Building Recurring and Predictable Income | October 2018 Monthly Income Report

Building Recurring and Predictable Income | October 2018 Monthly Income Report

This month we implemented a number of new things to help private practice owners:

  • Clean-Up Money Month: We launched Clean-Up Money Month, where we met with 13 clinicians to clean up their money in their private practice. Alison and Kasey took the lead on that. We’re determining what the next Clean-Up Month theme will be. To get involved in the next one, click here.
  • Killin’It Camp Volunteers, Speakers, and Next Level Practice tickets: This month we opened up tickets for volunteers for Killin’It Camp. Volunteers have to volunteer 5 hours before, during, or after the event. We have ten speakers lined up. Also, all the NLPers get early access and discounted tickets. Here’s the link to grab your tickets.
  • Next Level Mastermind + Slow Down School Sold Out: The eight spots for the Next Level Mastermind (which includes Slow Down School) sold out for this cohort. The next one launches in December and is for practices multi-six and seven figure practices.


We’re bringing together hundreds of private practice owners…more to come.

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

Introduction To Generating A Passive Income

You hear this term all over the place and there’s people that do it well and there’s people that do it poorly and slimy. You don’t want to be on the slimy side so let’s talk about how you can do it well.

Passive income is just making money that’s not based on you sitting in a chair or your specific time. So for example I’m a mental health counselor, when I sit in the chair and I do counseling I get a great hourly rate, but that’s not scalable. This is not something that can grow beyond my time, if I want to make more money, I have to sit in the chair more.

Passive income is all about leverage, about being able to scale your business beyond just your own time.

When to Leave Your Full-Time Job for Private Practice

I would start to run the numbers on how many clients you think that you could have. Now, some things before you leave your full-time job that I think are important to consider. Usually, you want to have at least three months of the expenses of your practice saved up. So that’s rent, website trainings, things like that.

How Therapists Can Do Social Media Right

By now, you’ve heard time and again that businesses need to be active on social media to attract new audiences and maintain engagement with current clients. This is equally true for private counseling practices – but the rules for using social media in the healthcare field are slightly different than they are for other types of businesses.

Private Practice Podcasts

Laura Long Helps Badass Brands | PoP 326

In this episode Joe Sanok speaks with Laura about how she helps therapists build successful practices by unleashing their inner badass.

 

Angie Morgan Wrote a New York Times Best Seller, But That Wasn’t The End | PoP 327

In this podcast episode, Joe Sanok speaks with Angie Morgan about the journey that brought her to the point of writing a New York Times Best Seller and how she is helping professionals understand how to achieve greater success by implementing leadership practices into their work routines.

Social Media Sprint: How To Optimize Facebook | PoP 328

In this episode Joe Sanok speaks about how you can optimize your Facebook page and posts for better engagement and reach.

 

Social Media Sprint: How To Optimize LinkedIn And Pinterest | PoP 329

In part two of the social media series, we discuss the benefits of making use of LinkedIn and Pinterest for marketing purposes. While LinkedIn is considered the more ‘corporate’ social media platform, Pinterest is a great platform to market on if your ideal client is woman (of all ages). We also discuss outsourcing your social media and the benefits that can come from that.

Social Media Sprint: How To Optimize Twitter And Instagram | PoP 330

This is the third episode of the social media sprint, where we discuss Twitter and Instagram. Carefully consider whether or not you should spend time on either of these platforms. They can easily suck you in with no return. Make sure your ideal client spends time on these platforms before putting effort into marketing your business on them. Identify which social media platform you enjoy being on and spend time marketing on there.

Julianna Raye Has Done Over 12,000 Hours Of Meditation | PoP 331

In this episode Joe speaks with Julianna about how her professional musical career left her feeling unfulfilled and struggling with her mind to finding peace within meditation.

 

Sarah Cheek Applied LEAN To Laundry And Home Life Is So Much Easier | PoP 332

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.

Dr B Craven Has A Super Huge Mega Practice | PoP 333

In this episode Joe speaks with Dr. B about how she started a group practice and all the sacrifices that comes with it.

 

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)

October 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! $1,484.10

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: $9,307.15

Private Practice Paperwork Packet: $1,172

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

$1,553

Podcast Sponsorship: $1,572.54

Hiring out my virtual assistant: $2,055.65

Practice of the Practice Consultants: $6,670.53

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: $9,991

Million Dollar Practice Mastermind: This is a mastermind group lead by Kasey Compton and myself. To apply and read more click here. $4,365

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:  $5.28

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 $453.88

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. $3,029.31

Next Level Practice: This is the premier supportive community that combines webinars, community, and practical tools to help start a practice.  $8,160.68

Clean-Up Month | Money: Alison, Kasey, and I all helped 13 people to clean up their money in their practice over four live webinars. $1,693.92

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! $59.40

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

VA Referrals: $399

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: $9.51

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! $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

Harris Group: Accountant for therapists $0

Practice Solutions: The best billing company for your private practice. $1,050.48

Gross Total: $55,079.57

Private Practice Expenses

1099 Counselors: $6,396.25

Rent and Utilities: $2,200

Marketing FB+YouTube+Twitter: $414.09

Charter Internet/website: $110

MeetEdgar: $49

Grasshopper: $81

Practice of the Practice Profit Sharing: $0

Upwork: $49.74

Aweber: $149

Teachable: $39

Google Suite: $52.73

Libsyn: $35

Zoom: $69.98

Dropbox: $0

Jamendo: $49

Virtual Assistants: $5,298.54

Drinks for the Office: $82 (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: $7,916.95

TOTAL EXPENSES: $23,876.65

Monthly Income Totals

Gross Income: $55,079.57 –  Expenses: $23,876.65 =  Total Net: +$31,202.92

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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