive income can help fund generosity similar this. It is possible to give back while being able to comfortably pay the bills or back up your family.

I hope y'all constitute this helpful if you're looking for means to generate more income while still doing the piece of work that you honey of seeing clients as a private exercise therapist.

And if even a few folks are inspired to find ways to give dorsum while not having to sacrifice their capacity to pay the bills subsequently reading this, I'd count that as a huge win!

Wherever you might exist at in your private practise journey, from one therapist to another: I wish yous well!

-Marie

Source: https://privatepracticeskills.com/private-practice-therapist-earns-6-figures-part-time/

Posted by: riosbroment.blogspot.com

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