I can’t believe it’s here—-Episode 200! I’m thrilled to have made it this far in my journey and to have so many of you along with me. Podcasting has made me more confident as a person and a speaker, and I’m thankful for the ways I’ve grown on this path. Today’s topic is one I’m very passionate about, and you’ve heard it mentioned many times on the show. We’re discussing what a clinician needs to have in place before scaling to multiple income streams.
Nicole Liloia, LCSW, practices in New Jersey. She’s someone whose advice I trust regarding creating multiple income streams, which is becoming more and more common for those in private practice. We don’t often think about the groundwork that needs to be laid before we take that step, but systems and processes must be in place for things to flow smoothly. Each income stream brings its own level of stress, which must be managed. In today’s conversation, we’re discussing the biggest advantages to creating additional income streams, things to be aware of, and the most important things to have in place before branching out.
What We’ll Learn
- The unique considerations, assessments, and questions about multiple income streams
- How to create secure financial stability for the future in following the advice, “Always have your hand in multiple pots.”
- How multiple income streams can help alleviate stress and worry during the inevitable down times for clinicians
- The key to knowing you’re ready for a second income stream
- How to assess your required income and create an action plan to achieve it
- How to view your business expenses and not freak out
- The three biggest advantages to creating multiple income streams:
- Long-term financial security
- Less burnout
- More creativity
- Applying our unique skills and talents in different places
- The top three things to watch out for:
- Keep the first income stream steady
- Stay within your niche
- Be consistent
- The most important things to have in place before scaling into multiple income streams:
- Have a clear niche
- Have a secure income from the first stream
- Assess the income streams that are available
- Nicole’s advice: “Be realistic about the possibilities and have fun with the options!
Find out more about Nicole: Nicole Liloia
Get Nicole’s Multiple Income Stream Guide: Therapist Income Streams
Our sponsor: STC Directory
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Today’s Awesome Sponsor – STC Directory
The Selling The Couch Directory came from a simple dream to make it easier for us in private practice to connect with one another. This will make it easier to cross refer, share unique niches/specializations, find colleagues near us and/or who work in similar/related niches, and find/advertise clinical and business supervision/consultation services. Please check out this video to learn more about the STC Directory.