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How to Make Passive Income as A Therapist?
First of all passive income for therapists is often not really passive until later down the road. A lot of times what that really means is that we’re doing some work now for less work later. Right? So, just keeping that in mind, whenever you’re thinking about trying to establish any sort of passive income stream.
Let’s be clear about something. If you’re a therapist or a social worker. it’s because you genuinely love what you do. You have an intrinsic motivation to help other people. You made a lifelong commitment to helping other people to improve their mental health conditions.
I wanted to keep that clear just because I know. That many times people get offended, when they are told that they do or provide therapy services for the money. Yes and no. If we wanted to make a lot of money, we would have done things differently. We would have chosen another career that it’s it only takes a bachelor’s. Just get you started and that’s it.
Why I Should Select Therapist Profession?
I did not choose this career because I wanted to be a millionaire. I chose this career with my heart, I chose this career because I did not care how long it was going to take me. How expensive it was going to be. I wanted to provide services that could make a difference in someone’s life.
That doesn’t mean that I’m not struggling financially. Meanwhile, it doesn’t mean that getting a job as a therapist is easy. Or that the entry level pay is enough to keep me financially stable. So, that being said over here is about explaining ways in which you can get some passive income. Other ways of income also, while you’re still developing your reputation as a therapist. And even like acquiring your license. So, let’s just get started with that now.
One of the easiest ways of passive income for therapist, do it. By just looking at what you have currently and looking at the fact that you have an office.
Ways of Passive Income
1. Sublease your office
It’s going to be subleasing your office. I think if you’re subleasing your office you should be doing it for a profit. Right? So, keep in mind that you are the one that is kind of assuming the liability for the office. Your name is on the lease. You’re really tied to it, you’ve provided all the furniture. Maybe you provide the cleaning service and stuff like that. So, there’s a real value to that.
And so for a clinician who just maybe wants one day a week, I think you should be making profit on that sublease. For me I think that’s one of the easiest ways to start making that passive income is to sublease your office.
2. Sell Your Paperwork
This will require just a little bit more work up front. But not a whole lot. You have a set of paperwork that you use with every client when they come in. Like, your intake form, a credit card form, right? Maybe a screening questionnaire, a hipaa form and all sorts of stuff. There are so many forms especially if you run a group practice. These forms that you have are really valuable to people. Who are just getting started or maybe who are missing a lot of these important forms.
Now you could put all that together. Make it nice and neat and then sell it for however much you want to sell it for. You could sell it for a $100, you could sell it for 300$. Depending on what you feel like the value is and what other people perceive as the value to it. So, you might just put that together. Put it on your website or Instagram. Create a PayPal or any other feasible link there and automate the whole thing that way. It doesn’t have to be too complicated to make passive income for therapists.
3. Hire a Clinician
This one takes quite a bit more work but I think it’s still a really really strong and really natural way for clinicians to start making passive income. That is to hire a new clinician to join your practice. Of course there’s so much to be said about hiring someone in that process. Means, creating a group, practice and all that comes with it.
But in general, it is a way, that if you can do it, you’ve got the volume of referrals coming in. you’ve got the office space, maybe you’ve got the HR and the infrastructure for it. That it can be a relatively easy way. A really powerful and scalable way of starting to make that passive income. Again keep in mind that really becoming a group practice is going to obligate you a lot more than something these first two ideas that I shared. Which can make passive income for therapists.
4. Use Your Intelligence
To make passive income for therapists, therapists needs to use their knowledge and intelligence. Then they may create value in the mental health community. There are a lot of things that people that are not in the field don’t know about just because you went to school. So, use that knowledge and even your experience as it is now to educate other people.
Teach other people about how it is to become a therapist, to become a registered intern. Tell them about something that you know. For example, I’ve been working with the eating disorder population since 2010. I know a lot about eating disorders. Probably more than a person that doesn’t have the experience. So, that is something that sometimes I use to create value and inform people. So, you can share knowledge via different platforms you can use.
5. Use Social Media
You can share knowledge via different platforms you can use. Like YouTube or you can use a website where you can share blog posts and information. Resources to other clinicians like psych hustle. You can also create an instagram and you can slowly start to create your own little mini community. In where you share all these things eventually which I told above.
Once there is value you can move up to the next step. There are many platforms like for example patreon or udemy where you can share little courses or pieces of information with people for a price. That is the way in which creating value transforms to getting some passive income from it.
Don’t feel guilty for it, you deserve it. You put in the time, you put stuff together for people. Somebody else didn’t do it. You did. So, you deserve some recognition from it.
6. Create Content
If you don’t like to be on camera or you’re not very social there are other options for you. You could write a book. There is the KDP, amazon that makes it very easy for you to write a book. Also you can create content for people that need it. And trust me there is a need out there.
So, many youtubers, other people that have websites, they need content and sometimes you can’t do it on your own. That’s why I have my best friend with me because it’s hard to do it alone. So, sometimes these people are wanting to partner with other specialists that are willing to provide content and they pay you for it.
You can go to medium.com where there are thousands of different publications. If you’re interested in one. Talk to them. Tell them that you want to write for them and you can get some passive income through medium.com as well.
You can use quora, where they send you daily different prompts with kind of it’s like a content request. They send you a prompt like people want to know what the benefits of journaling are. So, whoever wins the contest and gets chosen. I believe there’s also some sort of profit there that can make passive income for therapists. One more thing that I missed is start a podcast.
7. Expand Your Network
A lot of people always talk about networking and meeting people and getting connections. I know it sounds annoying but if you are not involved in the mental health community you are missing out. This community is absolutely beautiful, amazing, supportive, and validating.
Being friends with therapists is such a blessing. Because they understand you, they know where you’re coming from. They have all the amazing communication skills that you wish everyone had. So, they are your best friends. They’re going to be hopefully if you are not involved yet.
Yes, like check on people, ask them how they are. I can tell you that I already have like many connections in my instagram where I talk to people. We share what we’re doing, we share what didn’t work, what worked. So, it is really amazing to be part of something belongs to something.
There are of course perks of being social. You can get job opportunities, you can get you know different tips or tricks on how to pass an interview at a certain company that you like. You get known also by other people, you can get referrals.
It’s just a great opportunity for you to get good opportunities in your career. So, always connect with people. I think that the other benefit of being connected with fellow, colleagues is that you get inspired. When you talk to someone. An idea grows in you. Maybe it’s not going to click in the moment, maybe you’re not going to move forward with the idea.
But it’s just it’s there now and the seed of inspiration is placed in your brain and then it can grow in a few years you never know. So, don’t be shy or feel like it’s just a waste of your time. It’s not going to be a waste of your time. Take a minute to connect with other people. Share with them and be part of that amazing mental health community. By doing this you can create opportunities and ideas to make passive income for therapists.
8. Think Outside of the Box
Last but not least point about how to make passive income for therapists? There are so many things out there that I probably don’t even know about. But reading this book “you are a badass at making money” inspired me to not have more shame about money. Not shame other people or envy other people because of money.
Money is not mine, it’s not yours, and it’s not every anyone’s. It’s just you know a piece of paper that comes and goes. One of them is affiliate marketing. There are companies’ products out there that offer different discounts or perks for referring people. For example hellofresh. That if you share it with friends. You get discounts on your own boxes. Furthermore, you can send your friends discounts. Or you can even get into a program that gives you like a small amount of profit for referring them. There are many other options out there. But I’m just giving you one hellofresh one that you can use.
9. Create Your Own Product
Moreover, you can create a product and sell it on instagram. So, you can do something. Use your creativity and think outside of the box. You don’t necessarily have to get a job as a therapist. You don’t have to like be doing groups. All day support groups. You can do other things you can still provide to this community by doing something different. If you have like a cricket at home create stickers, create a little letters or something that going to make other people happier. Because that is right there that it’s already a contribution to the mental health community.
If you are not so creative and like crafty or artistic there are other ways in which you can create a product and sell it. You can find a manufacturer and then do private labeling with amazon which can be sort of like time consuming and complicated but it’s worth it.
It’s a good way to make passive income for therapists. For that, you may select shirts or Glass or cups and mugs. Label these products with positive rewarding and reinforcing lines. Which will give positive vibes and sell these via different platform. As I mentioned above like website, YouTube, instagram or Facebook.
Now going back to the whole creating content. For instagram if you know that you’re good at computers and you have that like artistic eye. I recommend you to create an account with fiverr. I did it for a little bit in the summer. Where you can offer people the content for their instagram and it’s a really easy and consistent, secure way to make some passive extra income.
There are so many things that you can do with that. If you know how to create websites, you can be there and offer your services. If you know how to like proofread or translate. In short, there are a different categories in which you can like be in and offer different services. So, I really recommend fiverr.
Meanwhile, there are several ways in which you can create streams of passive income as a therapist to support your living expenses. I hope you can get some inspiration from this list. That I created based on my personal experience and research.
Thank you for reading, be sure to give your opinion because more incredible content is on the way. If you have any question then message me to write in the comments below.
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