Ask Joe: How to diversify revenue streams? | PoP 635

Image of Joe Sanok is captured. On this therapist podcast, podcaster, consultant and author, talks about How to diversify revenue streams?

Are you looking to expand your revenue sources? Why should you reinvest your time and energy into the business as well as into your skills? What is Joe’s successful FIRST method for growing yourself and your business to make more money?

In this podcast episode, Joe Sanok answers your questions about how to diversify revenue streams.

Podcast Sponsor: Blueprint Health

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Running a great behavioral health practice has never been harder. Payors are demanding more measurable outcomes, therapists are harder than ever to hire and retain, and clients expect a digitally-enabled care experience.

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Practice of the Practice listeners are eligible to receive their first month of Blueprint free. Learn more at bph.link/joe

In This Podcast

  • Fruits of your labor
  • Inflecting where you are headed
  • Reinvest
  • Specialize
  • Time-limited

Fruits of your labor

Following Joe’s FIRST method, start by looking at the fruits of your labor thus far, and what was been working well already that you can simply scale up on.

Step-down: what is something that you could provide your clients with that is a step-down from one-on-one counseling?

  • An e-course
  • A group that you run
  • A membership community

Step-up: if a client wanted to do more with you, which services or courses can you offer that are intensives of different skills to help them move faster?

You want to always be thinking about if someone wants to work less with [you] but still stay connected, what kinds of products can [you] offer there? In stepping up, what are products that [you] can offer there? (Joe Sanok)

Inflecting where you are headed

Inflect and act to embody the person and emulate the place that you want to be in the future, and already do so now in the present.

This does not mean that you are dishonest about your current position, or that you pretend to have more money than you do, but it is to envision yourself as an equal to those you admire.

Imagining yourself in success can make it easier to create because a portion of your successful reality then already exists in your mind for you.

Reinvest

The way that I view things with regards to diversifying revenue is [that] when my plate is full, with energy and time, that’s when I’m going to start reinvesting in the company to make sure that we have systems and people that can take things off of my plate. (Joe Sanok)

As the business owner, keep an eye on how much you do every day and make sure that you can parcel out work to those around you so that you can keep on growing the business, because as the owner only you can do that.

Delegate work so that you can reinvest your time and energy into the company and steer the company in the right direction while your staff makes sure it continues to move.

Specialize

Continue to grow your skillsets so that you know your worth, can adequately charge for the value of your time, and to be able to provide higher-value services and consulting to the clients who hire you.

Specializing in your skillset is similar to reinvesting in yourself, and the value that you provide.

Time-limited

Set a (negotiable) timer on your goals. Create six to twelve months goals that propel you to achieve your dreams and to gain momentum through your business.

Grow your specialty, grow your audience, and then grow your revenue and income.

Books mentioned in this episode:

Image of the book Thursday Is The New Friday written by Joe Sanok. Author Joe Sanok offers the exercises, tools, and training that have helped thousands of professionals create the schedule they want, resulting in less work, greater income, and more time for what they most desire.

Useful Links mentioned in this episode:

Check out these additional resources:

Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

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