I recently wrote about the various revenue streams I have compiled for my business. As I have said many times, therapists deserve a living wage but often struggle to get there, and I have been able to expand my sliding scale and pro bono offerings by diversifying my income.
Of course, you do not need to pursue every possible revenue stream, and you probably should not. Work-life balance, people! If you want to find other revenue streams for your business, choose streams that fit your business goals and that you actually enjoy working on.
Use these tips to figure out which revenue streams are right for your business.
What Fills You Up?
There is a myth that we are supposed to hate our jobs, and I would like to dispel that right now. I spend more time doing work for my business than probably any other area of my life, and I would like to enjoy that time.
Think about the various projects you have been a part of, as well as the tasks you do day to day. Which tasks bring you a sense of joy or fulfillment? Personally, I get a huge sense of satisfaction knowing that I have shared useful knowledge. That is why I spend so much time writing about mental health. I know that an unlimited number of people can read what I share, and it can potentially make them more knowledgeable or improve their lives. Because of that, I lean into revenue opportunities that involve sharing knowledge with the public.
Maybe you enjoy creating resources people can use in their sessions. Digital downloads and other resources might be a fit for you. Or maybe you feel fulfilled from consultation work. Lean into what you enjoy.
What Does Your Ideal Day Look Like?
If you could plan out your ideal work day (yes, I know, we do not dream of labor, but for the purpose of this activity), what would it look like? What would you spend your time doing? Personally, while I understand that some meetings are essential, I do not spend my time in meetings I am not paid to attend.
I enjoy working from my home office so I can spend time with my cats, so I’ve structured my business to only require me to be in an office one day a week. I like having breaks in my day, so I space my sessions out. I love writing, so I find opportunities where I can spend my time doing that.
Make a list of revenue streams that involve your ideal day.
What Do You Wish You Could Do More Of?
I love my clinical work but found reimbursement rates unsustainable, so I partnered with EAP programs that pay a living wage so that I could open up my availability to more clients. What do you wish took up more of your time? Is it possible to turn that into a revenue stream for your business?
I don’t mean to suggest that you have to monetize everything you do – it’s okay to have hobbies and to just enjoy things without profiting. But this blog post is about revenue streams, which is why I mention it here.
What Do You Wish You Did Less Of?
On the other side, which parts of your day do you dread the most? What do you wish you could cut out completely, or at least reduce? It’s important to know this and avoid potential revenue streams that lean into these non-preferred tasks.
When I was a graduate student, I offered editing services, reading texts for factual accuracy, typos, and quality of writing. I hate editing – it is why I work with publications and publishers that do that part of the writing process for me. What an awful idea.
Focus your energy on the revenue streams you enjoy.
What Are Your Income Goals?
You love your clients and you are passionate about your work, and also you live in a capitalistic system where things cost money. Consider your income goals when choosing revenue streams. Do you want to be able to supplement your therapy practice, or develop a fully sustainable business not reliant on your clinical practice? Do you want to create streams of income that continue paying over time, like through royalties or other passive income?
Choose projects and activities that fit with your goals for your business and income.