Capitalize on your skills as a psychologist and make money improving the performance of athletes. There are three major revenue streams when you embark on a career as a sports psychologist. First, make money through individual consulting. Potential earnings are computed based on the number of clients multiplied to the agreed fee per hour or package.
The second revenue stream is seen in team consulting. Potential earnings are computed based on the sum of team contracts. Thus, for each team that hired you as their sports psychologist, draw up a contract to clarify expectations and eliminate legal problems down the road.
The third revenue stream comes in the form of workshops. Potential earnings are computed based on the sum of workshop contracts. Aside from working as a consultant, a sports psychologist can make money by selling products related to mental training, such as training manuals, books, videos, etc.
Starting Your Business
Try to learn more about the concept called performance enhancement. It is the practice and related services of assisting athletes improve their performance using various psychology techniques. The objective, however, is not accomplished through clinical psychology therapies, but via mental training.
In negotiating your contract, it is important to point out that you are not only using sports psychology techniques. Make sure that your prospective employer knows that you are a licensed psychologist.
Try to learn more about the intricacies of legal entity formation. Hire a competent lawyer to talk about the potential legal pitfalls for creating a business related to sports performance psychology. It is important to realize that a consultant can choose from a variety of fee structures and models. Choose an appropriate model based on the type of consulting and the target clientele.
A sports psychologist can be billed by the hour and get paid at the end of the session. You can also offer a multi-session package or charge the client using the retainer fee model. If you want to learn more about sports psychology, click here.