What do you think of when you hear the phrase “passive income”?
Maybe making passive income is already part of your business plan. Or maybe you’d like to be, but it just feels out of reach. If you’re like most therapists we interact with, you believe your revenue is almost 100% connected to the time spent in your “therapist chair”.
There is definitely some hype surrounding the passive income, but is there really such a thing? The answer is a resounding yes! It is possible to create a schedule with flexible hours, tailored to you. Everyone needs a good work-life balance, but you won’t have one until you create a business model that allows you to take that relaxing vacation–and enjoy it!
So, how do you do it? Here are 5 ways you can incorporate more passive income into your private practice:
1. Create an Online Course
What are you particularly passionate or knowledgeable about? Create a course and share your wealth of knowledge! Once you create a course, you can clock out. Your time is then spent only on marketing – unless you have an admin who markets it for you!
2. Create Materials
How easy would it be to create a few guides or worksheets? These can sell online and don’t take much of your time since you’re an expert on the subject matter already. E-books and digital material is in high demand since that is where everyone spends their time.
3. Group Practices
In a group practice, you’ll make a little money with every appointment even if you don’t see any clients. (Ta-da! That’s passive income.)
4. Sublet Your Space
Take inventory of how much space you actually use. Do you have empty rooms? You’d be surprised how easy it would be to sublet some of the space to therapists who can’t afford a whole practice.
5. Buy a Building
Invest in an entire building and then rent out the individual spaces. This will bring in consistent passive income every month!
We don’t all naturally have an abundance mindset, but it is possible to achieve. Changing our mindset in this way can allow for more profit in a business. (If you want to learn more about money mindset check out our Money Matters course.)
The more organized your financial records, the easier it will be to step away from the office. And the easier it will be to make good choices with your money. And the easier it will be to wear that new swimsuit on the beaches of Cancun. (You get the picture.)
You can set up your business to be very profitable. You can create ample amounts of vacation time for yourself. That’s the beauty of running your own business–you call the shots! It’s up to you to take ownership of your finances and free yourself from unnecessary stress and wasted time. If you understand that you truly can have a profitable business, you can create the practice of your dreams.
And GreenOak Accounting is here to support you along the way!
This article is designed to provide information only and should not be considered legal or tax advice. Because of the complexity of the law and the variables in your own personal tax situation, you can’t rely on our advice specifically related to your unique circumstances. In order to get the best tax savings and legal advice available to you, you should consult with your own accountant, attorney or advisor regarding your particular facts and circumstances. GreenOak Accounting is an accounting firm that specializes in working with counselors and therapists in private practice. We provide monthly accounting & bookkeeping services, 1-time services and online courses. For more information on our specialized services for therapists please visit www.greenoakaccounting.com