How I Built Passive Income as Private Practice Owner [Show Notes]

SUMMARY KEYWORDS

passive income, private practice, therapists, income, started, clients, caseload, template, resources, documentation, work, sell, emotional, fantastic, therapy, curious, burnout, turned, agency, sales, ultimately

How I Built Passive Income as Private Practice Owner Transcript

Note: This video is transcribed using AI therefore some errors have occurred in the transcription of this video.

Hi, my name is Alexandria Theater and you may or may not know me from my blog stresslesstherapist.com where I provide different resources, tips and tricks to help other mental health professionals get out of the agency rut and burnout cycle and into a life of Entrepreneurship, specifically to help them build a work-life balance.

I am a firm believer from personal experience that life is just way too short to be stuck in an angry cycle, burnout, and resentment, and to not have the energy to spend time and resources on things that are most important to us. So, in 2020, I started my own private practice. I jumped into it full-time 2021 and I haven’t looked back since.

Now, it is 2023 and I am doing business coaching to help other therapists do the same thing, not just build private practice but also how to diversify their income because that is something that I have been blessed and grateful to do as a way to supplement my therapy so I can spend as much time at home raising my little one as possible.

Because in this seasonal life right now, that is the thing that I value most, making sure that she has that secure attachment and a strong foundation for whatever she decides to be growing up.

So, I wanted to make this video as a way to get a little background as to how I started with passive income and ultimately got my way into coaching. This way, if any of you out there are thinking about maybe building a side hustle while you’re at your agency or maybe you’re doing private practice but you just can’t quite fill that caseload and you want to be able to have a little extra resources to go on vacation

or to have the flexibility for sick time if you need it or maybe even drop some of those Insurance panels so you can go completely out of network, building some type of passive income or diversifying your income in some way, shape, or form is a fantastic resource to do so.

I mentioned a little bit earlier that in 2022 I gave birth to baby girl and because of the life that I built with private practice, I was able to take the six-month maternity leave. Now, I know this is longer than what many agencies offer. For sure, you know, they’re more like the six or twelve week but I really wanted and needed that time.

I wanted to spend as much time with her as humanly possible but I also needed it for myself. I had a lot of physical complications that came up after my delivery and I needed time to care for myself so this way I could then ultimately give back to others when I was ready to.

Once that six months came up, I was ready to dip my toe back into private practice which I did and I absolutely loved but I quickly learned that I couldn’t handle the caseload that I was doing before and even doing something part-time of 10 clients a week was it realistic right my original goal was ah I’ll see two people a day five days a week that’s ten clients right there

boom it should be just like what I was doing before um but just at a slower half speed and I did not have the mental or emotional capacity to do that because I don’t know if you’re a parent or know anybody who’s a parent but caring for an infant 24/7 all day every day and being there for their emotional needs and physical needs is draining to then have to turn on the therapist hat and essentially re-parent in some cases or be that emotional space holder for others.

I was emotionally tapped out and I couldn’t fathom seeing 10 plus clients a week and still being there for my family without experiencing that burnout so I started to panic because I financially planned to be back to work earlier than the six months originally I had to extend it again because of medical complications

but then I had plans to be seeing 10 plus people a week doing part-time work and that wasn’t gonna happen so I needed to get creative. I needed to think of something pretty quickly because I don’t know about you but bills don’t just stop because you’re tired. So I started to Google.

I was curious like what other therapists are doing, what passive income is there, what options, what jobs are there for therapists. Somehow I stumbled on Etsy and I saw that there were other therapists selling resources to other therapists like different handouts and notes and documentation templates and I was like, huh, that’s interesting.

I could do that. Now backstory is I’ve always been fantastic with my documentation so it’s kind of my blessing of my curse of being a type A personality so I had templates ready to go because I use them every day in my practice so a couple tweaks here and there taking my name and my license I’ve run things off it and I made a generic template that I then sold on Etsy

and put up there as curious as to okay well what would people do if I’ve had this up and to my surprise it sold quickly right within the first 24 hours I had a sale it’s like huh interesting this is a fluke and then a couple days later I got another sale and then I was like this might be something so I started to promote it in Facebook more specifically when people would ask questions about documentation I would answer them like I would always do but then I would have my link to it if someone wanted to use my template as a shortcut and then it really started to sell.

Thrilled, I was ecstatic was through the Moon and ultimately though I started to wonder well what other things could I sell so I was doing other things besides soap notes and ultimately I got curious of other other ways to Market and to sell these products because since it was taking a decent chunk out of it and so that’s how I came across blogging and email marketing

and then from there it just soared what started off as a humble six minute soap note turned into a whole documentation kind of packet which then turned into a live presentation which people were eager to do because they had questions and they wanted to talk to a live person to see how they work and not just have a template and then that live presentation turned into a recorded course

so people can do it on demand and didn’t have to be restricted to the hours that I was available to teach you they can watch it whenever they wanted and then that course led to a different course because I thought okay if I can teach people this well what other things can I teach people and ultimately I came up with a collection of equivalent courses some I do live some I have recorded people began asking me for one-on-one coaching services so I added that too and now I have a diverse portfolio of different ways that I’m bringing in income this way.

I don’t feel like I have to rely strictly on the emotional heaviness of a one-to-one therapy session that I can do something more creative and help somebody with copywriting. I can write a blog post and promote an affiliate product and get paid that way so I don’t even have to be in my office to get paid.

I can be at the beach or at Sesame Place with my little girl and make a sale through that way. Now at this point in time I’m at the perfect stage where it is supplementing my income so I don’t have to take on more clients from a therapeutic perspective and I’m happy with that. At some point in time I might choose to take more clients on.

There might be a time where I want to take less clients and now I have the skill set where I can play with that and have flexibility with that whereas before when it was just one-on-one therapy and private practice if I didn’t sit in the chair and work with somebody I didn’t get paid that meant holidays I wasn’t getting paid I’ve been vacations I wasn’t getting paid sick time I wasn’t getting paid unless I had kind of pre-planned some things and packed my schedule in advance.

This way it covered those slower season so for example the summer but now with income diversity and passive income streams multiple passive income streams I make sales literally while I sleep I make sales while I’m away for a week with my family and it’s fantastic because I know that even if a client cancels that week I’ll still have something coming in

which is wonderful and it’s such a relief not just financially but emotionally because knowing that there are other avenues because if one thing goes down that’s not my only income Source so if you’re watching this video and you’ve ever been curious about how to diversify your income as a therapist know that it’s possible.

There are probably a million ways that I’m not doing that you can do it doesn’t have to be therapy related it could be if you are a fantastic Baker or if you’re a crafter or if you are a pet Guru maybe there’s an Avenue there for you but regardless of what it is I encourage you to consider it

because it’s so freeing to be able to have that Financial Security to make that money without feeling like you’re locked in an office whether it is you’re on office because you’ve built your dream practice or whether it’s an office set up by somebody else because you’re working at the agency to be able to have that flexibility of when you work and how much you work

so that’s all I have for now I will put some resources down below if you’re interested in learning more on this topic or if you’re interested in working with me directly to come up with a very personalized plan as to what this could look like for you but

my hope is that it gives you a little bit of inspiration and minimum some ideas about what is possible because it absolutely is if I can do it you can totally do it because just like you I am masters of a professional who had dreams of staying home and still wanted to work and to use my brain and to try different

Avenues and the little creativity was able to make it happen so as long as you’re willing to take a risk and stretch yourself a bit there’s a whole world out there for you and I can’t wait to see what you do so shoot me an email comment on this post join the Facebook group let me know what you’re doing because I would love to celebrate with you take care for now bye bye.

Show Links

Hello, I’m Alexandria Theordor, a life-first business strategies helping therapists create a private practice that prioritizes their personal life and values. My goal is to help you achieve the freedom to focus on what matters most: health, wealth, and relationships.

Whether it’s through my consulting services or online resources, I’m here to provide the guidance and support you need to succeed in your business endeavors. My aim is to help you gain the confidence and knowledge necessary to launch your own profitable practice.

Below is a sample of what I have to offer, if you have any questions please feel free to reach out to me using this contact form: https://www.stresslesstherapist.com/contact/ 

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