The old adage goes that you shouldn't put all your eggs in one basket and has this ever been more key for our industry? With all of us having to adapt our businesses the past few years it has been fascinating and empowering to see how our community has evolved. It's more important than ever to not rely on one income stream and this is an industry that allows for so much creativity and adaptive working so let's explore how we can make our businesses work harder for us.
First of all its important to note the different types of income stream. Here we will be exploring active v's passive income streams.
Active v's passive income streams
An active income stream is where you do some work, you provide a treatment for example and receive a payment for the work. There is a very clear and direct exchange here of work and payment. In contrast passive income is income that continues even after the work has been completed. An example could be that you create a website selling products or gift vouchers. The work you put in initially to set this up will be quite an investment including uploading products and marketing them although over time this will generate sales without you needing to be actively involved - it could even happen while you sleep!
Being a self employed therapist the key here is to think about what more you can do for the clients you have before channelling more energy into gaining more clients. This model is win-win as it can add value to your clients and make them feel really thought about when done well. For example if you are providing an aromatherapy massage how wonderful for your clients if you can also provide a prescriptive blend that they can purchase to use between treatments.