Many therapists that I work with are passionate about their career. They feel it is their life’s purpose to help others, and they often have personal reasons for entering the field. Their years of schooling and energy spent toward getting licensed show just how dedicated they are.
And yet, they still feel undeserving of real compensation. They joke, “No therapist gets into the field for the money!” While that may be true, the idea that you need to take a vow of poverty to be a therapist is absolutely false.
You may have heard that idea or something similar from your grad school professors, supervisors, and colleagues--unfortunately, it’s a common assumption amongst therapists. But I’m here to encourage you to challenge that limiting belief.
With some creative thinking and commitment to working toward your goals (strengths I already know you have as a clinician), I firmly believe that you can make your compensation match your skills and experience. I would know--I’ve worked with 30 therapists just like you.
In today’s post, we’ll discuss my top 10 ideas for how you can multiply your revenue and get a sense of which options may be best for you.
10 Profitable Revenue Streams for Therapists
There are so many ways for clinicians to expand and monetize their personal brand--here are my favorites! Feel free to pick and choose depending on what speaks to you.
I can already sense your hesitation as I write this, but it has to be said: not all coaches are cringey. Chances are, you’re already using coaching skills with clients--why not monetize that?
Lots of therapists I know hate on coaching because the industry isn’t regulated, which is totally valid. But you’re a trained therapist with clinical skills--you’re more than qualified. We can work together how to create a framework using your clinical skills that will enable you to offer coaching in a helpful, ethical way.
With the right framework and marketing, you can reach more clients and put more money in your pocket.
Typically, we think of public speaking as standing in front of a live audience. Recently, this has been revolutionized and lots of people are now attending speaking engagements from their own homes!
Is there a particular clinical issue you’re an expert on? A certain social justice issue that hits home for you? Reach out to different organizations and speak on it!
Starting a channel is a great way to build your brand and share your message. Get creative with your content! You can monetize your channel by participating in the YouTube Partner Program.
This option is allllll over Instagram. You’ve got options: set up your Amazon store, plug your friends’ offers, and so much more. It’s actually pretty simple, and it makes a great addition to most other revenue streams.
Create an app
All of us are glued to our phones nowadays--why not make some money from it? Developing an app can be surprisingly low cost as well as highly profitable.
Not up for video content? No worries! Hop behind the mic and try podcasting instead. There are lots of options for monetizing a podcast, and it can be a great way for reaching a lot of people. After all, who doesn’t love a good podcast?
This is a great complement to other income streams in which you provide a service or share content. There are tons of different products you could sell as a clinician, including:
Courses are a great way to package your expertise and reach more people without increasing your caseload of therapy clients.
Guided meditations are something all clinical therapists can sell online with ease. These can be trauma-informed and can encourage your clients to “do the work” outside of session!
Journal/planner templates allow you to put your own personal touch on a digital product while supporting people all around the world with their growth and development.
E-books help expand your reach. Bonus: you can take a step toward your dream of becoming a published author!
This one takes commitment, but if you’re up for the challenge it can be a great option that offers maximum impact and maximum access.
Again, impact and access are selling points for this option. Plus, there’s no lengthy commitment! You can create a webinar or workshop around anything. Use it as an opportunity to further your brand.
Most clinicians don’t think of this, but that’s why I’m here! You’ll provide professional, individualized advice to organizations for the purpose of optimizing their business activities.
So many options! How do I choose?
Pro tip: there’s not one single way to grow your brand. The best revenue streams for you are the ones you have the time and drive for.
If you just want to start a low-key side hustle, you may want to start with a lower-stakes option like digital or physical products. Just keep in mind that these may take time to become profitable!
Want to do more but not quite ready to go all in? Consider one-on-one coaching, groups, and video/audio media. While these options take a commitment, you won’t need to constantly be the center of attention with your brand.
Now, if you’re truly ready to do this thing 100 percent, you may jump right in with a high-ticket mastermind or group program. I’m here for it!
Still not sure where you stand? I can help!
You wouldn’t tell your clients to rely on just one coping strategy--why do you insist on relying on just one stream of revenue?
I provide clinicians like you with expert advice and personalized support. Together, we can hone and grow your brand which will maximize your impact--and your income!
Thanks for reading! Talk soon,