How To Start A Profitable Physical Therapy Business
Today, I want to talk about a small business idea that’s proven to be incredibly profitable in the past. As you can tell by the title, I’m talking about a physical therapy business. This is an idea that focuses on something that’s important to everyone; physical health & well-being. Consequently, you know it’s a good idea because it targets a service that’s in demand and will never really go out of fashion.
Some startup ideas focus on things that are popular right now but don’t have the longevity to succeed. As a result, many small businesses close within a couple of years when the trend fades away. That won’t happen with this idea as physical therapy services aren’t a trend, they’re a necessity for many.
Furthermore, it’s a business idea you can run all by yourself, meaning you can be a true solopreneur! Unlike other businesses, you don’t need any employees, which dramatically reduces your overhead costs. To add to this, physical therapy services tend to be quite expensive for the amount of work you do. People charge for half hour or hour sessions, and consumers are willing to pay a fairly large amount because it’s seen as the norm in this industry.
So, it’s evident that this is a great small business idea, but how do you start it? The process can be quite long, or it can be relatively quick, it depends on your current situation – but we’ll discuss that soon. Throughout this piece, I’ll discuss the main things to concern yourself with when starting this business, along with any other info that’s helpful.
Gain The Right Qualifications
First things first, you need to have the right qualifications before starting a physical therapy business. Well, technically speaking, you don’t have to, but it makes your company more profitable if you do. Those of you reading this with an established degree in physical therapy can skip ahead to the next step.
Those that don’t need to work on gaining qualifications. You can go the long route and study a degree at a university, or you can take online courses to get certificates to hang on your clinic wall. Basically, qualifications show that you know what you’re talking about, which gives patients more confidence in you.
Look For A Gap In The Physical Therapy Market
If you research the physical therapy market, you’ll find there is a lot of competition. There may already be a couple of practices in your local area, which immediately puts your business at a disadvantage. The solution is to conduct as much research as possible and find a gap in the market.
There are many ways you can set your business apart from the other ones that are already established. One idea is to offer a very specific service and make that your specialty. For example, your physical therapy clinic could focus on shoulder issues, which caters to a set of very common problems, and people may opt for you as they see you as a specialist. Another simple idea is to offer online consultations or treatment plans, this will open you up to a wider market.
Design A Business Plan
By finding a gap in the market, you will set the foundations for your business plan. Here, you need to think about the services you offer, how much you’ll charge, and how many expenses you have. You’ll have to look at PTA salary by state to see how much it would cost having an assistant. Everything will be calculated and recalculated to ensure the figures add up.
As part of your business plan, you should also include certain goals and achievements you want to aim for. These could be monetary aims for the first few months of your inception, as well as customer aims during the same period. Furthermore, include long-term goals as well to give your business a straight path to aim down.
Build A Professional Image
This next point is quite broad, so I will split it up into different sections. Building a professional image is essential as most people decide on a physical therapist based on how they appear to them. If someone judges your business as unprofessional, they won’t trust you to do any physical work on them. I already spoke about one way you can improve your image (through qualifications) but here are some other things to consider:
The clothes you wear in your physical therapy business dictate whether people see you as professional or not. Some physical therapists will just wear their normal clothes because they want to feel comfortable. While this is okay, you could earn more respect if you wear something more professional like a set of scrubs. If you browse scrubs online, you’ll find them in a variety of designs and colors, as well as tops and pants sold separately. Even wearing the top on its own will garner more respect. It makes you seem like a medical professional, and a picture of you wearing scrubs on your website will dramatically improve your image.
Speaking of which, you need to use your website to improve your professional image. It should be sleek, responsive, and fit in with modern web design and digital marketing practices. Furthermore, you can upload videos on your site showing off various treatments, so clients know what they’re paying for. Along with this, an online appointment system makes you seem incredibly professional and people like this accessibility.
Find A Good Location
In an ideal world, you will find a clinic to purchase and use as the base for your physical therapy business. Or, you can find any retail or commercial space and use it as such. However, this can cost money, which you might not have at the start. Instead, you can save a lot of cash by using your home as your clinic. Convert a spare room into a treatment studio and provide your service there. This reduces overhead costs and ensures you cater to local clientele. However, the main goal should be to own a place of your own that you can make your clinic.
Pay attention to all the points mentioned here if you want to push forward with this business idea. Physical therapy clinics have the potential for low costs and high income, which is a combination every solopreneur wants.