Out on Your Own

Additional Sources of Income

As you progress in your career and become more seasoned, additional or passive streams of income may become more desirable to you. As counselors, we sell our time. Our income is limited by the number of hours in each day and by the rates that insurance companies determine they are willing to pay for our services. For this reason, many of us look for alternative ways to increase our salaries.

Many of my colleagues have added what are affectionately referred to as side hustles to their private practices to increase their incomes. Some of these include teaching, writing, supervising, consulting, coaching, or adding employees to their practices.

Teaching and Supervision

I have quite a few colleagues who also teach at the college level while working as counselors. Most do this online, but a few do in-person teaching as well. I have been told that the first year is the most time-consuming while developing lesson plans and acclimating to the new position. Most online platforms require a master’s degree or higher while traditional educational settings primarily require a doctoral degree. Other ways to pass on your knowledge and experience to people are through supervision and training. For those who have become experts in particular areas of psychology, conducting trainings or workshops can be a lucrative and beneficial means of expanding one’s practice. Supervising recent graduates who are seeking licensure is another way to give back to the profession while earning extra income. Some counselors charge their full hourly rate while others offer a reduced fee for their supervisees. This is an area where I learned the hard way to value both my time and experience. It is acceptable to be compensated for the wealth of experience and expertise that you offer to others. There is a pattern of undervaluing those in our profession. At times, the worst offenders have been us.

Writing

Writing is a popular way for many to supplement income. I began writing while still working at a hospital. I learned quickly that I loved doing it and was compensated well for writing journal articles. This was the beginning of my plans to eventually author books. I have authored countless articles. I have been paid for some and others were for the experience, exposure, and contribution to the field. There are some professionals who choose to blog as well. This can be a wonderful way to educate the public while generating income.

Expanding your Practice

Another very popular way to increase income among my colleagues is to expand one’s practice. This is generally achieved through the addition of services and employees. Therapists can hire additional counselors to work for them and make a portion of the income that they bring into the practice. These additional professionals can be W9 contracted workers or W2 employees. Counselors who have grown their businesses from a one-man operation to a group practice of multiple practitioners or even intensive outpatient programs (IOP) take on a greater responsibility in terms of potentially paying taxes and benefits for their employees. This puts the counselor in a managerial position in addition to the counseling role that they filled when they were the only person seeing clients. It is at this point that a business may need to be structured differently. The advice of an accountant and possibly an attorney is advised. The counselor will need to develop company policies and an employee handbook along with employment contracts to protect themselves, the employees, the clients, and the business.

This is a big undertaking for anyone. A great deal of thought must go into the type of business you want, the type of therapists and adjunct professionals you want to hire, and the overall role(s) you would like to play in the running of the expanded business. Do you want to continue to see clients? Do you want to manage the business full-time? Do you want to exclusively supervise the employees and step out of the clinical role of therapist? Are you going to hire others to run the business for you? Do you have colleagues in mind you wish to ask to join your business, or are you going to advertise for the positions? There are many considerations when expanding a practice in this way.

Regardless of the business model you choose or the process you take personally, private practice has the potential to be rewarding both personally and for the communities you serve. Transitioning from working for hospitals and other agencies into owning my own business has been the best decision for both my family and me. It hasn’t been without challenges, but I cannot see myself going back. Business ownership isn’t for everyone, of course. If you have ever thought you would like to try it, I encourage you to take the steps I have detailed in this book to venture out on your own. I truly hope that you begin your journey in a more confident way. It is a one-step-at-a-time process that is doable for anyone willing to make it happen.