HHW Therapists 42 - What Starting a Second Business Actually Costs

We all know there are so many systems out there.

And I think the worry somehow feels like I have to spend an arm and a leg on getting my own coaching on the systems on all of these things.

And that's just simply not true.

So I want to break it down.

and equate it to your therapy practice too.

So you can kind of see the similarities and the differences.

So you built your therapy practice from scratch, right? For whatever reason, you graduated, you left your agency, however long it took you to start your therapy practice, you did it from scratch.

You figured out how to get licensed, how to find clients, how to set up your systems, how to do your notes at night without crying.

You did all of that.

And somewhere along the way, you probably spent some money to make it work.

And now you're thinking about adding something else.

Again, is that a coaching offer, digital course, maybe a done-for-you service, therapy intensives, just something that isn't trading your time for 50 minutes at a time.

And the first question that might pop up as you're seeing a other coaches who have systems and have teams and do all these things is, how much is this going to cost me? So I'm going to answer that question honestly today because there is a myth floating around that starting a second income stream is either free and easy or that it requires you to go all in and spend thousands before you make a single dollar.

And none of those is inherently true.

By the end of this episode, you're going to know exactly what's reasonable to expect and what's worth spending on, what you can absolutely skip, and how to think about investment at two completely different stages of your business growth.

So let's get into it.

The actual truth is that starting a second revenue stream will cost you something.

Not a fortune, but something.

And the reason I want to name this up front is because if you go in expecting it to be free, you're going to get surprised and discouraged.

And if you go in expecting it to cost $10,000, $15,000 before you've made anything, you're going to talk yourself out of it before you even start.

So again, think back to when you started your therapy practice.

You probably paid for your LLC or PLLC setup.

You paid for your liability insurance.

You got your EHR.

hopefully a website, a scheduling tool, a Google Workspace account.