How to Grow a Private Practice May 2018 Monthly Income Report

How to Grow a Private Practice

May was a big month. I got to speak on the TEDx stage, started another cohort of Next Level Practice owners, and had some great time with my family. It also was our best financial month ever with Practice of the Practice!

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 from May




Top Stories

How I Grew My Practice to a Waitlist in Six Weeks

How I Grew My Practice to a Waitlist in Six Weeks

I’ll never forget the moment that my Psychology Today profile went live and I publicly announced my practice to friends and family. The fact that it was only two months ago helps as well. I was terrified to say the least. Would anyone even want to see me? Who am I to start my own business? When starting your own practice, there is no one else to hide behind. You are the face of the business, literally. I had a lot of fear in the few months before I launched, and used that as my fuel to grind, grind, and grind some more.  Instead of letting that fear stop me from moving I used it as my fire to ignite!

How I Grew My Practice to a Waitlist in Six Weeks: Support Network

In my last post I discussed how niching down was vital to me growing my practice to a waitlist in six weeks. With my determination to succeed, and newfound niche, my phone continues to ring with new clients. Looking back with the first couple of months under my belt, the best thing I did for my practice was investing in a good support network.

6 Necessary Mindsets to Succeed in Starting or Scaling A Practice

There are clear distinctions in the minds of those who reach their business goals and those who don’t. If I could summarize what I have learned from the business owners and entrepreneurs I have worked with over the past decade, who have succeeded in their ventures, this is my take-away.

Podcasts

John Lee Dumas is an Entrepreneur on Fire | PoP 294

This episode is a reverse podcast with John Lee Dumas from Entrepreneur on Fire. In this podcast, Joe speaks with John about his story and what he’s learnt in his journey from starting a private practice and then moving into consulting.

 

Lifetime Value of a Customer, Ideal Clients, and Getting more Clients with Harvard Professor Sam Mallikarjunan PoP 295

In this podcast, Sam Mallikarjunan discusses his journey of trying to find a chiropractor, personal trainer, and massage therapist. In the process, he realised how bad some of their conversion processes are. As such, he gives invaluable advice on how to improve this through blogging and by understanding the lifetime value of a customer.

Sheri Fitts Says That Fortune Favors the Fast | PoP 296

Sheri Fitts started out in graphic designer when there was a ‘shift’ in the design world. She’s always been comfortable in computers. Sheri then started working for a financial services firm and created materials to teach other people about money. She then started selling these materials and, therefore, moved into sales.

 

Jeremy Zug Wants You to be LEAN | PoP 297

In this episode, Jeremy Zug goes into the details of what it means to make your business LEAN. This includes 5 fundamental stages, which he maps out practically. Jeremy also goes into the various LEAN methodologies. By the end of this podcast, you’re bound to know how to transform your practice to a much more efficient practice.

Robin Waite Wants You to Have a Fearless Business | PoP 298

In this episode, Robin Waite takes us through his story of deciding to do business fearlessly. Now a successful business consultant, he also provides invaluable tips and advice on setting your rate as well as how to go about financing your marketing strategies. Take his FREE fearless business course, consisting of 20 modules, to become a business expert!

Stacey Brown Randall Wants You to Grow Through Referrals | PoP 299

Stacey balances work and home life by constantly readjusting routines as her kids get older. She also has important boundaries that she sticks to. Stacey landed up doing what she is now due to a business failure. She learnt a lot from the failure, which helped her ensure that her second business was a success.

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)

May 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! $1,382.25

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: $10,640.90

Private Practice Paperwork Packet: $1,041.99

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! $0

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

$868.74

Podcast/Slow Down School Sponsorship: $13,822.54

Hiring out my virtual assistant: $774.26

Practice of the Practice Consultants: $10,596.28

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: $12,669.28

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:  $36.88

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 $194.52

Next Level Practice: This is the premier supportive community that combines webinars, community, and practical tools to help start a practice.  $7,688.53

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! $70.80

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! $975

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: $12.21

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: $5.17

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! $880

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. $400

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

Practice Solutions: The best billing company for your private practice. $633.30

Gross Total: $62,692.95

Private Practice Expenses

1099 Counselors: $7,027.50

Rent and Utilities: $2,065.25

Marketing FB+YouTube+Twitter: $300

Slow Down School Flights: $1,182.7

Charter Internet/website: $110

MeetEdgar: $49

Grasshopper: $81

Practice of the Practice Profit Sharing: $0

Upwork: $49.33

Libsyn: $35

Dropbox: $0

Jamendo: $49

Virtual Assistants: $4,715.81

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

Shipt: $12

IT Support and Hosting: $95

Family Health Insurance: $603.36

QuickBooks + Harris Group CPA: $9

Other Consultants: $6357.77

Reimbursements: $3,232.16

TOTAL EXPENSES: $25,973.88

Monthly Income Totals

Gross Income: $62,692.95 –  Expenses: $25,973.88 =  Total Net: +$36,719.07

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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