It is no secret that this is a topic that I crusade. Give me a stage, microphone, podcast, blog, small group, or queue at the supermarket, I will readily talk about the enormous business value in having income coming in from several different sources. So here I am again with an update on what I am seeing energetic allied health business owners doing to spread and secure their income.
Tried and trusted business activity of sharing your knowledge with others. Workshops are being purchased by schools/kindergartens/childcare settings for parents, teachers, both. Better still therapists are ‘upselling’ to schools a series of three or so related and cumulative workshops that run across a term.
Two heads are better than one
The scenario is simple, the schools/kindergartens/childcare purchase the therapist to come in and spend time in the class observing the students. A group functional screening if you will where a discussion is possible and quick suggestions can be made. This opportunity is working very well when the therapist is engaged several times per term to work in several classrooms.
Admittedly this may be an option for the more experienced therapists who are happy to confidently help earlier career therapists progress their clinical skills. I love this commitment to sharing the wisdom and diversifying income at the same time. I have witnessed lots of options here, online booking, paying when you book, groups supervision, phone and video conference options, closed Facebook groups. How cool is this model?
Once again perhaps an option for those with clinical and presenting experience. This option up your education service to a national or even an international audience. Cool, practical niche topics presented individually or as a short series of 3 webinars. Sure marketing know-how and confidence with tech is required, but hey, these are all good skills to learn. What would you like to present on?
Capping client types
Yes, it is your business and you can do this. I get extremely anxious when I hear that a business is very heavily (over 50%) dependent on the NDIS for revenue. The decision is yours to consider capping the number of clients with private, other packages, DVA, My Aged Care, NDIS… funding. This is followed by a one-in-one-out system, which may sound like a lot to manage, but so is rebuilding your business if there is a funding fail in the stream that you are heavily dependent on.
Technology now enables us to design and deliver online courses. The opportunities here are endless. A ten-week handwriting program for families to complete at home, Sensory Processing 101 online self-paced course, helping your child manage anxiety. The topics and types of courses are only limited to your imagination. Don’t get caught up about the tech side of things, there is always help for that. Instead, start thinking about the topics you would love to prepare and sell to others.
Online documents for sale
Great to see therapists starting the sell their report formats, questionnaires, handouts, home program ideas and the like. All these terrific document monetize your intellectual property but they can be beautifully designed and branded and attributed to you. Once again the tech side of things is super easy, nothing that your website guys cant set up for you quickly and inexpensively. Your job is to dream up, perhaps freshen up the documents that you use and get them market ready. There will be some marketing requirements for sure but help is at hand for that also.
Broadening your service delivery model
Over dependence on one-on-one, face-to-face therapy is, in my opinion, increasingly problematic. We continue to see package cuts and service cuts across the NDIS which gives us a strong head start on the need to shift service models to consultative, perhaps with allied health assistance supports. Yes, I know this will be unpopular, but best to start nutting this out in your business sooner rather than later so that you are well positioned to travel the possible/probable funding reductions.
Hopefully, this list has whet your appetite for commercialising your intellectual property, preparing and selling what you know, teaching others, managing client types and service delivery models. Diversifying income is a critical business activity and one that the savvy allied health business owners are investing support to explore.
You know where I am, not a problem at all to give me a call to chat about this topic, or any other private practice topic. The easiest way to get hold of me is to book into my calendar for a complimentary Power Call.