Let’s face it, not many people in this world get very far without making some money. In this podcast, Brian shares his successful actions and tips on how to make more of it! So, be a “go-getter” and learn how to make better money so as to improve your quality of life, live more comfortably, and get the most out of doing what you love.
KEY TAKEAWAYS
- Be the “Go-Getter” owner to get money.
- SBA loans are great options when opening your practice. They usually fund about 80% of what you ask for.
- There are other funding options but can often be riskier – such as private investors. Commercial loans can be faster to obtain, harder to get if you haven’t been in business before and often have higher interest rates.
- As we chatted about last week, we’re not fans of partners or investors who have control over your practice.
- Always negotiate a line of credit and get it before you need it.
- Don’t be ashamed about making money.
- Success is considered making 16 cents for every dollar (16% net revenue) though ideally, 20 cents on the dollar.
- Have three sources for income – i.e. three services that you offer.
- You need a consistent program of marketing and don’t continue marketing activities that don’t bring in a 200% return on investment.
- Master your internal AND external marketing so that 60% of your evals are from return business.
- When it comes to managing your expenses break it down so that 10% goes to your operation costs, rent should be less than 10% of gross income, and payroll should be 50% or less.
- No physical therapy owner who has been open more than 24 months should be treating for more than 25 hours per week. You are a CEO first, and happen to be a therapist. you have to know your priorities.
- Make the most out of your money by writing off expenses, reducing taxable income, giving yourself a base salary and then taking distributions.
WORTH CHECKING OUT
- Paro.io for accounting/bookkeeping
- The Four Types of Owners
- The Go Giver Book
- Episode 90: Partnership vs. No Partnership
As always, thanks for subscribing and listening – our goal is to pick up where PT School left off and give you the feeling of having what’s better than an MBA because our information is specific to private practices. If you want more information on our outsourced billing, remote management or virtual training services designed to help you succeed in private practice, please contact us to schedule a free, no-obligation practice assessment call.
Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.
