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Choose the Right Niche

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"I don't know the key to success, but the key to failure is trying to please everybody!"  -Bill Cosby

IMPORTANT:  Under Construction.  Many links may be broken.

 

Table of Contents

• Why do I need to carve out a niche?

• Where do I begin?

• What are some examples of what is working?

• Key to success!

• Important reminder!

• Big Mistake Made by Most Beginners

• Resource Links

 

 

 

Why do I need to carve out a niche?

The largest and most successful businesses started out doing one thing and doing it well. MacDonalds started out with a hamburger. Amway began with soap.  They find something the community both wants and needs but is not being offered and they offer it with good service and good quality.  Many of your most important decisions will be governed and directed by your niche or specialty service such as, "What type of equipment should I purchase?" and even "What name should I choose?" 

The benefits to having a niche practice include:

• Startup costs usually less.

• Marketing is more focused and appealing

• Get paid more for your services. 

• Develop a business-generating reputation where people will specifically request you.

• Easier when deciding what type of equipment and supplies to purchase.

• Typically not as busy as other clinics but make more money.

• High level of respect from the community, patients, physicians and others.

• Automation of your practice is made easier

• Training staff to high levels is easier

• Duplication is easier!

• Becoming an authority on a topic.

• Free write-ups and editorials in local/national papers and news.

Your niche or specialty should be focused enough where you have minimal competition around you and large enough to supply you with consistent new referral flow to make your business thrive? 

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Where do I begin?

1) Find the unique overlap of your own interests/passions, talents/experience/background, and contacts/other resources

 

• What aspects of your work do you find most interesting, appealing, and challenging?

• What type of patients do you most enjoy working with?

• What hobbies, pastimes, and other interests do you enjoy?

• What problems or injustices do you see that you feel compelled to make right?  How would you make the world a better place?

• What do you wish you could do more of for your patients?

• What kind of things do you do best?

• What do you already know a lot about?

• What do people compliment you on most frequently?

• What do others often ask you to help them with?

• What part of our industry values these strengths the most?

 

• Who do you know or have access to that can help your business?

• What new technology is affecting patients and our industry?

• What trends are affecting physical therapy and patient care?

• What new legislation will be affecting patients and our industry?  How can you make these legislations be an opportunity? What problems or challenges does it pose? How could you help?

(2) Inventory the area/region you would like to work in.

 

• Visit other therapists working in the area. 

• Visit the PT private practices in the area.  What are they well known for?

• Visit the hospitals.  Talk to the referral coordinator(s) and ask what type of needs are not being met.

• Visit the IPA's & medical groups (independent physician's association)

• Make a list of the orthopedists versus primary physicians. Visit them and ask for their input. 

• Are there a lot of businesses/Industrial centers around?

• High schools and churches (talk to the teachers and pastors).

• Make a list of senior centers or communities

• Attorneys

• What other potential referral sources are there?

Find the answer to these questions:

• What do you hear patients and referral sources complaining about?

• What problems do they seem to be having?

• What mistakes do physical therapy facilities in the area seem to be making?

• What type of service, specialty, or feature is needed and in demand?

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What are some examples of what's working?

By no means is this a comprehensive list.   New niches are arising!

• Aquatic Therapy (example) 

• A new treatment technique (example)

• Being open on evenings and weekends

• Providing the best service for a certain area of the body (ie. knees, spine, shoulder, etc.)

• Being the authority within a certain diagnosis (ie. post cva, fibromyalgia, sports injuries, etc.)

• Offering same day appointments

• Offering multi-lingual staff

• Offering programs that address special dysfunctions such as lymphadema, pelvic floor dysfunctions, etc.

• Pre-employment Screenings and Functional Capacity Evaluations

• Senior Programs

• Wound Care (example) 

• Industrial Rehab

• Hand therapy

• Golf Rehab  (example) or http://www.fitnessgolfer.com/

• Home Therapy

• Pediatric Therapy

• Capitation

• Weight management (example) 

• Lymphadema Therapy (example)

• A one-stop shop where you provide many of the services mentioned above. This is highly expensive and risky because you need a lot of money to invest into equipment and it's usually high in overhead. Make sure you have plenty of business from day one!

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Keys to Success!

Become well known for being the best at what you do, not just known for doing it.  You'll gain many referral sources from competitor markets such as acupuncturists, chiropractors, podiatrists, including other physical therapy private practices in your area.

 

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Important Reminder

Remember, if you aren't known for something, than you'll most likely be known for nothing! Once you develop a good reputation than you can expand your services.  Business will grow because people already trust you!

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Big Mistake Made by Most Beginners

Never taking the time to carve out a niche.  Being a run-of-the-mill PT desperately trying to offer every service they can drum up. Many may find them palatable but few find appealing!

 

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Resource Links

• Get population, demographic, socioeconomic information in your area (U.S. Census Bureau) 

• Offices of physical, occupational, speech therapists in the U.S. broken down by states

 

Upon deciding on a specific niche send to info@IndeFree.com   We may have some insight or advice for you.

 

 

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