There are always opportunities for increasing private practice income through expanded range of services. Are you missing out on opportunities to cross-sell?
Whilst most businesses centre on a core offering, successful enterprises will see that as a basis from which to expand into other areas. The automotive industry, such as profits from providing accessories, financing, insurance and spare parts. What else can you do or offer to increase your practice income?
You’ve already done the hard work
If your private practice has already built up a brand and a strong client base, you have already done the hard work. Once customers are engaged with your business and trust the brand and its services, they will be receptive to being offered more. Having an existing and loyal clientele provides a great opportunity to cross-sell other services, products or solutions.
What else do your clients need?
It is important to plan carefully what extras to offer your customers. Be wary of offering services that stray too far from your core offering and that are unrelated to the brand. Identify what the core service of your practice is and think of similar services to supplement it. If you run a yoga studio, think about incorporating different styles or different classes like Pilates or mindfulness. This would be a natural progression in keeping with your clients’ interests. If you run a massage clinic with therapeutic massage as your core service, consider offering shiatsu or reflexology. Talk to your clients regularly and find out what they want and need. If you know there is demand for something, you can invest in a new service knowing that it could increase your private practice income right off the bat.
Product sales
Sales of relevant products is a great way to add extra income. You’ve just treated a patient and they are happy. What can she use at home or at work to keep up her wellbeing? Chances are they will buy these products elsewhere anyway – so why not offer it to them? Just remember: you want to prolong their wellbeing and make them happy. If you are selling ineffective products just for the extra cash, you may end up losing their custom.
Vary your current services
If you are a personal trainer, there might be profit potential in offering classes in pairs or groups instead of just one on one. If you’re a psychologist, consider offering couples sessions or marriage counselling. A physiotherapist can offer massage services at his clinic. Just have a think and see what else your existing clients may want or need. Remember, you don’t personally have to offer these services – you can hire someone for it.
Are you missing out on certain demographics?
Perhaps you are a chiropractor or dentist and you notice that the majority of your clients are within a certain age range, or you attract more women than men. Consider what might be causing this and whether you could offer anything else to broaden your appeal. If young people cannot afford your services it may be a good idea to offer a targeted solution at reduced rates. If older people are not turning up to certain classes, could you create a program around them and their different needs?
The important thing is to experiment and try new things when putting together a plan for increasing private practice income . It is possible to explore new opportunities with limited expenditure, allowing your practice to test the market. Be ready to try something new and if it doesn’t work, move on to something else. Crucially, make sure your clinic offers services that add to the brand and the core offering instead of detracting from them.