Mental health professionals are just as essential to people’s well-being as doctors for physical health, but we certainly aren’t paid on the same scale. Now that you’re practicing, you may wonder how to make money as a therapist. It can be slow to start, but here are some tips for building your income as a mental health professional.
Therapists can generate income through various avenues, depending on their specialties, skills, and the types of services they offer. Here are several ways therapists can make money:
Private Practice
Working at a group practice certainly has its perks, but private practice therapists tend to make more money. If you’re interested in owning your own practice, it’s best to start taking steps in that direction as soon as possible.
Think about it. If your hourly rate is $150 a session and you do 20 sessions a week, that’s $3,000 a week. Of course, you have overhead and other expenses to consider, but you also have the option to rent space to other therapists and share expenses while helping them grow.
Owning a private practice is having a business of your own, so there are challenges. But the benefits are higher earning potential and more flexibility over your schedule.
Workshops and Seminars
Sharing your knowledge and expertise with others can help expand your income stream while assisting in creating a well world.
Consider hosting educational workshops on specific topics like stress management, coping strategies, or relationship skills. You could also provide corporate training for business groups, either virtually or in person.
You’ll need a group partner who wants the workshop and to adopt a pricing model for these services. You could make as much as $2,000 per workshop and anywhere from $1,000-$5,000 a day for corporate training.
Once you establish yourself as a speaker, your network will help you book these gigs.
Writing and Publishing
Along the same lines as workshops, sharing your expertise through books, e-books, or blog articles could be a way to increase your income. Many publications look to add therapists to their boards of writers and editors so they have experts to create, review, and revise content. Freelance writers and editors make a few thousand dollars a month on average.
Books and e-books can help you build your reputation, for sure. And it’s amazing to be a published author. But before you start counting your book cash, be aware that traditionally published authors make the most money, but it’s not an easy area to break into.
Teaching and Supervision
You could add a few thousand dollars a semester to your income by teaching psychology or counseling courses at local universities as an adjunct educator. Teaching these courses is rewarding and helps you have a hand in training future generations of mental health professionals.
You also can earn extra income by providing supervision and mentorship to trainee therapists or interns, often at an hourly rate.
Consulting
Your specialized training has a lot of value. Consider offering your expertise to organizations, schools, or businesses on mental health issues, program development, or crisis intervention. You can charge a set fee for these consulting services.
You also could partner with local media outlets as their regular paid expert. Appearing as an expert on TV shows, podcasts, or in print media can sometimes come with honorariums or fees. Although, it’s essential to explore payment up front because these outlets often expect experts to appear for reputation building, not pay.
Specialized Services
You can upgrade your fee structure by providing specialized therapy services, such as art therapy, music therapy, or hypnotherapy. These services are above and beyond traditional talk therapy and should be paid as such.
Products and Courses
Adding to the body of knowledge and training in your area of expertise is another way to generate additional income.
Consider creating and selling online courses on mental health topics or therapeutic techniques. Or, develop and sell therapeutic tools, workbooks, or self-help guides. You can provide these offerings right through your practice website, and often use them repeatedly for passive income streams.
Retreats and Intensive Programs
Have a niche specialty that’s lending itself to all types of workshops and training? Why not develop it further and host a retreat or intensive program? Organizing and leading these types of high-impact therapeutic experiences can attract different clients who are willing to pay more for sessions over a shorter period.
Making Money as a Therapist
This certainly isn’t a comprehensive list of how to make money as a therapist, but it should launch some creative ideas of how you can use your knowledge and expertise to help others. By diversifying income streams and leveraging various opportunities, you can create a sustainable and potentially lucrative career while also expanding your impact and reach.
Want to make sure potential clients are finding you? Join All Counseling’s therapist directory. It only takes minutes to set up your profile and allow your practice to be seen by our community. Claim your profile today!
