For many private practice owners being sick and taking the day off means losing out on making any money. We all knew this situation when we stopped receiving a regular paycheck and started our own business. This doesn’t have to be the case. You can begin setting up your private practice so that you start creating passive income, money that still comes in even if you aren’t seeing clients in your office.
It was a little over a year ago I decided that I needed to figure out a way to stop trading hours for dollars. There are only so many hours in a day, and I refuse to allow that to cap my income. I also love traveling, and I didn’t want to sacrifice travel because I would lose out on money. I started thinking about this idea after reading the book The 4 Hour workweek, by Tim Ferris. If you haven’t read this book, you should give it a try. It makes you look at your business in a different light. So here is how I was able to spend a day at home in my sweats and still take in $300.
Rent income: As I began to grow my practice I decided to rent out a small suite with 3 office spaces. I have my clinicians using two of the spaces and I rent out one to a therapist that isn’t affiliated with my group practice. So even though I am not in the space using it, it is still making me money.
Clinicians: Even though I am sick and out of the office, my clinicians are still seeing clients in the office space and at schools. We both get a specific percentage of the fee for each of these sessions. The percentage depends on their licensing level.
Online sessions: Although this isn’t considered passive income, I was able to use this service to make a little money working from home. I had two sessions via a HIPPA compliant video platform. I was able to crawl out of bed, pull myself together and have two sessions from home. This has worked well with client who have difficulty making it to the office due to health reasons, and college kids who are abroad. I collect the fees by using my Electronic Filing Platform.
So that’s it. I was still able to make some money and not even leave the house. I love the flexibility of having my own business. I feel that’s why most people start their own business, yet many find that their business ends up running them. I hope this article gets you to start thinking about ways you can set up your practice to make some income even if you aren’t sitting in your office.
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About the Author
Melissa DaSilva, LICSW is an entrepreneur, podcast host, therapist, hypnotist and artist.
Melissa started her career in the social work field. She has worked in agencies and schools for many years. She is the founder of the mental health agency East Coast Mental Wellness. Melissa specializes in working with members of the LGBTQ+ community. She is the host of the LGBTQ+ podcast Pride Connections Melissa enjoys teaching others how to create and grow a private practice to fit their needs.