How to Diversify Your Private Practice Revenue
One of the most asked questions we receive from our BYPP Community is how to grow your private practice without taking more 1-on-1 clients. As an entrepreneur, you have likely identified that working solely with clients in therapy sessions means that you are constantly trading time for money. With this business model, in order to increase your revenue, you need to see more clients - something that isn’t always sustainable.
Growing and expanding your private practice often requires the development of additional revenue streams, often leading to the possibility of unlimited earning potential. As a private practitioner, you can offer more to your clients than 1-on-1 appointments - this is where you get to flex your entrepreneurial muscle! Keep reading to learn how to diversify your private practice revenue so that you can build your business to support your goals!
Offer Group Programs or Workshops
One way to service more clients without having to commit to working long days is by offering group programs or workshops. Rather than seeing 8 clients over a span of 8 or 10 hours, your workshops or group programs will allow you to see multiple clients in a fraction of the time.
These group programs don’t necessarily have to revolve around therapy either! Think about your knowledge and expertise. Are there skills that you are an expert at that can benefit your clients? For example, your clients may express an interest in learning about mindfulness and meditation in your one-on-one sessions so offering a monthly group workshop would be a great way to provide the education and information to clients on a larger scale (and outside of their regular sessions).
Group programs are a great way to provide service to clients of a similar niche. With many people feeling more isolated now than ever before, group programs offer a sense of community and support that your clients may find appealing.
Sell Products or Courses
Similar to group programs or workshops, creating digital products or courses allows you to serve your clients on a larger scale. It takes some planning, research and effort to build your digital offerings but once created, you’ll be able to diversify your revenue streams by offering not only one-on-one sessions but also do-it-yourself programs.
Digital products can look like low-ticket, low-risk offerings such as e-books, PDF workbooks, or even printable products like therapy journals, mindfulness exercises, and more! Another option is to create courses that are typically sold at a higher price point than a digital download. Courses can consist of video content, workbooks, resources, templates and more.
Not sure what product or course to create? Go to the source! Be sure to ask your current and prospective clients what they might want to see from you outside of their regular session. This will give you important insight to consider before investing your time and energy into creating a product that your clients aren’t interested in.
Transition to an Associate Practice
Another way to expand your private practice is to transition to an associate or group practice. If your caseload is reaching the point of overwhelm, you may need to bring in associate members to your practice to help with client demand.
In expanding your practice, you are able to continue to serve more clients and in some cases, this will also allow you to offer extended hours to accommodate clients for evening or weekend appointments. Bringing in associates also allows you to increase your revenue as associates will pay a fee to operate within your practice.
Participate in Paid Conferences or Media Appearances
Media appearances are another way to diversify your private practice revenue! Many conferences or other media appearances offer monetary compensation. If you’re an expert in a particular area of therapy, you can look into expanding your business to reach a larger audience through events, conferences, retreats or even appearing on podcasts.
Seeking out these paid media opportunities is another way to move beyond the 1-on-1 model, again allowing you to reach a larger audience and impact more clients without having to commit to long days and weeks.
Are you ready to start diversifying your revenue streams? Check out our Scale Your Practice Program! Find out how we can help you start mapping out your product suite to grow beyond the one-on-one business model!
