ITS EASY TO OPEN A BUSINESS. ITS HARD TO RUN AND GROW A THRIVING CASH BASED PHYSICAL THERAPY PRACTICE!
Here are 10 initial steps that you must do when starting a cash based physical therapy practice:
1.FIND TRUSTWORTHY FRIENDS and ASSOCIATES
Whether it’s a close friend or family member, partner with people you can trust. You must surround yourself with good people who will help get you to where you want to be and help you attain your goals. This goes for business and your personal life.
2. CREATE A STRATEGY
One of the biggest mistakes young businesses make is over-committing and not being focused. They end up saying yes to almost everything and lacking a clear focus. But if you try to be all things to all people, chances are you will fail. Start with making a one-page strategic plan that forces you to focus on creating and doing one thing for specific target audience or niche market. Stay focused on the ONE THING that is most important for your business and build a specific strategy to reach your goal.
3. SAY NO TO WHAT’S PULLING YOU OUT OF FOCUS
Saying no to anything that isn’t in your direct line of fire may be difficult to do at first, but can actually be one of the smartest business decisions you make in the long run. I suffered from this at first and suffered from “Monkey Mind”. I was trying to do too much. I felt everything was pulling me away from my initial goal of getting new patients. Why should you eliminate these factors? Because it frees you up to focus on your target, it allows for more space and bandwidth to grow, and makes you available for the yes’s.
4. FIND A MENTOR
Find someone who is doing exactly what you want and dream of an mentor them. This is simple. If you’re a business owner, you know what’s at stake and how much risk is involved in running a company. But how do you handle the fear of failure? Where do you go for advice and guidance? That’s why finding a mentor is so important. You can find support and valuable insight, it can be instrumental in the process of learning the most efficient and effective ways of taking your business to the next level.
5. ESTABLISH A BUSINESS MINDSET
We are not taught business or marketing in physical therapy school. So we are already behind! When starting a cash based physcial therapy practice, you MUST get into a business mindset. They above video will show you a link to our CBPT YouTube Channel where we have created a FREE business mindset playlist where it reviews: Success, fear of failure, taking action, and motivation.
6. SET GOALS
If you do not know where you are specifically going, then you could end up anywhere! Set 1 and 3 year goals initially. Make the goals specific with a set end date. Then design a specific strategy to attain that goal and reverse engineer your stats so you know exactly what it will take to achieve the goal.
7. CREATE TRUE VALUE
Can you create true value to the public and in healthcare? YES! How many more studies need to show the short and long term outcomes, benefits of direct access, and better outcomes as compared to other interventions? Create an unbelievable experience for your patients and get them better faster as compared to standard care. This create true value or what I call value innovation! You will learn more specifics in Business 101 and what exactly is in value.
8. DON’T START WITH BRAND MARKETING
Start with identifying your ideal patient, define their demographics and habits, then market directly to them and get them into your “funnel”. Direct marketing is the best way to start at first. Don’t worry about branding marketing and establishing your brand. This will develop over time and as you make a better name for yourself and your outcomes, then the public will see your brand.
9. ASK FOR REFERRALS FROM PATIENTS
The best form of marketing is through your current patients. While this may seem obvious, most of us just don’t do it. We may feel uncomfortable asking existing patients for referrals or we may not realize how powerful a marketing asset this can be. But if you don’t try you won’t reap the benefits. And it’s actually quite simple to do, if you know how to present your outcomes and services with certainty, and can go a long way towards building your business .
10. WHO IS YOUR CIRCLE OF INFLUENCE?
Who are you reaching out to and influencing in your area? The single most important factor in your success is your people — your partner, your advisors, your staff, your peers. All of these individuals will help you do the work to take your business to the next level. That means you don’t have to do it alone, but you do have to find the right people, and empower them, so you can harness the power and potential of their talent, skill and drive. This will also drive WOM marketing which is the most cost effective and efficient way to get new patients.