Believe in Your Business!

If there is one thing that I know how to do in business, it is generate ideas that make money. I started my first business in middle school and it was so lucrative that my family was amazed and eventually took over it! While others may see the limitations and boundaries, I see the possibilities and the opportunities. Having said that, I have ran into many therapists lately who are concerned about the unpredictability of billing insurance. I think concerns about insurance are justifiable but these concerns should also be a reminder to diversify. I am sure you have heard of the saying, “Don’t put all of your eggs in one basket!” and “There is more than one way to skin a cat!” (Why anyone would skin a cat is not of my understanding, but I get the principle). Things change and entrepreneurs who are able to succeed even during change, know how to diversify! Check out these eight ways you can add income to your therapy business without insurance. Feel free to share your ideas in the comment section as well.

1)     Accept Private Pay

There are people who can afford to pay privately for services. In fact, I know of  several therapy businesses that are very successful and they only accept private pay. You will need to research this target market and come up with your fee schedule. Perhaps, you can have a sliding fee scale or package prices. People pay for things they want and need if they see value in it! Market your value!

2)     Conduct workshops

There are subject areas that you know more about than the average therapist and the average therapist can benefit from learning from you. Additionally, there are subject matters that you know about that your clients may be interested in. You could do a single workshop or a series of workshops for either audience. As you continue to educate yourself, you can continue to educate others and make a profit doing so!

3)    Write and sell books

Differentiated instruction exists because people have different learning styles. Whereas, some people would prefer to interact with others and attend a workshop, others are comfortable simply reading information and applying that knowledge. Consider writing an e-book or publishing a book on amazon using createspace.com (It is free!). Your books can be sold on your website, social media sites and large vendor sites like amazon.com!

4)     Patent and sell products

Do you constantly think of products that can benefit your clients that don’t exist. Well, create it, patent it and sell it! I make it sound so easy, right? I understand it is easier said than done. However, I also know that where there is a will, there is a way and there are too many resources available for someone to simply say, they aren’t doing something because they do not know how. Find the resources and use them. People are probably waiting for your invention!

5)     Become a business affiliate

If you become an affiliate with a business, then you are basically forming a union with that business to market services or products in exchange for a percentage of the profit when the service or product is purchased. What is it that your clients are purchasing? Find the vendors and consider becoming an affiliate. Make sure you are affiliated with reputable and ethical companies because birds of the feather flock together and nothing is worth losing your good reputation!

6)     Buy an office space and sublease-commerical real estate

If your business can afford purchasing an office space either by paying cash or getting a business loan, then consider getting a space that is big enough for you to sublease to other businesses at a profit. For example, if you only provide counseling services, consider leasing to psychologists and psychiatrists. Their lease payment should cover the costs of the space plus additional profit for you. When the space is paid for, the majority of the lease payment is your profit. The businesses in the complex can then refer to each other. As Stephen Convey says, “Think win, win!”

7)     Become a continuing ed provider

Continuing education is required for licensed practitioners annually. Most professional organizations credential companies as continuing ed providers. The stamp of approval from these organizations adds to your credibility and opens doors to a larger audience. Your agency can become the go to organization for specific types of required continuing educations, such as ethics!

8)     Host specialized conferences

Are you good at organizing events? You don’t have to be the speaker but you can organize and host an event and arrange to have expert speakers do the workshops. You can minimize overhead by using your own location, a hotel conference room or the local town/cities’ recreational facilities and asking participants to get lunch on their own. If the topic is hot, participants are typically willing to pay for the specialized knowledge that may be difficult to obtain at general conferences.

Ok, there you have it—insurance is not the only payor source in the world. There are other possibilities. No more excuses, diversify!

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Step 1-Find Out if You Really Want to Be an Independent Contractor: Are you a risk taker? Can you handle getting late payments? Are you flexible? What makes you want to be an independent contracting? What does successful independent contracting look like to you? Check out irs.gov to better understand some of the differences between an independent contractor and an employee. (https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee?_ga=1.79486228.1832980065.1476811969)

Step 2-Follow Your Passion…Where There is a Need

Passion brings pleasure sometimes! You will not always love everything associated with your passions. However if you choose to contract in an area in which you are passionate, you will persevere when the not so passionate things pop up!

Step 3-Decide to Be Incorporated or Not to be Incorporated

Why get incorporated in the first place? Being incorporated separates you, the therapist, from the business. As an independent contractor, you are not required to be incorporated but I recommend looking at the pros/cons and making an informed decision regarding with a legal professional.

Step 4-Get Insured- You NEED insurance! Liability-professional and perhaps general, health insurance, dental insurance, disability insurance, long term care insurance, insurance, insurance, insurance, insurance. It is necessary and in some cases required.

Step 5-An Accountant and Attorney are Your Friends-Although these professionals can be expensive in many cases, they are your friends and often save you money in the long run. Get references--there are good and not so good professionals in every business!

Step 6-DetermineYour Rate and What’s the Plan? You will need to do some math! A contract rate is higher than an employee rate for a reason. As a contractor you do not have benefits and will have to pay for your own vacation, sick leave, retirement, insurance, travel, etc. Be sure to include these expenses when calculating your billable rate.

Step 7-Review or Write Your Contracts- Most agencies have their own contracts but you should review with a legal professional. If there are things that need to be added or changed, let them know!

Step 8-Marketing-Low Cost Options-There are free and low cost options for marketing: Vista, Weebly, Homestead and the list goes on. There are also marketing and social media experts that can provide consultation. Professional expertise is always a good choice--however if you can use this expertise combined with low cost marketing options, you can save some money!

Step 9-Consider Hiring Subcontractors if You Want to Expand--Yes, you can grow as an independent contractor with subcontractors if the contract agency allows. You then have a contract with the subcontractor. Make sure you can pay the subcontractor on time even if the contract agency does not pay you on time! Late payments have been known to occur--just saying...

Step 10-Go Get Some Contracts-What are you waiting for? Get the word out that you are now an independent contractor and can help fill a need. Have you not seen the advertisements for your profession? The work IS there! Contracting may be your best way to test the world of entrepreneurship. Go get some contracts!

For the full FREE booklet-Ten Simple Steps to Independent Contracting-contact tomeico@tsofnc.com

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I often do a presentation on entrepreneurship to students in therapy programs. The first question I ask is how many of you want to have your own business one day. Typically about a third of the students raise their hands. Then I ask of you who have your hands raised, how many believe that you will one day own the business you dream of. Typically only one or two hands are left raised. Unfortunately, if you don't believe that something is going to happen, that it is in fact feasible, then very likely you will not pursue it. Your brain will note a disconnect between what you say and what you believe and will follow the belief. Your actions will follow your belief and your environment will note your beliefs. It may sound really simple but beleiving is the first prerequisite in starting a thriving business. If you don't believe that you can then you must search for the reasons that your mind chooses to refuse the potential to fulfill your dreams. Once those reasons are brought to the surface, you will realize that they are either irrational or obstacles that can be easily overcome with the right tools, people and resources. I BELEIVE that you can have the business that you dream of and I BELIEVE that it can thrive. What do you BELIEVE?

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