Are you considering creating multiple streams of income? Should you keep your multiple streams separate from your current business? How can you get started?
In this podcast episode, Joe Sanok speaks with Rachel Ann Dine about counselors can build multiple streams of income and how you can start.
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Meet Rachel Ann Dine
Rachel Ann Dine is a Licensed Professional Counselor in both Virginia and Florida and owns her mental health private practice, Humanitas Counseling and Consulting, LLC in Chesapeake, Virginia where she specializes in helping high achieving and perfectionistic women manage anxiety and find more balance in life. She is the host of Calm, Cool, and Connected, a mental health television show in Hampton Roads, Virginia and hosts Living Freely Podcast a podcast offered by her cities’ Public Library System.
With 15 years in the mental health field, Rachel Ann has been featured in national publications to include Thrive Global, Medium, and Bustle and is the author of a women’s wellness book, Live. Learn. Love. Real-talk tips for the woman who is ready to be her best self. She also owns The Three L’s Solution offering an online course on setting healthy boundaries and consulting for other private practice owners wanting to grow their business through social media use and find additional streams of income
In This Podcast
- 6 tips for building multiple streams of income
- Should your income streams be separate brands?
- Exercises to put into action
6 tips for building multiple streams of income
1 – Become proficient first in your main source of income:
This will provide you with peace of mind knowing that you do have a solid income to fall back on and gives you the courage to jump into trying something new.
It frees up that mental space from worrying about finances, giving you the energy to focus on your upcoming projects.
If you’re considering wanting to explore outside of the office … become really proficient in your main source of income because if you are ready to make that jump, it is going to help that anxiety level, just to have that steady stream of income that’s already coming in. (Rachel Ann Dine)
2 – Decide why you want to have another income stream:
Instead of following the trends, ask yourself why you personally want to try this route? Is it going to help you grow as a business owner?
If you are happy in your dream job or industry, then you might not need to explore something else, if it is only something you would do because other people are.
3 – Strength-based focused:
Know what your strengths are, narrow down your passions, what you are skilled in, and what you want to do with these skills.
How do you want to actually spend your time? What feeds you, whether it’s public speaking, coaching, writing a book … therapists are in such high demand right now so the possibilities are endless on ways that we can utilize our craft. (Rachel Ann Dine)
4 – Be realistic:
Do not bite off more than you can chew. Once you have one stream of income set in place, you will want to build up other income streams at a gradual level.
This will allow you to properly set out their systems so that they work with and match the current systems that you already work with.
5 – If something stops working, give yourself the permission to pivot:
There may be times when your passions change, or your interests shift. If this happens, give yourself the ability to be flexible and change with them.
Do a quarterly or annual check-in and make a list of everything that you are currently doing and see if it all still resonates with you.
6 – Be realistic with yourself and with your time:
Find something that caters to your personality. As you get more involved in different income streams, you may be pulled in different directions.
Keep your authenticity aligned and do the things that resonate best with you.
Should your income streams be separate brands?
Rachel recommends keeping them separate but somehow linked.
This may help you with the organization: whatever you do that is not related to your practice automatically falls under your second business, with the rest of your multiple income streams.
This may also help you to mentally keep them separate: when you focus on one company you are focused on that, and vice versa.
Exercises to put into action
- Check in with yourself: evaluate how you spend the majority of your time in your work life. Is this creating the same level of passion you first felt?
- From there, if you weren’t doing full time therapy work, what would you be doing?
- See if you can reduce your caseload for a short period of time to create a space of time and reflection for yourself. This will help you to see the next steps.
Give yourself grace, be patient with yourself and with the process. Know that you can always tweak what you are doing to make it feel more suited to whatever stage you currently are in in your life. (Rachel Ann Dine)
Books mentioned in this episode
- Ask Joe: How Do You Get Online Clients In Two States? | PoP 572
- Thursday Is The New Friday
- Starting a private practice? Get this free 28 step checklist
- Sign up for Next Level Practice
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- Podcast Launch School
- Practice of the Practice Podcast Network
- Free resources to help you start, grow, and scale
- 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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