Let's face facts: It is hard to make a living in private practice if all you do is see clients face-to-face and accept health insurance reimbursements. Yes, some psychotherapists have successful practices and do not take managed care, but most of these folks live in or near a city or other densely populated area. Or, if you are like me, you feel conflicted about eliminating your clients' options to use their insurance. Many people cannot afford care if they do not use insurance. Speaking only for myself, I do not want to leave those people without affordable treatment options.

Lucky for us, there are many ways to create multiple streams of income to augment your therapy-based income. In fact, some income streams can be even more profitable than seeing clients face-to-face, whether you accept insurance or not.

The first step in creating an additional stream of income is to include this in your business plan. You will need to carve out time during your work week to develop, market and deliver your other income-producing activities. This means you may see clients part-time, and manage your other income streams with the rest of your time. For instance, I see between 15-18 clients a week and use my other work hours to focus on my other income streams. What are those other income producers you ask? Currently I am either developing or delivering the following non-therapy psychological services:

• Parent Coaching
• Educational consultation/advocacy
• Writing articles and a book
• Information marketing
• In the next few months I plan to add public speaking. 

These are just some options for adding income to your practice.  The trick to being able to do all of this is that I have a very specific niche and each of these activities focuses around that niche.  I may write an article that I can then include in my book and then give a workshop or coaching program on the very same topic.  Each time I use that information, I get paid by a different audience.  Pretty cool, eh?

If I can do this, YOU can do this. Remember, you must be focused on a niche and make the time and committment to add this to your business building activities.  You cannot just think adding income streams to you practice will make it happen.  It requires planning and focus. 

Do you notice a theme in my post here?  Hint:   niche and focus

Any questions?