April 2018 Monthly Income Report

April 2018 Monthly Income Report

How to Get to the Next Level of Private Practice

In trying to make money in private practice you have to know what stage you are in, are you:

April Top Stories

Where to Spend or Save When Starting a New Practice

Where to Spend or Save When Starting a New Practice

Starting out in private practice, there are many things to consider. Most of which mental health practitioners did not learn when in graduate school. From running business financials to marketing a new business, there are tons of ways we can drain our pocketbooks. It’s great to have a vision for your practice’s future, but equally as important to be financially smart. Starting up a business can cost a lot upfront, so making the most of your time and money is essential.

Marketing and Networking Play Therapy Services: 7 Top Tips

I remember when the economy was in a serious slump. One of my colleagues, who sees only adult clients, commented on how his phones had stopped ringing. He went on to say that he suspected it was because people were moving therapy services to the bottom of the financial priority list, given the sluggish economy. I responded telling him that my play therapy practice was actually burgeoning during that time. Together we concluded that, regardless of financial hardship, parents will always find way to get help and support for their children. That’s good news for play therapists!

Private Pay in Private Practice

If you don’t already have a very clear niche, I would make sure that, when you’re talking to people, you’re very specific about, ‘This is who I work with, this is how I help’. Hopefully, that’s something that will make you stand out, compared to the other therapists. Because, I’m sure there are lots of therapists who are just generalists who take insurance and the ‘average’ person who’s struggling with depression or anxiety who wants to use their insurance and doesn’t really see a need to self pay.

Podcasts

Kasey Compton Started a Million Dollar Practice in Three Years | PoP 290

In this episode, Joe Sanok speaks with Kasey Compton about her journey into private practice. Although Kasey initially backed out of private practice to join a group practice, she eventually went back and went on to build a million dollar practice in three years. In this podcast, Kasey shares what she focused on in the first year as well as how she goes about onboarding clinicians.

Back Pain, Travel, and Our Brain | PoP 291

Joe shares his story about dealing with back pain throughout his life. He relates this to gratitude, both in and outside of business. Joe also gives insight into upcoming podcasts relating to focusing on lifestyle, over and above just making money. Often, when we’re in the hustle of business, we forget to appreciate the little things in life and fine joy in them.

Google Artificial Intelligence and the Enneagram with Earl J. Wagner Ph.D. | PoP 292

In this episode, Earl J Wagner shares his journey of how he became involved in developing the assistant side of Google’s artificial intelligence. He also speaks into his interest of different world views and provides invaluable insight into the enneagram, nonviolent communication, and spiral dynamics.

Dr. Steve Taylor is One of 100 Most Spiritually Influential Living People | PoP 293

In this episode, Dr. Steve Taylor speaks about spiritual awakening. He speaks about the difference between being spiritually awake and asleep. Dr. Taylor also mentions the three characteristic qualities of being spiritually awake.

 

How to Save Time and Not Lose Money

In this bonus episode, Joe Sanok provides some valuable tips on how to save time (and money). These include: sprinting, hiring a virtual assistant, raising your rates, filling your time with tasks when you have a cancellation / break, and putting systems in place. Part of these systems could include MeetEdgar, which automatically posts your social media content. By visiting www.practiceofthepractice.com/giveaway, you could stand a chance to win a year of MeetEdgar for FREE!

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!

2018 Private Practice Income

2017 Private Practice Income: $456,983.53

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)

April 2018

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: This was one of the lowest months ever. I’ve stopped seeing most of my clients to work on more consulting and bigger things. It’s a really odd transition! $378.30

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. Click the link if you want to add clinicians to your practice with my 1099 contracts: $8,865.80

Private Practice Paperwork Packet: $489

Private Practice Start-Up Packet: This packet is awesome! You get over $700 worth of start-up solutions including my Paperwork Packet, Blog Sprint, best MP3s, a Workbook, and tons more! I quietly launched it recently and it’s starting to take off! $0

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

$868.74

Traverse City CEO Group: $1,000

Podcast/Slow Down School Sponsorship: $4,222.54

Hiring out my virtual assistant: $774.26

Practice of the Practice Consultants: $4,366.16

Next Level Mastermind Group: Aimed at people above $70k that are scaling, adding clinicians, looking to save time and increase money, and have big ideas we have just a couple spots left and it includes Slow Down School, click here to apply: $12,385.50

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:  $34.80

One Year Private Practice Plan: 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 $389.04

Practice of the Practice Magazine | Summer 2017: This magazine’s theme was “Start a Practice” stories and solutions for starting a private practice $0

Next Level Practice: This is the premier supportive community that combines webinars, community, and practical tools to help start a practice.  $4,900.76

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! $70.80

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! $675

Cupla Media: They have these great videos to help you promote your business. Use code “thanksjoe” to get a ton off. $0

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: $28.15

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: $5.17

LegalZoom: Legal Zoom is a great way to file your PLLC or LLC paperwork and all other legal forms: $22.35

SwiftFile: I just started using them instead of LegalZoom, they’re cheaper and way better with customer service! $770

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. $600

Psychology Today: It’s a great way to build your practice. $0

Practice Solutions: The best billing company for your private practice. $603.30

Gross Total: $41,449.97

Private Practice Expenses

1099 Counselors: $5,717

Rent and Utilities: $2,065.25

Marketing FB+YouTube+Twitter: $0

Charter Internet/website: $110

MeetEdgar: $49

Grasshopper: $81

Practice of the Practice Profit Sharing: $0

Upwork: $87.35

Libsyn: $35

Dropbox: $0

Jamendo: $49

Virtual Assistants: $4,704.99

Drinks for the Office: $0 (see my blog post about should I offer drinks in my private practice)

Shipt: $12

IT Support and Hosting: $95

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $9

Other Consultants: $4,501.20

TOTAL EXPENSES: $18,119.15

Monthly Income Totals

Gross Income: $41,449.97 –  Expenses: $18,119.15 =  Total Net: +$23,330.82

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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