How to Diversify Your Income Stream as a School Psychologist in Independent Practice

Written By PERA Services Inc.

By Juliana Ramirez, EdS NCSP ABSNP
Owner and Founder of PERA Services®

  • Turning Seasonal Slowdowns into Steady Success

  • Diversify to Thrive: Income Streams to Consider

  • Don’t Have the Skills? Hire Them Out!

  • Tools to Help You Get Started

  • Why Income Diversification is a Game-Changer

Turning Seasonal Slowdowns into Steady Success

If you’ve been thinking about transitioning into independent practice, you’ve likely wondered: “What happens when work slows down?” or “How can I create financial stability year-round?” These are real challenges, especially for school psychologists who have primarily worked on the traditional school calendar.

But here’s the exciting part—there are countless ways to diversify your income as a school psychpreneur, even if you don’t have a specific skill (like bilingual fluency). The secret? Building a network, thinking creatively, and hiring the right help when needed.

Let me take you back to 2018 when I was grappling with my first summer as an independent school psychologist. With districts on pause, my income flatlined, and I realized that relying on direct services alone wouldn’t cut it. Fast-forward to 2023, and my diversified income strategy brought in an additional $88,000—all by branching out into creative, scalable revenue streams.

The best part? These strategies don’t just stabilize your income—they allow you to thrive, create the freedom you’ve dreamed of, and make your business truly sustainable.

But here’s what I learned: Most of those fears are based on myths, not facts. 

The truth is, with the right strategies, independent practice is not only achievable but also incredibly rewarding. Let’s address the top concerns head-on, so you can see why the leap is worth it.

One common worry is, “What if I can’t find clients?” It’s natural to feel anxious about building a client base from scratch, but the demand for school psychologists has never been higher. Parents, schools, and communities are actively searching for professionals who can provide tailored services like psychoeducational evaluations, counseling, and consultation. You already have the expertise they’re looking for.

Diversify to Thrive: Income Streams to Consider

Here’s a breakdown of the income streams I’ve developed—and how you can adapt them to suit your unique skills and circumstances.

1. Bilingual Psychoeducational Assessments

If you’re bilingual, this is a game-changer. Districts are often desperate for assessments in languages other than English. Not bilingual? No problem. You can hire a translator to assist with meetings or a fellow bilingual evaluator to complete the assessments and still charge a premium for the service. By subcontracting this work, you create a win-win: the translator or evaluator earns income, and you take a percentage for facilitating the service.

2. Hiring Independent Contractors

Scaling your business doesn’t mean doing everything yourself. By hiring independent contractors—whether for assessments, evaluations, or other services—you can support multiple districts simultaneously. Contractors handle the work, and you earn a percentage of the revenue for managing and providing the opportunity.

3. Translation of IEP Documents

Even if you’re not fluent in another language, you can partner with a translator to offer this service. Many districts struggle to find professionals who can translate Individualized Education Programs (IEPs) accurately. You can outsource this to a freelance translator, charge the district, and retain a portion for your facilitation.

4. Interpreting Services for Meetings

Similar to IEP translations, interpreting services are in high demand for meetings with families. If you don’t interpret, hire someone who does and charge the district for the service. You handle the client relationship, ensuring quality, and take a cut for coordinating.

5. Digital Products and Downloads

From templates and guides to parent resources, digital downloads are a passive income goldmine. Once created, these products can be sold repeatedly with minimal upkeep. Think behavior charts, report templates, or social-emotional learning activities. Don’t have design skills? Use tools like Canva or hire a freelancer to create polished products you can brand and sell.

6. Affiliate Marketing

Partner with brands and services that align with your business. For example, I’ve teamed up with Your Legal Era for contract templates and Flydog Digital for school psych websites. These partnerships earn me a commission every time someone purchases through my link—no extra work required on my end.

7. IEE (Independent Educational Evaluations)

IEEs are a lucrative niche. Families often seek independent evaluations when they disagree with a district’s findings. By positioning yourself as an expert in this area, you can charge premium rates. Not sure how to get started? Build relationships with attorneys who specialize in educational law or advocate for families.

8. School Psych Coverage Services

Many districts face shortages of school psychologists, especially during staff absences or leaves. Offering coverage services can be a reliable income stream. Even better, you can hire contractors to fill these roles while taking a percentage for managing the placement.

9. Course Creation

Have expertise in a specific area, like behavior management or RTI? Package it into an online course. Platforms like Thrivecart make it easy to create and sell courses. This is a scalable option that allows you to reach an audience far beyond your local area.

10. Professional Development & Speaking Fees

Districts and organizations are always looking for engaging speakers to lead workshops or training sessions. As you establish yourself, opportunities for paid speaking gigs will grow. This is also an excellent way to expand your network and attract clients.

Don’t Have the Skills? Hire Them Out!

One of the biggest misconceptions about income diversification is that you need to do everything yourself. The truth? You can hire contractors, freelancers, or part-time staff to handle tasks that fall outside your expertise.

For example:

  • Not bilingual? Partner with a qualified translator or evaluator.

  • Don’t have design skills? Hire a graphic designer to create digital products.

  • No experience with course creation? Outsource the tech side to someone who can help.

The beauty of independent practice is that you don’t have to be an expert in every area—you just need to build a team that complements your strengths.

Tools to Help You Get Started

To kickstart your journey into income diversification, check out these free resources:

Why Income Diversification is a Game-Changer

When you diversify your income streams, you’re not just building a business—you’re building resilience. You’re protecting yourself from seasonal slowdowns, creating stability for your family, and opening doors to new opportunities.

The most important takeaway? You don’t have to go it alone. Whether you’re outsourcing bilingual services, leveraging affiliate partnerships, or building a team of contractors, income diversification is about working smarter—not harder.

So, what’s your first step toward creating a thriving, year-round practice? Let’s make it happen.

Starting small by networking in your community or building relationships with private schools and homeschool groups can help you establish your practice more quickly than you might think.

Another fear is financial instability. Let’s be real: transitioning to independent practice does require planning. But here’s the silver lining—once you set your rates strategically, you can often make more per client than you ever could in a salaried position. Tools like the School Psych Fee Calculator can help you determine the rates that reflect your value while covering your expenses.

The final myth is the belief that you need to know everything about running a business before you start. I used to believe this too, and it almost stopped me from pursuing my dream. But here’s the truth: you don’t have to figure it all out alone. 

 
 
 

About Juliana

Juliana is a bilingual school psychologist in Independent Practice and the owner and founder of PERA Services Inc. Her business supports school districts in the state of Ohio with the evaluation of bilingual learners for Special Education. She also coaches and mentors school psychologists wanting to become independent and start a business. To learn more about her business and Juliana visit www.peraserivcesinc.com

 
PERA Services Inc.
Previous

Brick-and-Mortar Dreams: One Path to Independence for School Psychs (But Not the Only One)
Next

Will a School District Really Pick You Over a Big Agency? Yes—Here’s Why!