Revenue Streams Every Health or Wellness Business Should Consider
One of the question I get asked most often from therapists is …
‘I want to make more money, but my patients cannot afford for me to do it. How can I possibly earn more if I cannot raise my rates?’
The truth is - without raising your rates, you would must diversify your income in other areas of your business. I have mentioned before that social media marketing is not the ONLY way to market your business; rather, a multi-modal method should be used.
The same goes for earning more in your business. Let’s take a look at some examples:
McKel Kooienga is a registered dietician who offers personalized meal plans AND one-on-one sessions.
Nicole Sachs is a psychotherapist who offers courses, workshops, retreats and one-on-one sessions.
JJ Virgin is a health coach who runs group coaching programs and sells supplements.
Dr. Axe is a functional medicine practitioner who expanded into e-commerce with a successful supplement line.
Now these are all examples of very successful practitioners and this may feel far-fetched for you - but the truth is we all have to start somewhere.
To grow your income, you need to grow your opportunities.
By diversifying your income streams you allow yourself a stable life, and the freedom to set rates that your patients can afford.
So lets jump in!
The Importance of Diversifying your Income:
Providing Financial Stability
I cannot reiterate enough, that by tapping into multiple revenue streams you are paving the way to building financial security for yourself and your future. By setting yourself up for success - you also allow yourself the opportunity to meet your clients where they are at and not have to raise your rates (if that is not your wish).
Reaching a Wider Audience
The truth is, not all clients are ready to jump into 1-1 coaching or therapy. Some may prefer affordable, self-paced, and private options like e-books or online courses. While others thrive in group environments. Offering a variety of srvices allows you to cater to different learning styles and budget levels.
Scaling your Business
Traditional 1-1 on services are limited by a couple of factors:
Time
Money
So without more time or more money (from clients) you are quite limited in your ability to generate more income.
Methods to Diversify
Revenue Stream #1: E-books
E-books are an affordable accessible way for clients to engage with your content. They are ideal for providing detailed insights into specific topics and are low-maintenance revenue streams.
Mental health professionals, this one is for you! Imagine being able to guide your patients along with your techniques in an easy read-along. And the best part, for the patients that are not ready for therapy yet - this is an easy lead-generating tool. Showcase your specific method in your marketing techniques and leave this golden nugget on your website and LlinkTree to provide value AND capture the email of your future client.
Here are a couple of examples:
‘Self-care Strategies for Busy Professionals’
‘Your Ultimate guide for Stress Relief’
‘Quick and Easy Anti-Inflammatory Recipes’
Revenue Stream #2: Group Coaching
Group Coaching creates a supportive community while allowing you the ability to help multiple clients at one time. Participants benefit from collective insights, shared accountability, and a sense of camaraderie. Obviously this must be HIPAA compliant, and all participants must agree upon participating together upfront - but group accountability is a powerful way for a collective group to push forward in progress together.
Here are some ideas:
Mindfulness for new moms
Mindfulness for busy entrepreneurs
30-day weight loss challenges
Group coaching is often a ‘mid-tier’ approach that is priced higher than e-books but lower than 1-1 coaching.
Revenue Stream #3: Building a Referral Network
A referral network is a GAME CHANGER!!!! I cannot say this enough - tapping into your local network is often overlooked as so many seek online marketing sources. The shift in online advertising has left in-person networking and relationship building to be overlooked as a crucial first step when starting a business. A referral network allows you to establish mutually beneficial partnerships with complementary professionals like dietitians, general practitioners, fitness trainers, and chiropractors.
By exchanging client referrals, you increase your exposure to a new audience and build trust through third-party recommendations.
Think of it this way - have you ever had a client saying they wished they looked better for their self-esteem to improve? This is the perfect opportunity to provide a referral to a fitness trainer or dietitian.
And bet your bottom dollar that a client may be attending a dietitian appointment lamenting on their mental health - and the dietitian may not know whom to refer the patient to. This is where referral networks come in!
DISCLAIMER: this is intended to create organic referrals and not violate Anti-Kickback Statutes.
Revenue Stream #4: Online Courses
Online courses are a powerful way to share your expertise with a global audience. They allow clients to learn a specific technique, method, or mindset training at their own pace. Courses take more time to set up to start - but once you have created the content - you can sell this product to the masses over and over again on repeat!
Stay tuned because I will lay out the full process of how to build your own course. ✨
Integrating Revenue Streams for Maximum Impact
Now that you have chosen one (or multiple) income streams here are best practices to implement to ensure that you are maximizing your impact by combining your courses, e-books, and coaching into attractive packages.
An example of this would be, offering a group coaching program with an included e-book and access to an exclusive course at a discounted rate.
Here are the techniques you would implement for maximum impact:
Bundle Offerings
Cross-Promote Products
Leverage Automation
Final Thoughts
Diversifying your income streams with online courses, e-books, group coaching or referral networks is not only a smart business move but also an opportunity to serve your clients in new and meaningful ways. By providing scalable, accessible, and engaging products, you’ll create a thriving wellness business that can weather market fluctuations and achieve long-term growth.
Ready to take your wellness business to the next level?
Check out my 1-1 coaching service to be walked hand-in-hand through leveraging your business into multiple streams of income,
let 2025 be the year of growth!
Save this post for later!