Developing multiple income streams is crucial to maintaining income stability in private practice. "Having different income sources allows me to be a bit less stressed when my main funding source, private practice, takes a dip," shares Jill Kristal, President of Transitional Learning Curves. Reducing financial anxiety is not the only benefit of developing additional income avenues. Multiple income streams allow therapists to fully express their many talents, gifts, and passions.
Writing and speaking provides former actor Frank J. Sileo, PhD with creative fulfillment as well. "I used to be an actor in a past life so getting up in front of others has helped get that need met, " Sileo adds. Additionally, multiple income streams allow therapists to make a difference on a larger scale, reaching far beyond the therapy office. "I had a desire to have more impact on troubled eaters than one-to-one sessions or even workshops and talks could provide," shares therapist and healthy eating expert Karen R. Koenig, LCSW, M.Ed.
Here are more potential income streams for you to consider as you seek a stable income and fulfilling career.
Therapist Mary Pender Greene, LCSW-R has created paid opportunities through giving workshops, webinars, retreats, seminars, training sessions, keynotes and public speaking engagements that have grown out of her passion.
These streams naturally grew out of my private practice and at the core, are centered on the struggles of adult human interaction… such as improving communication, expressing feelings, reflection, solving problems and refreshing relationships.
Michael Heitt, PsyD of Heitt Clinical & Corporate Consulting, LLC adds to his income through teaching masters students at Johns Hopkins, doctoral students at Loyola University and facilitating an online licensure prep course.
Provide professional training
After several students urged Dr. Carol Clark to teach a sex therapy program, she launched STTI, the Sex Therapy Training Institute, and then expanded it to Addictions Therapy Training Institute, and eventually published a book.
As I taught and counseled, several concepts and interventions really solidified and I realized that these themes were incorporated in everything I did with students and clients, so I spent seven years putting it all into my book, Addict America: The Lost Connection.
Therapist and faith leader The Rev. Christopher L. Smith offers supervision/consultation with other mental health practitioners and other faith group leaders as an additional income stream.
Become a paid TV contributor
After a year of contributing on a local women's lifestyle TV show, Studio 5, I was offered a position as a paid contributor. One of my personal and professional passions is using the media to educate and inspire, so not only has this opportunity created an additional income stream, it's allowed me to doing something I love to do anyway and get paid.
Provide supervision to students and interns
Have you considered leveraging your time by hiring students and interns to provide clinical services through your practice? I started hiring therapists under supervision about 5 years ago, and graduate students a few years ago. Its been a great way to provide clinical services to additional clients without having to increase my direct care hours. My Wasatch Family Therapy colleague and play therapist Clair Mellenthin LCSW, RPT loves supervising therapists. She says that in addition to providing income, "One of the unexpected joys of providing supervision is forming relationships with new therapists and helping them to develop confidence and competence."
From community events, corporate settings to professional presentations, public speaking and presenting is another common income stream that you may want to consider. Dr. John Duffy speaks regularly on parenting issues, and also to corporations on team-building and relationship skills.
Do any of these income streams jump out at you?
What income streams are you developing to add stability to your practice?