How can you monetize your expertise to create multiple streams of income? What are some ways that can you diversify your income both within and outside of your practice? What is Joe’s income model for launching a product or service?
In this podcast episode, Joe Sanok speaks about How to Have Multiple Streams of Income.
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In This Podcast
- Diversifying income within the practice
- Diversifying income outside the practice
- Multiple streams of income outside of therapy
- Joe’s model for income
Diversifying income within the practice
Look at your current client load and ask: what are the needs that they have that I could serve better? Some ideas might be to:
- Do a weekend intensive
- Offer group work
- Offer ancillary services that go beyond the current offers, such as nutritional information, massage therapy.
When you are looking at offering new services to your clients, go where it is easy.
Diversifying income outside the practice
Looking at the skills that you already have within your practice, and ask yourself how can you take them beyond the counseling room into e-courses, podcasts, membership communities, and so forth:
The income that you can earn from each episode depends on:
- Your audience size
- How clear your niche is
A podcast can also be a good lead magnet for your other services.
e-courses are great ways for you to earn an income on your knowledge base by providing actionable steps that your clients can follow through your skillset.
An e-course is a great way to continue to sell your knowledge and sell your hacks. We are past the information age, and we are in the implementation age. So, if you can teach people how to implement something faster, they will pay for that. (Joe Sanok)
People want to know how to do the things that they have learned about. Provide them with step-by-step instructions on how to do that.
Multiple streams of income outside of therapy
Apart from the world of therapy, you can broaden and diversify your income as well. This could be great for you to safeguard your income so that it is not exclusively dependent on your practice, and it can provide you with opportunities to improve your skillset and knowledge base in general.
- Opening an AirB&B
- Classifying a stay-at-home parent as a real estate professional to receive certain tax advantages
- Picking up entry-level properties to rent out
- Creating products or services that stem from your clinical background
There’s a lot of folks out there that are just selling e-courses and have no idea really of what they’re doing. I think that we as professionals that are licensed can create some amazing content. (Joe Sanok)
Joe’s model for income
Grow a specialty (and do not avoid becoming niche): Pick an overall topic to work in and narrow it down through at least three variables so that you can find your ideal client.
Grow your audience: Before you jump to what your product will be, grow your audience first because you will find out what their needs are and then you can cater to those needs. Aim to have at least 200 people on your email list before you consider launching a product.
You want to grow your audience first because your audience is going to tell you what they want to buy. (Joe Sanok)
Grow an income: This is where you start talking to your audience and serving their needs and wants.
Books mentioned in this episode:
Useful Links mentioned in this episode:
- Gusto.com – First three months payroll free
- Submit your question for Joe to answer
- Thursday is The New Friday
- Visit Mile High Mental Health and link up with Mandy Solomon on LinkedIn
Check out these additional resources:
- Three Inclinations of Top Performers — Thursday is the New Friday | POP 613
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- Apply to work with us
Meet Joe Sanok
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.
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