Episode 61: The Pros + Cons of Different Income Streams for Therapists (with Nicole Liloia)

There are many opportunities to create a source of passive income in the therapy industry! Today, Julie’s sitting down with Business Coach & Strategist, Nicole Liloia, to talk about the pros & cons of passive income streams and how to decide which avenue would be best for your business.

Nicole Liloia's first business was a private practice where she worked with counseling clients and supervised other therapists, but she quickly added in new income streams so that she could travel while still running her business online. She got her Master's in Social Work from Columbia University and has contributed to Forbes, Huffington Post, Mind Body Green, and more. Nicole spends her free time shopping at Costco and loves a glass of wine.

Episode Highlights:

• Where should you get started?
  • Starting with leveraged income can be a great first step in moving toward passive income
  • Creating a group or workshop for multiple people at once, rather than focusing entirely on one-on-one sessions, can free up a lot of time on your schedule to focus on creating passive streams
• Passive income is not entirely hands-off - there is a lot of work still involved
  • In order to create passive income, there is a lot of time that must be dedicated to the initial set-up and marketing work
  • Once you've finalized the passive stream, you also need to continually check in for maintenance, marketing, improvements, and continuity
• What are some income streams therapists can offer?
  • Online workshops and courses are the most popular forms of passive income
  • Expanding into a group practice can also increase income

Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
Nicole Liloia
Get Rich, Lucky Bitch! by Denise Duffield Thomas