Physiotherapy Business

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Starting A Physiotherapy Business – When Am I Ready To Build A Future?

Sunday, July 21, 2019

Taking on the challenge of owning a clinic is not something to be taken lightly. It is a big responsibility, with real risks, real hurdles and real people who you will be responsible for. IN saying all of this, these risks also carry with them great reward. You can start working on a life. Each day you come to work, you are building an asset; your business. Instead of trading hours for a wage, you are trading hours for a wage, plus the growth of an asset and the ability to mould your own future.

Starting A Physiotherapy Business

When is the time right?

One group of owners think they are ready, jump in with two hands with a stack of confidence, only to find out that they weren’t as ready as they thought they were and set about gaining the skills to catch up on where they thought they should have been.

The other group of owners feel that they are not ready, go about getting all of the skills they think they will need, more experience, more money, more partners, until they finally set up, still nervous. And they realise that they still weren’t ready, could they have done more before they commenced?!?!

No one is ever truly ready for business ownership.

If you are thinking about ownership, then the truth is, you are likely ready to take the first step. It is probably fear that holds you back if you are in group two, and it is a touch of naivety to blame for your confidence if you are in group one. Both groups are right, and both groups are wrong.

As I said, no one is ever totally ready for business ownership.

Greenfield Site

Do you have the risk tolerance for a greenfield site? Are you courageous enough to have absolutely no idea what the result might be? You are starting at zero patients, zero infrastructure and zero employees. Maybe one- yourself. Greenfield sites can be alluring because they carry with them no baggage, but this only lasts for one month, because after one month, you have baggage!

These sites are usually the bastion for great leasing opportunities in under developed areas, where you have a strategic advantage in getting in early. But early also means LONG TERM. It may be years before you realise a profit. But you are building it from scratch, and that can be very calming for some people, despite the risks.

Taking over a clinic

Starting A Physiotherapy Business

What about a clinic that is pre-existing? It might be turning a profit, it might be making a loss, but what you do know is that it has a baseline of historical performance, from which you can rely upon to some extent. When taking over a pre-existing clinic from an owner operator, expect a 30% drop in initials once you take over, as the patients and referrers always tend to baulk at the thought of change, and it can take 12-24 months to recoup that drop in initial numbers. We have done it many times, and it is always the same story!

Taking over a clinic can be great if it is a dog with plenty of upside. There is cashflow, you might be happy to take a short term pay reduction to get almost immediate equity in the business by working a few more hours, tightening up on customer service and making sure that every touch point for the client is covered.

It can also be a wonderful option in taking over a clinic that has a historical profit, especially if it is under management, rather than an owner operator clinic. Expect to pay a much greater multiple on managed practices, as they have shown a passive model for profit, which allures investors to the practice.

You may be able to pay down even a hefty loan quite quickly in a clinic that makes a good profit.

Psychology

Never underestimate ownership mentality if you have a good set of principles, policies and procedures in place and all you need to do is execute. The psychology of owning creates a rapid shift in your day to day focus. Every interaction with someone in your clinic is an opportunity. It is no longer a task that is a burden, it is a blessing. That opportunity is your opportunity to build your future, not someone else’s.

It’s all about the 2%

This is a mantra we constantly talk about with franchisees, at head office and in the halls of the small business owner. It is all about the little things. As an employee, the 2% seems like something that can wait until tomorrow. It will get done, it can wait, it is only a small thing.

As an owner, the only thing that matters is the 2%. It compounds every minute, every hours, every day. 2% is all that matters.

It might be swinging by the personal trainer after work to say hello and grab a coffee or go for a session. It might be personal birthday cards to referring doctors, or your best customers. It might be putting up a tent at the local fair, market or sports carnival day, something that used to irritate you, but now excites you.

The 2% is knowing that you are officially the face of the business, not someone else. Your bank account is attached to the result, not someone else’s. Your future is being built by putting in the 2%, not someone else’s.

Changing focus

This is why Physio Inq has shifted their focus away from clinic ownership and onto Franchising. The ownership mentality is extremely strong. It is amplified in its effect by an incredibly strong set of policies and procedures and backed up by immense training for staff, business automation software and a desire to stay ahead of the game every single month, every year.

The change in focus has enabled Physio Inq to release ownership of their clinics, both underperforming and performing, and see them grow dramatically following their sale and transition.

Where to from here if I want to Join Physio inq as an owner?

Simply email us! franchising@physioinq.com.au. Our netowrk development leads will answer any of your questions, both business, finance and life related. You will likely be given a questionnaire about where you are now, where you want to be and what skills and strengths you have to accomplish your goals.

It is important to talk to friends and family about your decision. Not to get approval, but to let them understand why you are doing what you are doing and how integrate your new life with the ones you love. You will be amazed at how much a supportive network drive your results. You will hear lots of opinions on going it alone versus franchising. 

Go with your gut. Physio Inq is a proven model that works. We don’t want anyone who doesn’t believe in our vision and mission, we want relationship people who will go out and execute for their future.

Good luck, enjoy the process and stay true to yourself.

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