WP 36 | Adding an Additional Source of Income with Juan Santos

Written By Whitney Owens

Welcome back to the Wise Practice Podcast! Today, we have a special guest, Juan Santos, who will be sharing his insights on the topic of adding additional streams of income to your practice. Beyond the financial benefits, diversifying your income can enable you to pursue your passions and make a greater impact. Let's dive into the key points discussed in this episode. 

Building a private practice can be a daunting task, especially when we realize that we didn't learn how to run a business during our college or graduate school years. However, it is essential to explore additional sources of income to foster creativity and avoid burnout. These extra streams of revenue not only provide a safety net but also open doors to new opportunities and avenues for growth. 

Why Do Therapists Diversify Income?

Adding additional streams of income to your private practice offers several benefits. Firstly, it provides a safety net in case you feel exhausted or burnt out from one-to-one work. Secondly, it allows you to build other avenues of revenue, creating a portfolio that reduces your dependency on a single source. For example, income from your private practice can be used to fund passion projects like writing a book or investing in properties. Additionally, diversifying income helps protect against the risks associated with a group practice, where a decline in clinicians' availability can impact earnings. By having multiple income sources, you gain more flexibility and financial stability.

Juan Santos highlights the importance of embracing a mentality of trial and error when exploring new income streams: "You're willing to look at, okay, what do I want to take a dab at? And is it writing a book? Is it creating a course?... And being okay that it could flop... Yet it doesn't stop us from showing up and trying." Just as we accept that not every therapeutic intervention will succeed, we can approach our additional income endeavors with the same resilience and determination.

Juan encourages listeners to reflect on their interests and identify what truly excites them. When you have a deep connection to your side hustle, it becomes more sustainable in the long run. Diversifying your income through a side hustle provides a sense of financial security and independence. It allows you to have multiple streams of revenue, reducing the reliance on a single income source. The book "Side Hustle: From Idea to Income in 27 Days" by Chris Guillebeau offers practical guidance on how to transform your passion into a profitable side business. It provides actionable steps and strategies to help you kickstart your side hustle journey.

Finding Passion and Purpose

When considering additional streams of income, it is crucial to align them with your passions and interests. Whitney Owens emphasizes that the income generated should be derived from something you would do for free because you love it. By pursuing projects that resonate with your inner calling, you will find the motivation and enthusiasm necessary to succeed. For Juan Santos, his passion for working with immigrants led him to develop expertise in conducting immigration evaluations. By combining his faith and service-oriented mindset, he found fulfillment in helping others and honoring his own family's immigrant journey.

For example, connecting passions with income Juan specializes in conducting immigration evaluations, a field he is deeply passionate about. He emphasizes the importance of treating clients as human beings, validating their experiences, and connecting his faith with his service. Juan's personal immigration background and the support he received inspired him to pay it forward.

Juan underscores the significance of seeing clients as individuals with unique stories and challenges. By understanding their experiences and providing empathetic support, therapists can create a safe and inclusive environment.  

Connecting Income with Purpose

Juan Santos shares his perspective on the connection between faith, service, and income generation: "It's one of the items that I really love about being a clinician—that every day, there's so much service of giving. And I think that goes heavily into the fabric of faith, where you are really looking at yourself as a tool and how can I be of service to others?" By recognizing the higher purpose in our work, we can approach each client interaction with empathy and validation, understanding that our impact extends beyond the therapeutic session. In Juan's case, working in the area of immigration evaluations allows him to bridge advocacy and therapy, serving as a gatekeeper and connecting individuals with the support they need.

Transforming Passion into a Sustainable Business Model

To transform passion into a sustainable business model, Juan Santos advises breaking down the process into clear systems. By identifying a need or pain point in your practice and receiving positive feedback from clients, you can test out your idea on a smaller scale before scaling it up. In Juan's case, he started by consulting with other clinicians and refining his immigration evaluation expertise. His wife, with her meticulous attention to detail, helped develop systems to streamline the intake process, marketing efforts, and client referrals. 

Juan explains the practical steps he took to incorporate immigration evaluations into his practice, turning it into an additional source of income. He emphasizes the importance of recognizing your strengths and understanding what clients value about your services. Juan also advises creating systems and processes to make your expertise more accessible to others.

It's important to leverage your strengths. Juan suggests identifying the areas in which you excel and honing your skills in those specific areas. By focusing on your strengths, you can provide exceptional value to clients and differentiate yourself from competitors.

Calculated Risks and Great Rewards 

Whitney and Juan discuss the importance of taking calculated risks when exploring additional income streams. They highlight the risks Juan took in developing courses and offering immigration evaluations but emphasize the significant rewards he reaped. Juan shares that taking risks can lead to blessings and inspire others to provide a higher level of service.

Embrace calculated risks. Whitney and Juan stress the need to assess risks and potential rewards before venturing into new income streams. By conducting thorough research and planning, you can mitigate risks while maximizing your chances of success.

Validating and Sharing Your Expertise

Juan advises therapists to validate their ideas by testing them on a small scale before fully launching their additional income streams. By offering a mini-version of their services to current clients, therapists can gather feedback and ensure the viability of their new ventures. Sharing expertise not only benefits clients but also strengthens the entire profession.

Test the waters with low-risk offerings. Juan emphasizes the importance of conducting pilot programs or offering trial versions of your additional services to gauge their market demand and viability. This approach allows you to gather valuable feedback and make necessary adjustments before scaling up.

Are you ready to get started? 

Adding an additional source of income to your practice can be a fulfilling and rewarding endeavor. Find something you're passionate about, test it on a small scale, create systems and processes, and embrace calculated risks. Remember, it's not just about income; it's about making a positive impact on others while doing what you love. Take inspired action today and explore the possibilities of expanding your practice with an additional income stream.

Tips for Adding Additional Streams of Income for Therapists

During the episode, several tips were discussed for therapists who are interested in adding additional streams of income to their practice. Here are some key takeaways:

  • Identify your passion: Reflect on your interests and identify what truly excites you. Find a side hustle or additional income stream that aligns with your passion and brings you joy. When you have a deep connection to your work, it becomes more sustainable and fulfilling.

  • Leverage your strengths: Identify your areas of expertise and focus on honing those skills. By leveraging your strengths, you can provide exceptional value to clients and differentiate yourself from competitors. Determine what clients appreciate about your services and find ways to expand upon that expertise.

  • Test on a small scale: Before fully launching a new income stream, test it on a small scale. Offer a mini-version of your services to a select group of clients or conduct pilot programs. This allows you to gather feedback, make necessary adjustments, and validate the viability of your new venture before investing more resources.

  • Create systems and processes: Develop efficient systems and processes to make your expertise more accessible to others. Consider how you can streamline your additional income stream to create a scalable and sustainable model. This might involve creating templates, developing online courses, or implementing technology solutions to enhance efficiency.

  • Take calculated risks: While adding additional income streams involves risks, it's important to approach them with careful planning. Assess the potential risks and rewards associated with each opportunity. Conduct thorough research, create a business plan, and consider seeking advice from mentors or industry experts. Taking calculated risks can lead to great rewards and inspire others to provide a higher level of service.

  • Connect with your community: Explore opportunities to connect with your community and target a specific audience. Consider faith-based marketing strategies or other niche marketing approaches that align with your values and interests. Building meaningful connections with your target audience can lead to a loyal customer base and ongoing success.

  • Continual learning and professional development: Invest in ongoing learning and professional development to enhance your expertise and stay ahead of industry trends. Seek out resources such as books, podcasts, workshops, and conferences that can expand your knowledge and skills in both your core practice and additional income streams.

Links and Resources

Podcast Production and Show Notes by James Marland

Whitney Owens https://whitneyowens.com
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