By Bea Chan
Legalization is going to happen – it’s just a matter of time.
Look at all the US cities already welcoming psychedelics: Santa Cruz, Oakland, Seattle, Denver. There’s no way Canada will be left behind.
We already know that people are seeking out the healing benefits of plant and psychedelic medicine. What the public is just learning about now is that getting help with the preparation, journeying and integration part of the trip is also important.
This means we can predict a few implications for psychedelic therapists when the laws change.
What the Future May Look Like Post-Legalization
No one really knows, but we can borrow from similar markets that have gone through legalization, like the cannabis industry.
Increase in demand for both psychedelic medicine and therapy
We already have the Innovators and Early Adopters. These are people and organizations like you and I.
The next wave of people is called the Early Majority, and they will tip the current equilibrium out of balance.
Years later, the Late Majority will enter the scene, followed by the Laggards when the majority of the world is onboard.
I honestly don’t think our market is ready yet to handle the influx in demand.
People are finally waking up. People are tuning out external authority and tuning into their own internal sovereignty. People are actively seeking plant medicine, psychedelics and nature to return them back to homeostasis.
The practice of self-reflection, mindfulness and looking into our own triggers, trauma and conditioning is being widely adopted nowadays. The average millennial and Gen X person has never been more “woke.”
Actionable Tip: Keep in that mind that as our market matures, the demand will shift towards more sophisticated psychedelic products or services.
Increase in supply
Things will always come back to balance—the supply will meet the demand sooner or later. In other words, this means competition.
While most people shy away from competition, we should actually welcome it.
Having multiple providers vying for business has many positives, including:
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Innovation and creativity
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Competitive market pricing
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Development of best practices and a standard of quality
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Opportunity for psychedelic therapists to carve out their own niche
An increase in supply may look like more growers, corporations, non-profits, advocacy groups, clear legal structure around how to buy and sell, psychedelic products, institutions that train therapists, and so on.
The entire supply chain will evolve, and so should you.
Actionable Tip: If you’re already in the market, it’s advisable to start differentiating yourself from your current and future competition now, so that when the next wave hits you’ve surfing it instead of being caught under it. How? Level up your funnel. Not sure where to start? Take our free training at the link below.
Standardization
To serve the masses, standardization is necessary.
The main purpose is to establish uniformity in how a service or product is offered.
This means if Client A, B and C purchases Service Z, they’re all getting pretty much the same thing. The results may not be the same as the client is the variable, but that’s a separate topic.
Of course, you can still personalize, but that will likely drive up your pricing based on the amount of time spent or variety or quality of material used.
You would charge each person less for attending an integration circle than if you were to work with them one-on-one, right?
Standardization also brings down your production time and cost, which means you can deliver the goods faster and better than before.
Actionable Tip: Start looking at ways to streamline your internal processes. Something as simple as getting your new clients to fill out an intake form or automating your bookings can save you a lot of time and headache in the long run.
Current Trends for Psychedelic Therapists and How to Stand Out From the Crowd
Giving up their license
Yes, therapists are allowing their license to lapse, so they can become coaches.
Things to consider:
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Do you want to serve people outside of your geographical location?
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Do you want less liability and more flexibility? As a coach, you’re giving advice, not prescription.
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Do you mind losing the instant prestige or authority your license gives you?
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How will you continue to be as in-the-know about the latest professional developments?
Stand Out: Regardless of having a license or not, your personal story is unique. Your way of doing things is distinctive. Your desire to help people never ends. So let that shine through in how you operate the business, in your marketing and messaging.
Trying to serve everyone
As the saying goes, when you try to please everyone, you end up pleasing no one.
Things to consider:
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Being accessible to those in need is great, but how effective are you in helping everyone?
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You, your story, your lingo deeply resonates with people going through exactly what you went through
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When you say yes to something, you say no to something else—what are you turning down?
Stand Out: The market is big enough now to pick a niche and stick to it. E.g. You only help people going through addiction. Or, consider a double niche. E.g. You only help women with a food addiction.
Forgetting about the business
I get it—you just want to help people. Who cares about the boring business stuff, right?
Things to consider:
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How will you find new clients when referrals dry up or when you get shadow banned on social?
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Are you overwhelmed just thinking about the marketing, sales and operations?
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Are you feeling burnt out, fatigue or stressed doing everything yourself?
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If you’re not making the kind of money you want, what makes you think that doing more of the same will get you different results?
Stand Out: Outsource the parts of the business that don’t bring you joy. Delegate the things you don’t have the time or expertise for. These things need to get done, so you decide if you want to invest time or money. Remember, you can always make more money, but you’ll never get your time back.
Again, I don’t have a crystal ball that can predict the future, so these hypotheses are drawn from my personal experiences and from looking at industries that have gone through similar stages.
I hope this article helps you start positioning yourself and your therapy business, so you are ready for the imminent legalization of psychedelic medicine and can catch the wave of Early Majority adopters coming into this market.
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