Costs of a Private Practice | November 2017 Monthly Income Report

November 2017 Monthly Income Report

It’s amazing the power of scaling a business! This month I went to Colorado with my friend Paul, got to hang out with Michael Moore, did the keynote at the Alabama Counseling Association and saw a beautiful sunset at Thanksgiving!

Upper Peninsula #sunset

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#hiking in @nationalparkservice

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Great time with @mattmorganformichigan and @michaelfmoore

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It feels like I hardly worked with all that travel, but it was one of the best months ever! It really shows how when you scale beyond your individual 1:1 time, the business can grow!!!

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

Last Month’s Popular Article & Podcasts

Ideas to market a practice

7 Ideas to Market a Practice

So, you’ve decided to take the leap into starting a private practice. And, now, you’re faced with the often daunting task of marketing it. Well, we’re here to show you just how doable it actually is. Here are seven ideas to get you started in marketing your private practice.

Private Practice: The Long Game

When I opened my private practice, everyone told me that I would love it. They told me that it would change my life. I was told that I would no longer have my schedule controlled by a manager, or that I would have to struggle with the low pay, long hours and only a glimmer of vacation time. They made it sound like a dream come true. But, let me be real with you. I was not naïve and starstruck by their words. I knew deep down it would be more than just finding a space, hanging my sign, and seeing clients flood through the door.   

Productivity Hacks | Three Ways To Get More Done In a week

Just wanted to share with you a couple of tips on how to get more done by structuring your week a little bit differently. There are three techniques that I use all the time. For me, these have really increased the amount that I get done, but also the follow-through that I have which, ultimately, helps my overall income go up as well.

Podcasts

How Do You Know If Starting A Group Practice Is Right For You? | PoP 252

Alison Pidgeon kicks off her podcast takeover with episode one of five on how to determine whether a group practice is right for you. She covers the pros and cons associated with running a group practice as well as what she plans to cover in this series aimed at owning a group private practice.

The “Nuts and Bolts” of How to Build a Group Practice | PoP 253

In this episode, Alison Pidgeon speaks about the systems and processes required for running a group practice and how to make it more efficient and streamlined. This includes making use of an electronic health record system, hiring administrative help, and writing down your processes.

How to Hire the Right People in Your Group Practice | Pop 254

In this podcast takeover, Alison Pidgeon provides tips and advice around how to hire the right people for your group practice. This includes deciding whether or not you are going to hire W-2 employees or 1099 contractors.

Marketing and Branding Your Group Practice | PoP 255

In this podcast takeover, Alison Pidgeon talks about marketing and branding a group private practice. She provides invaluable tips on what to think about when it comes to marketing your practice along with what it means to define a brand. Alison also provides practical advice on how you can start marketing your group practice straight away!

Managing Staff in Your Group Practice | PoP 256

Alison Pidgeon has taken over the Practice of the Practice podcast for the last five episodes. In this last one, she chats about how to manage staff in a group practice practice. This entails determining what kind of boss you want to be. Alison provides three points to think about in this regard and provides practical examples for each.

Vote for Practice of the Practice www.PracticeofthePractice.com/voteforJoe

Brighter Vision is launching their ‘Best Of… 2017’ Awards. Practice of the Practice has been nominated in four areas.

 

 

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!

2017 Private Practice Income

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 2017

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: I’ve started paring down my side of the practice to see only returning clients and ones that are directly referred to me by past clients. $1,697.50

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: $11,935.85

Private Practice Paperwork Packet: $1,285

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! $688

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

$8,678.59

LLPC Supervision: $931.20

Podcast Sponsorship: $880.46

Speaking: $2,500

Hiring out my virtual assistant: $821.59

Practice of the Practice Consultants: $1,956

Mastermind Group: I launched one, 6 person Mastermind Group for counselors that have established private practice and want to grow. It’s a monthly meeting for six months. $0

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: $9,017.23

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:  $42.42

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 $275.57

Private Practice Start Phase Kit: This is the newest solution for starting a practice. It’s only $77 and helps people that are just starting a practice to thrive quicker, stay organized, and know exactly what to do. It includes an e-book, nine infographics, graphic quotes to use on Instagram to build a following, seven worksheets to learn how to attract an ideal client, and a worksheet to help you organize your first year of practice.  $342

Practice of the Practice Magazine | Summer 2017: This magazine’s theme was “Start a Practice” stories and solutions for starting a private practice $15.98

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! $14.70

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! $750

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: $10.37

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: $10.74

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! $1,438.50

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. $616.50

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

November 2017 Gross Total: $43,930.55

Private Practice Expenses

1099 Counselors: $7,891.75

Additional Supervisor: $0

Rent and Utilities: $2,065.25

Marketing FB+YouTube+Twitter: $200

Charter Internet/website: $90

MeetEdgar: $49

Grasshopper: $81

Affiliate Commission: $0

Libsyn: $35

Dropbox: $0

Jamendo: $0

Virtual Assistants: $3,551.50

Business Cards and Rack Cards: $0

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

IT Support: $95

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $9

Dedicated Hosting: $150

Other Consultants: $1,173.60

TOTAL November 2017 EXPENSES: $16,780.74

November 2017 Income Totals

Gross Income: $43,035.73 –  Expenses: $16,780.74 =  Total Net: +$22,373.71

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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