How to Make 6 Figures As A Psychiatrist? (11 Best Ways in 2024)
So you want to make six figures as a Psychiatrist? Good for you! Being a Psychiatrist is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a Psychiatrist - business ideas you can start to achieve such income. Keep reading to learn more!
1. Become a social media influencer ($57.4K/month)
You could supplement your income as a psychiatrist by becoming a social media influencer. Many brands are actively seeking influencers on platforms like Instagram, YouTube, Facebook, and TikTok to connect with target audiences. By sharing your expertise and insights on mental health, you could build a following and attract lucrative brand partnerships.
As you establish credibility in your niche, you could not only increase your visibility but also diversify your income streams. With a well-thought-out strategy and consistent, engaging content, you can leverage the power of social media to make six figures. This approach could provide you with additional revenue through sponsored posts, advertising, and possibly even digital product sales.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
2. Start a career coaching business ($48.5K/month)
Starting a career coaching business could significantly boost your income as a psychiatrist by leveraging your unique understanding of human behavior and mental health to guide clients through their professional journeys. By providing personalized guidance and strategic support, you could help individuals with resume building, interview preparation, and workplace advancement goals, tailored to their specific needs and aspirations.
Moreover, developing a flexible client base with options for in-person or virtual meetings allows you to reach a broader audience while fitting this venture into your existing schedule. Utilizing your skills to motivate and empower breakthroughs not only offers substantial supplemental income, but it also diversifies your professional portfolio and sets the stage for future opportunities in the entrepreneurial landscape.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
3. Create an online course ($91.9K/month)
Creating an online course could be a lucrative supplement to your income as a psychiatrist. By leveraging your specialized knowledge, you could identify educational gaps in mental health topics and develop engaging video lessons and supplementary materials. This approach could attract a wide range of enthusiastic, lifelong learners looking for convenient access to emerging subjects.
Launching an online course platform allows for flexibility, whether through self-paced learning or cohort-based structures, providing passive income potential. With relatively small startup costs, this entrepreneurial venture could be an effective way to monetize your instructional talents and share your expertise on a larger scale. This method presents an excellent opportunity to make six figures by reaching students eager to learn from your professional experience.
How much you can make: $350 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
4. Become an affiliate marketer ($55.3K/month)
As a psychiatrist, venturing into affiliate marketing could be a lucrative way to supplement your income and potentially reach a six-figure salary. This low-cost business model allows you to promote other companies' products or services within the healthcare or mental wellness niche, earning a commission for every sale made through your referral links. Given that you already have a profession that commands respect and trust, your recommendations are likely to carry substantial weight, making it easier to drive sales.
To begin, you would need to sign up for relevant affiliate programs and obtain unique tracking links. These links would allow you to earn a commission for every successful referral, providing a steady stream of passive income. With minimal upfront investment, affiliate marketing is an accessible option that leverages your existing expertise while opening up new financial opportunities.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
5. Start a freelance writing business ($65.5K/month)
Starting a freelance writing business could significantly supplement your income as a Psychiatrist and help you achieve a six-figure salary. Leveraging your expertise in mental health, you could write for medical journals, health websites, or even author books on psychiatric topics, providing authoritative content that is in high demand. Writing about your field not only diversifies your income streams but also enhances your professional reputation and broadens your impact.
With the flexibility to set your own schedule, freelance writing allows you to balance your primary practice with your writing projects. Strong writing skills and a deep well of knowledge in psychiatry position you uniquely to command higher fees for your specialized content. By consistently meeting deadlines and staying current on writing trends, you can build a robust and lucrative side business.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
6. Start an ecommerce store ($287K/month)
Starting an eCommerce store could be a lucrative side business for a psychiatrist looking to make six figures. Due to the flexibility and lower overhead costs associated with eCommerce, you could easily manage this venture alongside your primary practice. Whether you choose to sell products related to mental health, wellness, or even a completely unrelated niche, the possibilities are vast.
Given the current boom in eCommerce, you could reach a wider audience without the constraints of a physical location. Consumers appreciate the convenience and efficiency of online shopping, allowing you to potentially grow your income significantly. By setting up a user-friendly website and integrating essential payment and inventory tracking software, you could streamline the process and focus on serving your customers effectively.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
7. Start a youtube channel ($146K/month)
Starting a YouTube channel could be a highly lucrative way for you to supplement your income and potentially reach a six-figure salary as a psychiatrist. By creating informative and engaging content related to mental health, treatments, and wellness tips, you could attract a wide audience seeking professional advice and support. Over time, this platform could grow into a steady stream of income through ad revenue, sponsorships, and affiliate marketing.
Joining the YouTube Partner Program, which requires at least 1,000 subscribers and 4,000 watch hours in the previous 12 months, could enable you to monetize your channel. Success stories abound, proving that with dedication and strategic promotion, a YouTube channel could significantly boost your earnings while also expanding your professional reach and influence.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
8. Start a social media marketing agency ($116K/month)
Starting a social media marketing agency could offer you a lucrative opportunity to supplement your income as a Psychiatrist. By leveraging social media marketing tools, you could automate much of your work, allowing you to maintain your primary responsibilities while providing valuable services to clients. With a solid social media marketing strategy, you could efficiently manage your agency and serve customers without committing excessive time.
Creating a compelling portfolio could help you attract and retain clients, boosting your revenue streams significantly. Whether you're looking to cover your utility bills, finance your education, or save for a vacation, a social media marketing agency could be a flexible side business that contributes significantly to making six figures. Its scalability and automation make it particularly attractive for busy professionals like yourself.
How much you can make: $1,000 — $500,000/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
9. Start a blog ($44.9K/month)
Starting a blog as a psychiatrist could be a powerful way to supplement your income and even build a thriving side business. With blogs rated as the 5th most trustworthy source of online information and 77% of internet users reading blogs, you could leverage this platform to share your expertise on mental health, therapy techniques, and wellness tips. This can open up numerous revenue streams such as ad revenue, sponsored posts, and affiliate marketing.
With approximately 409 million people viewing more than 20 billion pages each month, your blog has the potential to reach a vast audience. Additionally, you could monetize your blog through online courses, eBooks, or consulting services, further increasing your earnings. Carefully crafting a content strategy and maintaining a consistent posting schedule could help you build a loyal readership and establish your blog as a trusted resource in the field of psychiatry.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
10. Digital products ($261K/month)
Creating digital products could provide you with a significant opportunity to supplement your income and potentially reach a six-figure salary as a Psychiatrist. Given the popularity and ease of creating digital products—whether they are information-based, like ebooks or courses, or community-based, such as membership sites—you could leverage your expertise to offer valuable resources to a broad audience.
For instance, you might develop an online course aimed at mental health professionals seeking advanced training or an ebook that offers insights into emerging psychiatric treatments. These products can be sold directly from your website with minimal overhead costs, providing a scalable way to boost your revenue. The possibilities are endless, and the digital nature of these products means you don’t have to worry about inventory or shipping logistics.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
11. Start a podcast ($97.9K/month)
Starting a podcast could be a lucrative way to supplement your income as a Psychiatrist. By creating engaging audio content focused on mental health, wellness, and psychiatry-related topics, you could attract a dedicated audience. This platform would not only amplify your expertise but also open doors to monetization opportunities through sponsorships, advertisements, or paid subscriptions.
You could initially produce episodes on a budget with basic recording tools and free or low-cost hosting services. As your listenership grows, your podcast could garner interest from advertisers looking to reach a niche audience, further boosting your income. Additionally, promoting your podcast via social media and online communities would widen your reach and enhance your brand's visibility in the mental health field.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
