Episode 28: What Startup and Expansion Owners Need to Know

Whether you’re wanting to start your own private practice or you’re looking to open your second office, there is some vitally important you need to know. Both of these are situations that would be new experiences that require a substantial investment of time and money. Having a coach or mentor to guide you through the process and protect you from the landmines that are out there waiting to waste your time and deplete your resources gives you a distinct advantage.

In this week’s episode, Brian Gallagher will discuss

  1. Personal Growth Ideas
  2. Tips for Professional Success.

Key Takeaways:

  • The single biggest mistake new physical therapy practice owners make is thinking that because they are a good therapist, they will be a good practice owner. Assuming that because you know the technical work of the business (the practicing), that you understand the business intricacies is just not true.
  • Grasp the concept that your income will be a reflection of how many people you serve and how well you are at providing that service as a part of the patient experience.
  • Ensuring that your spouse is 100% on board with you when you go to start your private practice. Whether you succeed or fail, you both will feel the impact.
  • Sit down and make a list of your strengths and weaknesses, your ideal scene, likes and dislikes. So you can begin surrounding yourself with people who will complement your success.
  • Starting a private practice will cost between $75,000-100,000, however, can be done for less than $50,000 if your space is built out.

For more information on how we can help grow your private physical therapy practice, contact us for a 15-minute practice assessment call to find out how you can benefit from our solutions.

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