January was a fairly crazy month to learn How to Make Money in Private Practice.
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The biggest announcement is…
…I’m leaving my full time job!
This has been an extremely long time coming. I tend to be very risk adverse, which means that I process things that can make such a large impact on a deep, almost nauseating level. Really, if you look at last year’s income, I lose money every day I go to my full time job. Here’s what we’ve had to plan:
- Health insurance: I actually found that using our COBRA for the next 18 months will be cheaper than using the Affordable Care Act. I may look into what the American Counseling Association or our Chamber of Commerce offers
- Life Insurance and Disability: Obviously if anything happens to me, I want my family covered, so I’m getting that squared away.
- Payment Flow: I think I’ll still write myself a check for 50% of income each month to leave enough for taxes and expenses in the account. We tend not to live paycheck to paycheck, so I don’t think this will be a big deal.
The Most Awesome Conference
I’m partnering with Kelly Higdon and Miranda Palmer from ZynnyMe as well as Julie de Azavedo-Hank for The Most Awesome Conference. We were all sick of conferences where you’d leave with a “to do” list only to get hit by email and other shenanigans, so this conference, folks come with their “to do” list and have some of the best consultants in the nation right there, in a beach house!
Check this out!
And it’s going to be in this beautiful place!
Some huge sponsors have come on board to help make this the SINGLE BEST CONFERENCE for owners of a counseling private practice, that want to learn how to make money in private practice!
The Inner Circle Tickets sold out in 5 days!
There are only 30 more tickets left!
Great counseling and marketing articles and podcasts from January
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!
2014 Total Private Practice Income $110,736.79 (working 10-15 hours per week)
September 2014 Monthly Income Report $7,084.45 (but took 2 weeks off for baby)
2013 Annual Counseling Income: $54,513.97 (January-December 2013)
January 2015 Earning Report
What I’m going to be reporting about how to make extra money and what I’m not going to be reporting
Since some of you are new and some of you have been around Practice of the Practice for a while, I’m going to give a quick summary of where I make income. My full-time job is at a community college as a counselor, however I am currently on unpaid FMLA. I love the job and it gives me great opportunities. But I am leaving on March 5th, 2015!!!!
I do 9-10 sessions a week in my private practice. I don’t take insurance, so it is private-pay. As a result, I don’t have many expenses in time or actual money. I also do consulting with private practice clinicians and supervision for LLPCs in Michigan (Limited Licensed Professional Counselors), a 100 hour requirement in Michigan.
The term “passive” makes it sound like I don’t have to do work. What I mean is money that I make that is not in direct exchange for my time. I will outline what these are under each item.
How to Make Money in Private Practice | January 2015
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: $6,080.05
Other counselors: We just 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: $1,297.97
Paperwork Packet: $139.84
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:
- A SWOT (strengths, weaknesses, opportunities, and threats) Analysis
- Website redesign or re-optimization
- Coaching: developing a niche within the private practice, building stronger referrals, increasing rates, and launching products to grow income
In my August Monthly Income Report I had a number of new private practice consulting clients start with me. Because of having the baby I wanted to make sure I provided excellent service to those I’m consulting with, so this number is way lower than normal.
LLPC Supervision: $845
The Motherload: $0
E-books: You may have noticed that the Practice of the Practice book has been showing up in the 3-D fashion on the website, this has really helped drive traffic, but isn’t in your face selling. $86.46
Paperback Copy of my book Mental Wellness Parenting: A remarkably simple approach to making parenting easier. Most people would see this as a really bad thing, however, when I wrote the book, I really wanted to focus on it being something to hand out to clients or potential referrals. It’s sort of an over-sized business card. It’s great when people buy it, but I’m not disappointed when they don’t, since I see it more as a marketing tool: $0
Member’s Newsletter to Launch/Grow a Practice
Member’s Newsletter: This is the weekly newsletter that walks people through exactly what they need to do when starting a private practice. $99.82
Affiliate Marketing to Increase Revenue
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! $29.10
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! $650
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: $5.87
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: I have a few ads through the website and these bring in a bit of passive income. Since my podcast interview about How to Rank Higher in Google with Sarah Barnes I’ve been doing a lot less of this: $17.80
LegalZoom: This is the second month that someone has clicked and bought something through this link! It’s so exciting, also my wife bought her PLLC so I got to really see it firsthand. It is amazing and super easy to use. $22.35
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. $0
ZynnyMe: I recently connected with Miranda and Kelly to become an affiliate. They have a Business School Bootcamp that is what I wish I could build. Maybe sometime in the future, but for now I’m just going to refer folks to them! $0
Podcast Sponsorship: I have been selectively adding sponsors to the podcast, but upcoming ones will be from being sponsors of The Most Awesome Conference. $0
January 2015 Total: $10,650.16
Not a new record, but it is another 5 figure month! Thank you so much for all your support!
If you want to go after your own AMBITIOUS RESULTS, let’s talk and do some 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. I report what has been sold in the month it was sold. Also, I do not take expenses off of this report.
Joseph R. Sanok, MA, LLP, LPC, NCC
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+ .
Photo by Tax Credits
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