How will I ever increase my salary?
This is a common question amongst private practice therapists. And it’s a good one! How exactly does a therapist increase their salary when they are their own boss?
I hear a lot of therapists worrying that they will reach a “cap” in which they can’t make much more without taking on more clients and more work and becoming totally burnt out.
I used to worry about that too. After being in practice for many years now, I know that there are so many ways to increase your income in this field and I want to share a few of them with you here.
How to increase revenue in your practice
1. Raise your fees.
This is a no-brainer – as you gain experience you will raise your fees. This will help you to increase income from week to week.
2. Offer a signature service.
Intensives, coaching, workshops, and other programs are a great way to make more money than you can make when doing 1:1 hourly clients. I suggest coming up with a signature service (instead of a lot of different services) so that you become known for it and can easily market it.
3. Maintain your referrals even when you are full.
This is where hard working therapists end up losing A LOT of money. Once they are full they refer out to other practices. While this is totally appropriate if your practice is not able to support the client due to not having the skillset, I encourage you to consider how you can maintain clients that are a good match for the practice – this means bringing on clinicians that fill a hole in the services or that can schedule with the clients you no longer have space for. This is a win-win-win – you provide the client a service, you give a therapist a great place to work with easy to get referrals, and you also make a little bit of money.
4. Reduce your expenses.
Increase your salary by reducing your expenses. Rent out your office space so you aren’t paying the rent, cut out silly expenses (like using a ton of ink in your printer when we live in a mostly digital world).
There are so many other ways to increase your revenue in private practice! In my Masterclass, I teach therapists how to increase their revenue in a way that fits their personality, skillset, and needs. Click here to sign up for the priority waitlist.
Elizabeth Earnshaw is the owner of two businesses – a thriving private practice in Center City, Philadelphia and an online school that offers psychoeducation and therapist training programs. She is passionate about helping therapists to create a thriving career so they can live abundant lives. To read more about her, click here.