Paul Petroski | Generate Passive Income With An Online Course | TPOT 190

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.

Meet Paul Petroski

Paul Petroski has spent the past 20+ years helping organizations design and deploy learning solutions that improve bottom-line performance. His experience spans the business landscape from Fortune 100 companies, such as IBM and CSC (now DXC Technologies), to San Francisco-based startups. Several years ago, Mr. Petroski found himself sitting in his Counselors office as he was navigating a major life change. Having such a profound experience and transformation working with his Counselor, Mr. Petroski saw the opportunity to bring these two paths of his life together. At that point, he began helping Counselors and Therapists build passive income by turning their years of experience into online courses. Through his work, he has helped Counselors build their personal brand, free up time by generating multiple streams of income, and rethink what it means to build their overall practice.

 

In his free time, Mr. Petroski is relearning how to live life through the eyes of his 13-year-old son and 10-year-old daughter, is an aspiring drummer, and loves to ride through many bike paths that Colorado has to offer.

The Mindset Shift To Build Your Practice

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.

The Importance of A Niche To Diversify 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.

Building An Online Course

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.

Creating Passive Income Within Your Private Practice

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.

Producing Your Online Course

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.

You Are An Expert: Overcoming Imposter Syndrome

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.

Being transparent… Some of the resources below use affiliate links which simply means we receive a commission if you purchase using the links, at no extra cost to you. Thanks for using the links!

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Meet Gordon Brewer, MEd, LMFT

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.