Best Side Hustles For Psychologists | 10 Ideas To Earn More

Most of us can do with some extra income.  With the downturn of the economy globally, it’s becoming more and more important to generate some side income.

Consider this sobering prediction from The Independent: “Next global crisis will strike in 2020, warns investment bank JP Morgan – sparked by automated trading systems”.

And according to Forbes: “2020s might be the worst decade in U.S. history – triggered by contagion from a global credit crisis”.

Clearly, there’s an economic crisis coming and it’s going to hit us all no matter what our profession is.

We have two choices here – we can stick our heads in the sand and pretend it’s not coming or we can begin to prepare by getting creative and taking steps towards side hustles that can generate some extra income.

Forewarned is forearmed as the saying goes.

So read on for some fantastic ideas of side hustles you can do as a psychologist!

sides hustles for psychologists

1. Affiliate Marketing

image of Affiliate Marketing

Some psychologists may already have their own websites, and blog on a regular basis.  After all, it’s a great way to market yourself and expand your client base.

However, if you already have a website and are blogging, you shouldn’t stop there.  You can generate additional income for yourself by monetizing your website.

The best way to do this is through affiliate marketing. Consider this statistic: “Estimates suggest that by 2020, affiliate marketing spend will reach a whopping $6.8 billion”.  This is definitely an avenue to pursue!

You may be unfamiliar with affiliate marketing and wondering what it is, so let’s take a closer look at that now.

Affiliate marketing is when you market another company’s product/s and earn a commission for every person you refer to them who purchases the product.

To start the process, you first need to sign up as an affiliate for the product you want to market.  Then you promote them on your website using banners they provide or through writing reviews or any other number of ways.

You receive a commission when anyone clicks on your affiliate link and purchases the product.

An example of an affiliate marketing program for psychologists can be found at Online-Therapy.com.

Online-Therapy.com is a therapy site that offers you the support of a therapist through an array of avenues. Your therapist guides you through the entire process.

The avenues available to you are: sections (all the info and help you need to overcome your challenges), worksheets, live chat (30 minutes per week of live chat with your therapist for help and support), messaging (you can message your therapist with any queries you may have), journalling, an activity plan, and yoga.

They also offer an affiliate program in which they will pay you $100 for every person you refer who joins.  The person who joins receives a 20% discount off their first-month payment.

Let’s take a closer look now at the advantages and disadvantages of affiliate marketing.

Advantages

  1. Low start-up costs
  2. Flexibility
  3. Passive Income
  4. No expertise required
  5. Set your own working hours
  6. No customer aftercare

Disadvantages

  1. It takes a while to get established
  2. No control over the affiliate programs commission offered and terms
  3. Can’t establish your own customer base
  4. Competition
  5. Income level not guaranteed
  6. Need lots of self-discipline

Key Things to Consider

  • Be prepared to build your affiliate marketing business, slowly, just like you would a physical business. Don’t expect to generate oodles of cash overnight.  It’s a process and will take time, but with careful tending and marketing, you can generate a great steady income.  Too many people get derailed when they don’t generate tons of cash instantly.  Be patient and keep at it!
  • Learn as much as you can about affiliate marketing. The internet is literally flooded with tons of videos and info on affiliate marketing which is overwhelming, to say the least.  No-one likes to feel overloaded and swamped.  This course on affiliate marketing at Hustlelife is highly recommended in helping you cut through the waffle and get the essentials on affiliate marketing.
  • Tools like GoogeTrends and Ahrefs can help you research a niche and see what will work best for you.

2. Offer Corporate Retreats And Workshops

image of corporate retreat and workshop

Many large corporate companies as part of their company policy are committed to looking after the mental health of their workers.

As part of this, they invest in retreats and workshops to address various work-related issues that may be pertinent in the workplace.

This provides a wonderful opportunity for you as a psychologist, to put together various package options for providing corporate retreats and workshops to address these needs.

An example of an issue that can be addressed through these retreats and workshops is burnout.

Consider this sobering statistic that sheds a light on the extent of burnout: “A recent Gallup study of nearly 7,500 full-time employees found that 23 percent reported feeling burned out at work very often or always, while an additional 44 percent reported feeling burned out sometimes

Too many people today juggle not only their work demands but also need to deal with their family life, school issues for their children and so much more.

It can often lead a person to a place of feeling totally overwhelmed and frazzled.  The obvious end result of this is that the person is not going to be able to bring their best to their workplace when they are feeling stretched in so many different directions.

By teaching crucial life skills and strategies to address this, you can help many workers avoid burnout in the first place.

Let’s turn our attention now to the advantages and disadvantages of organizing Corporate retreats and workshops.

Advantages

  1. Flexibility
  2. Good income
  3. Job satisfaction

Disadvantages

  1. Need strong organizing skills
  2. TIme-consuming to create your presentation
  3. Income not always steady

Key Things To Consider

  • Have a specific focus for the workshops and retreats you offer. Often it’s tempting to overload people with info, particularly when they are paying for it.  However, having a specific niche allows you to refine your brand and offer your clients a rich, focused experience that will ultimately leave them feeling they have been given something of value.
  • It takes time to build up experience and a client base. Initially, you may not make as much money as you hope.  However, as you gain experience and people get to know about you, your bookings will increase and your income too.

3. Amazon FBA

image of amazon FBA

Amazon is a powerful avenue through which to generate additional income.

When you consider that “In 2018, Amazon’s share of the US eCommerce market hit 49%.  That’s 5% of all retail spent across the entire country” you realize that Amazon is not a platform to be overlooked.

So what exactly is Amazon FBA (Fulfilment By Amazon)? Amazon offers people the opportunity to sell products through its platform and then have Amazon fulfill their orders.

The way it works is as follows: You send your inventory to be stored in an Amazon warehouse.  When you receive an order, Amazon takes care of the entire process from packaging the product, shipping it right through to providing 24/7 hr customer aftercare.

Simply put they take care of all the hard stuff.

An example of a book you can sell through Amazon FBA is “Tribe of Mentors: Short Life Advice from the Best in the World” by Timothy Ferriss A look at Amazon’s bestseller list for self-motivation books shows that this is their best seller.

There are many different areas in psychology you can choose from to focus on as your niche.  Draw from your own experience in practice as well when narrowing down your area of focus.

Let’s take a look now at the advantages and disadvantages of using Amazon FBA.

Advantages

  1. It’s less time-consuming for the seller
  2. Quick Delivery
  3. Free shipping for the buyer
  4. 24hr customer care support provided by Amazon
  5. Storage provided by Amazon
  6. Buyers get Amazon Prime

Disadvantages

  1. You pay FBA fees
  2. Can be challenging keeping track of inventory
  3. Easy for goods to be returned with Amazon’s return policy
  4. The seller has less control over packaging
  5. Product prep may be difficult as you need to follow Amazon’s strict guidelines for this

Key Things to Consider

  • It can be daunting trying to figure out what to sell on Amazon FBA – a great tool that can help you identify a niche on Amazon is JungleScout. This tool can help you identify lucrative niches and products to sell on Amazon FBA.
  • Amazon Reviews can provide valuable insight into gaps in the market that you can fill. Be sure to read through these reviews and take note of the products people love, the products they are disappointed in and one’s they would like to see on Amazon.
  • Don’t overlook food-related products as a niche to sell on Amazon FBA. Food is a very trendy product on Amazon.  This can be seen through their launch of AmazonFresh and Prime Pantry.  A major trend with food is healthy, organic food but you can search online too for further niches in the food category.

4.      Join Talkspace As A Therapist

image of talkspace

Another great option to consider as a side hustle is to join Talkspace as a therapist.

Consider the following very sobering statistic:

According to the National Alliance on Mental Health “approximately 1 in 5 adults in the US (46.6 million) experience mental illness in a given year”.

Clearly, there’s a big need for therapy to counsel and guide people through the issues they face.  And with day-to-day busyness, it can be difficult to find time to schedule an appointment.

That’s where Talkspace is such a great option.  It’s a therapy app that provides a platform where you can chat with a therapist online whenever you need to.  It works in the following way:

People who are looking for therapists will first do an assessment to identify their specific therapy needs.  Thereafter they will choose a payment plan that suits their needs.

Now a therapist match will be made for the client.  They are matched with a therapist and will work with the same therapist over time.

Therapy now begins and the client can message their therapist whenever they want.  The therapist responds 1 to 2 times daily and video chat is available if the client needs more interaction.

As a licensed psychologist, you can sign up and become a therapist and begin to earn a side income through this avenue.

Let’s take a look now at the advantages and disadvantages of becoming an online therapist.

Advantages

  1. All the marketing is done by Talkspace
  2. Established client base
  3. Flexibility
  4. Cheaper rates than normal therapy practice

Disadvantages

  1. Time-consuming getting set-up as a therapist
  2. Must do training on how to use their platform
  3. Every client must receive a diagnosis

Key Things To Consider

  • Be prepared that there is a rigorous set-up process for therapists. This can be time-consuming, but it’s worth it once you are through the process and working as a therapist.
  • Be aware that you will need to set up a credential profile so that you can be checked out before becoming a therapist for Talkespace. The credential profile allows your info to be verified so that potential clients will have the reassurance of knowing you are a credible therapist.
  • You will need to undergo training provided by Talkspace on how to use their platform and their expectations in how you need to interact with clients.

5. Create An Online Course

image of Course Development

Market research firm Global Industry Analysts projected ‘E Learning’ would reach $107 billion in 2015 and it did.  Now, Research and Markets forecasts show triple the revenue of 2015 – 3 learning will grow to $325 Billion by 2025”.

Online learning is beyond doubt an avenue that should be pursued when looking at generating an additional income.

You may be scratching your head and wondering what topic to address through an online course.  “A study published this year (2018) by the American Psychological Association found that anxiety is extremely prevalent among young adults.”

Based on the above statistic, anxiety is definitely an example of a topic you could consider building an online course around.

Let’s take a look now at the advantages and disadvantages of creating an online course.

Advantages

  1. Can help people you wouldn’t normally reach
  2. You own the course
  3. Allows you to earn a passive income

Disadvantages

  1. May require extensive marketing
  2. Time-consuming initially developing the course
  3. You will need to invest in technology to launch the course 

Key Things To Consider

  • Do some market research to test if the topic you have chosen for your course is in demand. Consider options like conducting online surveys.  You can also ask your existing clients for feedback on what topics would be of interest to them.
  • Make sure you include learning outcomes for each section of your course. This gives your students clarity on exactly what they will achieve and came away having learned.  People are more likely to register for your course when this is clear.

6. Kindle Publishing

image of kindle publishing

We spoke previously about developing an online course based on the knowledge and experience you have accumulated through practicing as a psychologist.

How about taking all that knowledge that you put together in your course and turning it into a book that you can self-publish on Amazon Kindle?

Consider this statistic related to Amazon Kindle for a moment:

According to Forbes, “Amazon’s US and worldwide Kindle book sales grew in 2017, and continue to grow in 2018”.

Amazon is the world’s largest online shopping platform and Amazon Kindle is a fantastic platform through which to sell your book.

Consider the following advantages and disadvantages of Kindle publishing:

Advantages

  1. You can access the marketplace faster
  2. Can publish in both digital and print form
  3. Earn more money
  4. Mistakes are easily rectified
  5. Control of the process of marketing and setting prices
  6. Great way to test the market

Disadvantages

  1. Lots of competition
  2. Takes time to build up sales
  3. Limited to one platform by a 90 day exclusivity period with Amazon
  4. Formatting the ebook may be difficult

Key Things To Consider

  • Make sure you give careful thought to the title of your book and the subtitle. The main title needs to be catchy and memorable.  The subtitle needs to be a little different in that you want to clearly emphasize how the book will help your readers.  So give some thought to some of the positive outcomes the book will provide to your readers and sum it up in your subtitle
  • Never underestimate the importance of your book cover. You may have an incredible book, but no-ones going to get as far as reading it if your cover doesn’t catch their eye.  Don’t skimp on it and get a professional graphic designer to put together something classy and eye-catching.

7.  Write Articles or Blogs

image of blog

With the wealth of knowledge and experience you have accumulated as a psychologist you can make a tidy stream of income writing blogs and articles on psychology-related topics.

Consider this statistic from Statista (2018): “In fact, in the U.S. alone there are already over 30 million active bloggers posting at least once a month.  And that number is expected to grow to nearly 32 million by 2020”.

This industry is only growing and you can get a piece of it too!

Some important skills for blogging and writing include excellent English grammar and writing skills, and strong research and communication skills.

An example of an area you could write blog posts for is anxiety.  There’s been a sharp rise in anxiety levels in the U.S. alone.

Consider this statistic from statista: “39% of U.S. adults were more anxious this year than previously as of 2018”.

Anxiety is on the rise and seems to be here to stay.  So it follows that there will be an increase in the number of blogs addressing this.  With this will come the need for more guest bloggers who can provide help for those suffering from anxiety.

Let’s take a look now at the advantages and disadvantages of writing blogs.

Advantages

  1. Flexibility
  2. Potential to make good money
  3. Low start-up cost
  4. Can keep your day job

Disadvantages

  1. Time-consuming
  2. Researching takes time

Key Things To Consider

  • Be prepared to have some samples of your writing prepared in advance for when you apply for work. Potential employers will want to get a feel for the type of writing you are able to produce.
  • Consider places like Upwork and Freelance Writing Gigs when looking for platforms to search for writing work.

8. Become A Consultant

image of consultant

If you consider the fact that “In 2018, the consulting market in the U.S. amounted to around 68.5 billion U.S. dollars” then you realize that this is one area you need to take advantage of.

An example of an area you can become involved in as a side hustle is working as an Industrial Organisational Psychologist.

By working in a consultant capacity you can assist organizations and businesses to solve work-related issues employees face as well as issues regarding management styles and interaction between managers and employees.

This gives you the option of working flexi-time and charging per hour which can generate a tidy side income for you.

Let’s look at the advantages and disadvantages of working as a psychologist consultant.

Advantages

  1. Flexibility
  2. Potential to earn a good income
  3. Job satisfaction as you help resolve issues
  4. You are your own boss

Disadvantages

  1. Can take time to market and promote yourself
  2. Need to be an extrovert with strong social skills
  3. Need to have strong organizational skills

Key Things To Consider

  • Sign a contract with clients clearly communicating exactly what service you will be providing along with your hourly fee.
  • Ask satisfied clients for testimonials or reviews that can build your portfolio and help you land more clients.

9. Public Speaking

image of public speaking

There is always a need for experts to share their knowledge and address pertinent issues through public speaking at conferences and events.

The Bureau of Labor Statistics recently posted that between 2016-2026 the meeting and event industry would grow an average of 11%

This shows there’s a great opportunity here to start a side hustle through public speaking.

A thorough knowledge of your topic, which you already possess from your years of experience as a psychologist will stand you in good stead here.

Let’s turn our attention now to weighing up the advantages and disadvantages of public speaking.

Advantages

  1. Flexibility in setting your schedule
  2. Possibility of traveling
  3. Potential to earn a good income
  4. It can boost your confidence
  5. Provides you with the chance to keep honing and refining your skills

Disadvantages

  1. It can be nerve-wracking
  2. Can be challenging to generate new material and ideas to present on the same topic
  3. Preparation can be time-consuming

Key Things To Consider

  • Speak without charging initially to get your name out there. This will help you to build up your reputation and add to your portfolio.
  • Only speak on a subject you are experienced in. Your client expects, and is paying for a quality presentation based on your expertise. Speakers who provide this are in demand and well-paid by those who hire them.
  • Be sure your presentation includes current facts. This adds value to what you are offering your audience and adds credibility to you as a conference speaker.  Remember you are likely to get more speaking appointments by providing high-quality content and delivery.

10. Offer Psychological Testing

image of psychological testing

When you consider how expensive it can be for a business to hire and train new employees, it becomes apparent that psychological testing is a very efficient tool in helping in this.

Consider this fact: “Psychological testing helps ensure that potential employees are suitable before hiring them”.

You can offer psychological testing for potential employees applying at a business for jobs.  However, it doesn’t need to end there.  You can also offer testing for current employees to check their ongoing suitability to the position they were hired for.

Another option is to provide career aptitude testing to students in High School.

Let’s take a look now at some of the advantages and disadvantages of offering psychological testing as a side hustle.

Advantages

  1. Flexibility
  2. Good income
  3. Job satisfaction from helping people in their career choices

Disadvantages

  1. Can be time-consuming
  2. May involve traveling to different venues

Key Things To Consider

  • Network with local high schools to get your name out there as a psychologist offering career aptitude tests.
  • Look at advertising yourself on places like LinkedIn to find businesses in need of your services.

There you have it! Some great ideas of side hustles for psychologists.  Start today and you can begin to generate some additional streams of income.

 

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