Building Multiple Streams of Income | November 2018 Monthly Income Report

Building Multiple Streams of Income | November 2018 Monthly Income Report

When you’re building multiple streams of income for a private practice you want to consider a few things:

  1. What is already working in your private practice? Focus on the low hanging fruit. Maybe you’re turning away clients because you don’t have a specialist. Maybe you are too busy and need to hire a W2 or 1099.
  2. What interests you? Why type of clients and ideas interest you. Focus on what brings you joy, because building multiple streams of income takes a lot of work. If you don’t enjoy it, you’ll probably give up or do it for the wrong reasons.
  3. What exists and doesn’t exist? Look for things that already exist, because it proves the concept, but look for gaps in services or offerings. This will help you serve private practice owners more.

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:

Private Practice Videos and Highlights

Top Private Practice Stories

5 Things to Accomplish Before Beginning Your Online Counseling Practice

Are you thinking about starting your own online private practice?  Are you feeling nervous or uncertain about how best to get started?  Not sure if it is the right fit for you?  Feeling confused about where to begin?  This list of 5 things to consider before beginning an online counseling practice. It will help to vanquish the worry and increase your confidence in this new endeavor!

How To Promote Your Business On A Small Budget

One of the greatest challenges that startups and small business owners face is a low marketing budget. Even when you don’t have funds for massive paid advertising, you can still grow your business with many free and low cost marketing tactics. To help you compete with larger businesses, here are some free and affordable marketing strategies that work for many small and locally owned businesses.

How to Get More Clients

Are you working full-time, but starting a private practice on the side? Q&A was part of Next Level Practice, the most supportive community for therapists starting a private practice. In this video, Joe answers the question based on how to get more clients.

Private Practice Podcasts

Christopher Lochhead Wants Your Practice to Niche Down | PoP 334

In this podcast episode, Joe Sanok speaks with Christopher Lochhead about entrepreneurship, his new book, why you should niche down and how that can set you apart.

Christopher Lochhead Wants You To Be a Small “E” Entrepreneur And He Hates Pickles | PoP 335

In this episode Joe speaks with Christopher Locchead about about being a small ‘E’ entrepreneur and embracing ‘your different’.

 

Christopher Lochhead On Living A Legendary Life | PoP 336

In this episode Joe speaks with Christopher Locchead about living a legendary life and what makes you a legendary entrepreneur.

 

Katie Englert Started Practikat | PoP 337

In this podcast episode, Joe Sanok speaks with Katie Englert about how she started her group practice and how her creative outlet came into being and is now a game changer for therapists.

 

Greg Higdon Used to Teach Latin and Now Knows A Lot About Money | PoP 338

In this episode Joe Sanok speaks with Greg Higdon about how he helps other business gets their books in order and how you can get comfortable with numbers.

Cindy Nicholson is the Course Whisperer | PoP 339

In this podcast episode, Joe Sanok speaks with Cindy Nicholson about how to launch online courses and maximize on opportunities within this space.

 

 

Richard Chapo is an Internet Lawyer and You’re Doing Some Things Wrong | PoP 340

In this episode Joe speaks with Sarah Cheek about how she adjusted and implemented the LEAN principles to her household and into her daily routine. She shares some tips on how you too can apply these principles so that you can learn to spend your time more efficiently.

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)

November 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! $1,488.95

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: $7,566

Private Practice Paperwork Packet: $889

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

$3,492

Speaking Keynote Illinois Counseling Association: $1,000

Podcast Sponsorship: $1,572.54

Hiring out my virtual assistant: $2,091.32

Practice of the Practice Consultants: $5,363.13

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: $3,880

Million Dollar Practice Mastermind: This is a mastermind group lead by Kasey Compton and myself. To apply and read more click here. $5,238

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:  $43.84

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 $210.73

Start a Group Practice MastermindThis Mastermind Group is limited to 12 people and is focused on the beginning stages of starting a group practice. How do you add a W2? How do you add a 1099? What contracts should you have in a private practice? How to set up systems? Alison Pidgeon teaches about group practice, does Q&A, and also you get hotseats. $3,365.90

Next Level Practice: This is the premier supportive community that combines webinars, community, and practical tools to help start a practice.  $11,072.18

Blogging CourseThis is the best 12-part course on how to blog to rank higher in Google for therapists. $2,172

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! $44.70

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

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

VA Referrals: $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: $7.21

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: $2.14

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! $605

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. $900

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

Harris Group: Accountant for therapists $0

Practice Solutions: The best billing company for your private practice. $1,130.85

Gross Total: $53,185.49

Private Practice Expenses

1099 Counselors: $5,050

Rent and Utilities: $2,200

Marketing FB+YouTube+Twitter: $0

Charter Internet/website: $110

MeetEdgar: $49

Grasshopper: $81

Practice of the Practice Profit Sharing: $0

Upwork: $49.74

Aweber: $149

Lyft: $9.70

Teachable: $39

Google Suite: $52.73

Libsyn:$35

Zoom: $69.98

Dropbox: $0

Jamendo: $49

Virtual Assistants: $5,892.25

Drinks for the Office: $74 (see my blog post about should I offer drinks in my private practice)

Shipt: $12

Moo: $0

IT Support and Hosting: $95

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $174

Other Consultants: $7,567.16

TOTAL EXPENSES: $22,361.92

Monthly Income Totals

Gross Income: $53,185.49 –  Expenses: $22,361.92 =  Total Net: +$30,823.57

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-version

Joe 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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