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537. Diversify or Double Down?

537. Diversify or Double Down?

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 Would you rather read the transcript? Click here. In this episode, I’m breaking down one of the most tempting moves for private practice owners: diversification. We’ve all felt the pull to add new services like coaching, therapy, or wellness programs, especially when the market slows down. But diversification isn’t always the answer, and it can easily backfire if done reactively or without alignment. I’ll walk you through the data, real-world examples, and a concrete framework to decide whether expanding your services will strengthen or dilute your practice. Main Topics Covered 00:00 Why diversification feels so tempting, and the post-COVID mindset behind it02:12 The hidden costs: brand dilution, operational complexity, and financial lag04:36 Real-world example: what happened when I added a medication prescriber07:01 Culture confusion and team impact during expansion08:24 When diversification does work: shared client journey, high-margin additions, and partnerships11:37 The three-part evaluation lens: alignment, margin, and capacity14:05 Common pitfalls: adding therapy or medical services without infrastructure16:29 Modeling ROI and minimum margin targets for new services18:31 Balancing profitability with personal energy and joy20:45 How to pilot new services, track data, and set a “kill date”22:30 Final takeaway: clarity beats complexity: double down on your niche Cool Things Mentioned The Testing Psychologist mastermind groups and business consultingReverb: the premier AI-powered report-writing platform for testing psychologists Featured Resources I am honored to partner with two AMAZING companies to help improve your testing practice! PAR is a long time supporter of the Testing Psychologist podcast, and I will continue to bring you featured items from their catalog! Listen to each episode for specific product recommendations and links. Learn more at www.parinc.com. TherapyNotes is the leading EHR system for mental health practitioners. I’ve used TherapyNotes for over 10 years, and it just keeps getting better. Use this link and the promo code “testing” to get two free months and try it for yourself! www.therapynotes.com/testing The Testing Psychologist podcast is approved for CEU’s! I’ve partnered with At Health to offer CE credits for podcast episodes! Visit this link to access current and past episodes available for CE credit. You can use code “TTP10” for a discount on ALL the course credits you purchase from At Health! About Dr. Jeremy Sharp I’m a licensed psychologist and Clinical Director at the Colorado Center for Assessment & Counseling, a private practice that I founded in 2009 and have grown to over 20 clinicians. I earned my undergraduate degree in Experimental Psychology from the University of South Carolina before getting my Master’s and PhD in Counseling Psychology from Colorado State University. These days, I specialize in psychological and neuropsychological evaluation with kids and adolescents. As the host of the Testing Psychologist Podcast, I provide private practice consulting for psychologists and other mental health professionals who want to start or grow psychological testing services in their practices. I live in Fort Collins, Colorado with my wife (also a therapist) and two young kids. Ready to grow your testing services? Click below to schedule a complimentary 30-minute pre-consulting call! Schedule Your Call
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