Aug 9, 2021
In this episode, Paul Petroski speaks about creating online courses that create extra income for private practice owners. Plus, we talk about the mindset shift that needs to happen to make more money. Private practice owners need to think about their practice in different ways to diversify income. Depending on how your practice is set up, you can reach a ceiling with the amount of income you bring in. Tune in as we chat about different ways to create income streams in private practice and the mindset shift that needs to take place to build a successful business.
The first step in taking the journey down building an online course is thinking of your practice as something big. It would help if you stopped thinking about your private practice as a practice; instead, think about it as a business. Shift that mindset from a practice owner to a business owner. Then you start thinking about the proper ways to grow a business outside of getting people into your practice. Think about the business side of what you're trying to accomplish and how to grow your income.
Think about how you can turn your niche into an income stream. Maybe you've seen success with marriage counseling. How can you help more people with their marriages instead of just the people you see in your practice? An online course will help you go from the one-on-one method of making income to reaching many people simultaneously. No longer will you need to trade your time for money.
There's an upfront cost associated with getting your online course off the ground. However, once you reach that breakeven point, all other sales will be straight profit. Plus, you'll get a vast reach of people. Building an online course is a smart investment for people who are looking to diversify their income streams and find a larger audience.
If you haven't already, you need to check out Smart Passive Income; they have a one-stop-shop for content, training, and resources on building a successful and thriving online business. Passive income is the idea that you can create something that gives you the ability to make money in a nontraditional way. With passive income, you can have assets that allow you to make money without your direct involvement. It's not entirely passive because there is some level of maintenance and attention required. Online courses will have upfront work and costs. In addition, there is some SEO work that will need attention periodically.
The production aspect of creating an online course is the biggest fear for private practice owners. Most people don't know how to develop well-produced videos and only have a smartphone to create content. Well, there are different ways that you can create an online course. Some people will record themselves live while using a DSLR camera. Other times people make a voiceover PowerPoint where their content is more of the focus, and they're putting an audio recording over the presentation. If you're advanced in the technology space, then it's easy to get started on production. If this type of technology is new to you, Paul recommends getting a coach or finding an expert to assist.
A lot of times when it comes to business, we hear the concept of imposter syndrome. When thinking about creating an online course, counselors are worried that no one will buy it. Think about how long you've been a counselor and how many clients you have helped. You have an experience that would be of benefit to people. The reality is that you are an expert. Once you can get over imposter syndrome, then you will be successful in selling your online course.
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Gordon is the person behind The Practice of Therapy Podcast & Blog. He is also President and Founder of Kingsport Counseling Associates, PLLC. He is a therapist, consultant, business mentor, trainer, and writer. PLEASE Subscribe to The Practice of Therapy Podcast wherever you listen to it. Follow us on Twitter @therapistlearn, and Pinterest, “Like” us on Facebook.