How To Make Money Private Practice Lcsw

Ane of the biggest fears of virtually every individual exercise therapist is:

What if I don't make plenty money in individual practise??

I hear ya! I felt this fashion for the longest time as well. Simply it turns out that it's more than possible to generate vi figures as a individual practice therapist.

In this article, I'm going to take it a pace farther and share how I generate six figures a twelvemonth while working part-time equally a private do therapist.

…it tin be done!

Equally of 2021, I've been fortunate enough to work part-time and still earn over vi figures a year. In this commodity, I'll give you the behind-the-drapery peek and then y'all can meet exactly how I did it. Hopefully, y'all find it inspiring or helpful in some way.

Keep in mind that there are a million ways to earn six figures a twelvemonth as a private do therapist, and this is just the fashion I'm doing it right now.

why I merely work part-fourth dimension in private practice

Equally of February 2021, my toddler is in daycare only two days a week. During the other five days of the week, it's but me at home with my daughter wearing my mom hat all the fourth dimension (while also wearing pajamas all the time).

I work function-time because my priority right now is existence at home with my daughter as much every bit possible.

But even if someday I bump my piece of work calendar week support to full-time, I'd likely nonetheless just devote a fraction of that fourth dimension to private practice.

(btw, that day is not likely to be anytime soon considering baby number two is on the way. At which point, I'll probable be working even less!)

I shared all the details of why I choose to work role-time in private practise in my video: Why Full-Time Private Practise isn't for me.

As a quick overview, some reasons why part-time private do fits me best include: I'm a highly sensitive person (HSP), I have TONS of interests outside of beingness a therapist, and I enjoy the extremely flexible work hours that generating passive income offers me. Feel complimentary to check out the video to learn all the details.

how I earn six figures as a part-time individual do therapist

So to be articulate: right now I work two days a week. Not two days a week in private do and and so the other days are spent working somewhere else. I just work 2 days a week in full.

Well okay, let'south exist honest: beingness a mom is hard work. And so technically, I work 7 days a week 🙂 But I think you go what I mean! I spend only ii of those days doing income-generating activities.

But I withal earn over $100,000 a year equally a private practice therapist, even though I just come across effectually viii clients a week right now, and I have no employees or contractors working for me.

And my income keeps going upwardly!

You might be wondering: Marie, how is that possible?

You lot're right, if my income came exclusively from seeing eight clients a week, it would be pretty hard to get in at vi figures.

Just for funsies, I did the math. Assuming I saw eight clients per calendar week and took iv weeks' vacation per twelvemonth, I'd accept to accuse $260 per session to achieve vi figures. And that's not even accounting for whatever overhead expenses!

For the tape: I accuse far less than that for therapy sessions. And I even offer a sliding scale!

So how the heck do I still earn six figures?

Simple: through passive income!

Okay, it'due south non quite that elementary. A couple of months ago I posted a video sharing how I tripled my individual practise salary with passive income. It took LOTS of hard (and unpaid) work to get here. Feel free to bank check out that video if you want to hear all the details of how I congenital Private Practice Skills from zero to turn a profit in two years

In this article, I'll focus more on the basic mindset shift in realizing that I didn't have to always straight trade my time for money.

The phrase "passive income" is a flake of a misnomer. I'one thousand non spending my daughter's daycare days sipping piña coladas by the beach while cash flows freely into my bank business relationship. I'chiliad definitely grinding out hard work, week in and calendar week out, to proceed this passive income coming.

And then passive income is very much an active process.

Merely what makes it passive is that later on an initial edifice phase, the work hours I put in now are well-nigh scaling my income higher for the same amount of work that I put in.

And over time, I've even been able to calibration back my hours while my income notwithstanding goes up.

Seeing therapy clients is a course of active income

This wouldn't be possible to do seeing therapy clients.

To some extent, yes. If I started out in private exercise charging $120 a session and over the years I raised my rate to eventually charge $200 a session, then my income would scale upwardly with it.

Just at some betoken, this strategy would striking a wall. Could I calibration to $400 a session? $1000? What nigh $5000 per session???

No manner! At some point, i 60 minutes of piece of work with a therapy customer has an income cap.

This is why therapy work is a form of agile income. 1 hour of work equals a certain amount of pay. And at some point, there is a ceiling for how high that pay can become.

This is also why people refer to active income as "trading time for money."

Passive income can scale upwardly continuously

With passive income, though it does crave that I go on working, there'due south no cap for how much income I tin can generate for i hour of piece of work. And I practice believe that if I wanted to, I could keep working part-time and calibration to seven figures.

At that place is but absolutely no way that could ever happen seeing eight therapy clients per week.

For funsies, I did that math too. To earn a million a year seeing eight clients per calendar week I'd have to charge over $2500 per therapy session.

…not gonna happen!

Only between seeing therapy clients and the income generated from Private Do Skills, I'm able to generate over five figures in income every calendar month.

How I generate passive income every bit a private exercise therapist

In my before video where I talked almost tripling my individual do income, I shared that building an audience has been the central component to scaling my income.

For Private Practice Skills, once the revenue streams are in identify, my piece of work hours are focused on creating content that will continue to grow my audition. The income is on autopilot and I just need to assist more than people come through the door.

This is in contrast with private practice, where I've congenital a organisation that brings a steady stream of clients through the door on autopilot, and the hard work is spending quality time with each of my clients. (Which, by the mode, I absolutely love. Merely I simply tin can't do information technology full-time and still dearest it!)

My passive income streams

I remember when I first heard almost passive income, I didn't really sympathise how information technology worked until I learned more most specific examples of passive income.

And so to paint a picture of how this can work, here is a listing of my 11 streams of income correct at present:

Private practice income

• Private do therapy revenue (active income)
• Subletting my therapy office (passive income)

These account for about $4000 of my monthly income.

Passive income generated from Private Practice Skills

• YouTube sponsors
• YouTube ad revenue
• Course sales
• Affiliate marketing (6 chapter income streams)

Currently, these account for anywhere betwixt $7,000 and $10,000 of my monthly income. And they keep scaling up as I keep growing my audience!

How passive income helps my private practice

One huge benefit that I love virtually generating passive income through my "side hustle," is information technology takes all the pressure off of my private practice to generate income. There'south more liberty to offering a sliding scale or to accept breaks from private practice without seeing much of a drib in my income.

Case in indicate: I am currently expecting my second child this June. Once she comes, I'll be taking several months off from seeing therapy clients, merely the majority of my income streams will still be intact and paying the bills, all while I'll be busy with 2 kids under two.

Passive income opens new opportunities for private practice

I likewise take dreams for the future of my practice that wouldn't be possible if it weren't for having additional revenue streams.

For example, I have a dream to supervise therapist interns someday when my kids are a trivial scrap older, and I'd love for the trainees I supervise to take a much larger cut of the rate than is typical. I recollect equally a therapist intern I took a 50-60 percent cut of the session rate, whereas I'd love for my interns to be able to go on 80 percent or more than of what their clients are charged. And that'south possible because at that place isn't any pressure on them to generate profits for me.

Similarly, there are far more opportunities to offer low-fee or pro bono services, without feeling bitter about it, getting overworked, or being at adventure of going broke over it. All considering of the financial security that comes from additional income streams.

I have lots of other similar dreams for how passive income can help fund generosity like this. Information technology is possible to requite back while being able to comfortably pay the bills or support your family.

I promise you found this helpful if y'all're looking for means to generate more income while still doing the piece of work that you love of seeing clients as a private practice therapist.

And if fifty-fifty a few folks are inspired to notice ways to give back while not having to cede their capacity to pay the bills afterwards reading this, I'd count that every bit a huge win!

Wherever you lot might exist at in your private practice journeying, from i therapist to another: I wish you well!

-Marie

Source: https://privatepracticeskills.com/private-practice-therapist-earns-6-figures-part-time/

Posted by: nolaninse1959.blogspot.com

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