Hello fabulous clinicians in private practice,
Multiple streams of income are a really powerful way for you to increase your revenue, take a break from 1:1 client work and reach more people with your expertise and your message.
But still, there is so much confusion around WHAT a multiple income stream is – is it the same as a passive income streams? And how do I make it happen?
Well, let me assure you that there is nothing passive about setting up a new income stream.
It takes a lot of time effort and energy to develop an income stream, to launch and market and sell it. It’s not until your income stream is on autopilot – when you’ve got your sales funnel set up, when you’ve got your marketing working to support it, that it becomes passive.
Bit of a misnomer, isn’t it? It takes a lot of effort to get started with a new income stream, passive or not.
But don’t let that put you off.
I personally believe that having different revenue streams are important in any service based business, and especially for clinicians in private practice.
You all know that I have multiple products and services in my business.
One of these streams is staff – I have people who go out and earn an income for me in my private practice, Purple Co.
I also have products – I have the book of evidence, for example.
And I also offer many different types of services.
For me, my team was built because I had too many clients to service. This income stream worked for me. But not everybody is a manager and not everyone should be managing a team.
So how do you figure out what new revenue stream is right for you, and your practice?
This is the sort of thing I talk a lot about with Kat Love in this interview about building income streams as a clinician.
The truth is that you need to develop a plan based on who you are, who you serve and how to talk to your people in a way that they can’t help but hear you!
And in order to do this, you need to test, experiment and be curious.
After all, all of us know how to write a treatment plan – so if we can do that, we can create a plan to develop, launch and sell a new income stream.
Which all sounds fine in theory…. until…. we find ourselves asking questions like….
- What should I do?
- Where do I start?
- What’s going to be best for me?
and then very quickly the gremlins of doubt come in…
- What if no one likes my stuff?
- What if no one cares?
- What if I spend all of this time and effort and energy creating this product and nobody buys it?
- Or my personal favourite – I created this thing, stuck it on my website and nobody bought it (um – duh!)
Just because someone else has built something a certain way, it doesn’t mean that you should do the same.
What has worked for someone else may not work for you.
So what’s the first step?
This is where you need to do the hard work to figure out:
- How much time and expertise do you have to really build this thing?
- How you like to deliver information,
- Who is your deal client and how do they like to receive information?
So I’ve created a way to help you figure out what the next revenue stream should be for you.
It includes an analysis tool, a coaching session and then a plan that we create together for you to go and implement.
Imagine what it would be like to have all the steps written out in a way that you’ll be able to understand, implement and bring your product or service to fruition.
So let’s stop dreaming about multiple streams of income and clinicians, and find a way to break out of the cycle of selling our time for money.
Let’s start planing, executing…. and see some real results.
Here’s to your success,