When you are working as a therapist, you eventually hit a glass ceiling where the only way to earn additional income is to see more clients. The number of clients you should be seeing in any given week will vary by clinician and will also be impacted by the stage of life and season in your career. Fortunately there are several ways to leverage your skills as a mental health professional to diversify your income.
Group Therapy
Providing either therapeutic or support groups can be a way to supplement individual sessions. Insurances will cover therapeutic groups and the cost of an out-of-pocket support group can be much less than an individual therapy session. Group therapy can also be a helpful supplement to individual therapy, providing the opportunity to practice the skills learned in real time.
Expanding to Group
If you have been running your solo practice for a while, it can seem like the next predictable step is to expand to a group practice, especially if you have consistent referrals and feel confident managing the business side. The idea of helping more clients and increasing revenue can be enticing. Read this post all about expanding to group practice.
Supervision or Training
One of the easiest ways to begin diversifying once you become independently licensed is supervising other clinicians. Providing ongoing support, feedback, and guidance on the clinical work of another therapist or sharing education, skills, or experience to a group is one way to contribute positively to the field and share your clinical expertise. Not only does this provide another form of income for you, it can also be a way to decrease your caseload. Being able to share what you have learned can have a wider reach than just your clients and can also be extremely fulfilling.
Workshops or Seminars
Offering educational sessions on specific mental health topics to the general public or fellow professionals can be a valuable income option. Workshops and seminars are popular choices for individuals in the mental health field to learn more about specific topics on mental health. It can also be valuable for the general public if there is a large event that would like to offer options for individuals to learn more about a mental health topic in a more engaged way.
Coaching or Consulting
Leveraging expertise by providing professional advice and guidance is something that many people decide to do! By providing coaching or consulting, you get to help other people in the field succeed with their career goals. As opposed to treating a mental health diagnosis, you assess a problem, analyze the data, and recommend actionable solutions with a focus on improving systems, processes, and performance. This is not only rewarding, but is often short-term, practical, and focused on one particular area. Read this post to learn about the differences between a coach, therapist, and consultant.
Podcasting
Reaching a wider audience and building a community by sharing expertise through recorded episodes is an additional of diversifying income. You can share your knowledge or opinions in solo episodes or interview others to have intentional conversations, network, and expand your reach by sharing their audience. It also has the possibility of generating income through sponsorships or affiliate relationships.
Public Speaking
Delivering speeches or presentations to a live audience is yet another way of adding an income stream and an excellent way to diversify. Your knowledge is valuable! People hosting events, especially those centered on mental health, will want your expertise, especially if you specialize in a certain modality or population.
Hosting Retreats
Retreats allow you to create a supportive environment and connect with others in a unique and immersive way. There are many different retreats options that vary in structure, focus, and destination. Shared experiences and curated groups foster connection and innovation.
Digital Products
Digital products could include eBooks, guided meditations, online courses, worksheets, spreadsheets, or templates! You can aim at other professionals, at the general public, or both! One benefit is that it can become passive income once you have created and Once you make the content, you can reap the benefits indefinitely as long as you keep marketing yourself online. It’s an easy first step to consider when you want to diversify how you’re bringing in income.
Consider Us
The consultants at Compassionate Consulting Company are licensed independent clinical social workers located in Massachusetts who have been running successful counseling practices for years. Here are testimonials from clients that have worked with us. We enjoy working with entrepreneurs that are starting their business, expanding and hiring team members, as well as those who are considering diversifying and adding different income streams. Schedule a free consult so we can learn more about your business goals and share how we can help.