Jay Abraham, a famous marketing consultant, shares that there are only three ways to increase the income in your business.
1) Raise your fees (such as moving from $100/session to $125/session) – by the way, I recommend raising fees for new clients only
2) See your clients more frequently (such as going from weekly sessions to twice weekly sessions) if clinically appropriate
3) Gain more clients (such as going from 10 clients per week to 15 clients per week.)
These methods work for any business, in any industry.
But I think there is another way to increase income in your business- and that is with adding associates (clinicians) to your practice.
Here’s how it works:
If you have 20 clients per week, each paying you $150 per session, you are making $3000 per week.
Multiply that times 4 weeks per month and you are earning $12,000 monthly.
This is great. Except when all your available hours are filled, and you can’t take on any more clients. This means that you are capped at what you can earn, unless you raise your fees.
And even then, there may eventually be an upper limit past which you can’t raise your fees anymore.
Let me give you an alternate scenario.
Let’s say that you’re still seeing 20 clients per week, and they are paying you $150 per session and you’re making $3000 per week, $12,000 per month.
Now let’s say you add one associate to your practice, who is starting out and seeing 5 clients at $125 per session. They are bringing in $625 per week. If you have agreed on a certain percentage that you will receive, let’s say, 45% of this, your portion for those five clients is $281.25. Multiply that by 4 weeks, and you get $1,125 more per month.
When this first associate fills up to 20 hours, your additional income rises to $4,500 per month.
If you add a second associate, you can be earning another $1,125 to $4,500 per month from them, too. And so on.
Adding clinicians is a way to build additional income into your practice, without having to add more client hours or continually raising your fees.
It’s not for everyone, of course, but if it seems like a good next step for you,please join Joe Bavonese and me to learn how to do this the right way.
Get more details and register for the Add Clinicians program here!
It’s a really great income leverage strategy.