How to add multiple streams of income | May 2017 Monthly Income Report

How to add multiple streams of income

It’s crazy how adding multiple streams of income to a private practice makes things more complicated. When I worked at a community college, my check every other week was around $1,300. I spent more than that just on virtual assistants this month!

I’m not complaining at all, it’s just that scaling a practice and business can get out of control very quickly. You have to watch the data and keep an eye on everything, so you don’t end up working harder and making less money.

Multiple Streams of Income in Private Practice

The multiple streams of income I have in my private practice are:

  • My individual counseling
  • My 1099s income
  • Consulting
  • Mastermind Group
  • Affiliate
  • Supervision
  • Podcast
  • Hiring out my virtual assistants

Past Monthly Income Reports

People often ask me why I disclose all this information? To me, I am inspired when other people are open and honest. Then I can learn from how they succeed or fail. My hope is that this helps others to grow in their businesses!

2017 Private Practice Income

2016 Private Practice Income: $323,047.89

2015 Total Private Practice Income $234,969.14 (working 25-30 hours per week) 

2014 Total Private Practice Income $110,736.79 (working 10-15 hours per week) 

2013 Annual Counseling Income: $54,513.97 (January-December 2013)

May 2017

Disclosure: many of the links below are affiliate links that will earn me a commission if you purchase through them, it’s one way that I help support the work I put into the website. Please click on them to help support Practice of the Practice.

Private Practice: $1,018.50

Other counselors: In 2015 we launched the Addictions Treatment: Intensive Recovery Program, which has started to bring in more clients that need additions help. I have four counselors that work for my Traverse City counseling private practice as 1099 contractors and I get a portion of what is brought in. In the past I reported just my portion, but I’m going to be reporting the gross sales that came in: $11,998.90

Private Practice Paperwork Packet: $1,040

Consulting: (this sometimes includes building a website as part of the private practice coach session) I do private practice coaching. Usually there are three parts to private practice consulting:

  • Website Evaluation and Tips
  • Consulting: developing a niche within the private practice, building stronger referrals, increasing rates, and launching products to grow income
  • I’m also growing my Consultant-to-Consultants side of my consulting (say that 10x fast!)
  • Project management software and call recording
  • This includes some speaking and events

$8,534.06

LLPC Supervision: $1,396.80

Facebook Ads Management: $192.93

Podcast Sponsorship: $880.46

Hiring out my virtual assistant: $2,598.59

Practice of the Practice Consultants: $0

Mastermind Group: I launched one, 12 person Mastermind Group for counselors that have established private practice and want to grow. It’s a monthly meeting for six months.

I just opened applications for my Mastermind Group for people grossing over $80k click here to apply.

$576.18

E-books these sales are down since I started giving my book away for free, click here to get Practice of the Practice: A start-up Guide to Launching a private practice for free, instead of spending $9.99:  $62.64

Member’s Newsletter: This is the weekly newsletter that walks people through exactly what they need to do when starting a private practice. I dropped the price from $149 annually to $17 as a one time fee $243.15

Practice of the Practice Magazine | Winter 2017: You can use code “joe” to get it for only $1.99. $65.73

Passive Income Sources

Aweber: This is the service I use to create emails, manage lists, and create follow-up emails where they can be in order for the person. It’s super cool! $62.60

BlueHost Referrals: If you are setting up a website, this is the best hosting because of their customer service and the ability to have unlimited websites hosted! $1,050

Jeff Gunther’s SEO Course: $0

Amazon Affiliate Referrals: If you are buying something on Amazon, it’d be great if you clicked the link. I get a small commission without you having to pay anything more: $33.50

NameCheap is who I use to purchase my URLs, they are so easy to work with when you’re setting up a website!: $0

Google Ads: $15.62

LegalZoom: Legal Zoom is a great way to file your PLLC or LLC paperwork and all other legal forms: $0

SwiftFile: I just started using them instead of LegalZoom, they’re cheaper and way better with customer service! $1,060

Grasshopper: This is the amazing virtual phone system I use, rather than an expensive land line system. I have the $12/month one and it is awesome. At least check them out and watch some videos. $500

May 2017 Gross Total: $31,329.66

Private Practice Expenses

1099 Counselors: $8,128

Additional Supervisor: $225

Rent and Utilities: $2,065.25

Marketing FB+YouTube+Twitter: $138.27

Charter Internet/website: $85

MeetEdgar: $49

Grasshopper: $15

Affiliate Commission: $500

Libsyn: $35

Dropbox: $0

Jamendo: $0

Virtual Assistants: $2,068.50

Business Cards and Rack Cards: $0

Drinks for the Office: $125 (see my blog post about how Starbucks saved my practice)

IT Support: $30

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $174

Dedicated Hosting: $89

Consulting: $2,500

Slow Down School Expenses: $0

TOTAL May 2017 EXPENSES: $16,830.38

May 2017 Income Totals

Gross Income: $31,329.66 –  Expenses: $16,830.38 =  Total Net: +$14,499.28

REACH YOUR AMBITIOUS RESULTS

Let’s do some consulting.

CLICK HERE to discover more about my private practice consulting. 

Some of the numbers from Google Ads, Amazon, NameCheap, and my e-books will not be paid until they reach a certain amount or 60-90 days after the sale.  

 Joseph R. Sanok, MA, LLP, LPC, NCC

joe-sanok-private-practice-consultant-headshot-smaller-versionJoe Sanok is an ambitious results expert. He is a private practice business consultant and counselor that helps small businesses and counselors in private practice to increase revenue and have more fun! He helps owners with website design, vision, growth, and using their time to create income through being a private practice consultant. Joe was frustrated with his lack of business and marketing skills when he left graduate school. He loved helping people through counseling, but felt that often people couldn’t find him. Over the past few years he has grown his skills, income, and ability to lead others, while still maintaining an active private practice in Traverse City, MI. To link to Joe’s Google+ .

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