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"It's
beyond what you may expect."
- Casey Bartolo,
PT
"Absolutely
invaluable! Absolutely worth it!"
-Tanya
Dougherty, PT in CA
"Take this course and forego all others."
-Elizabeth
Russell, PT in Illinois
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video testimonies |
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Determine Your Start Up Budget
Download
worksheets
here
IMPORTANT:
Under Construction. Many links may be broken.
Table of
Contents
How
much money
will I need
to start my
own practice?
Your
startup
funds
needed
will
depend
on
whether
you are
beginning
a solo
practice
or a
multi-therapist
group
practice.
If you
decide
to work
out of
your
home
then
your
startup
costs
can be
as
little
as
$6,900. At
the same
time you
can receive
a good
tax
break while
making
income
(this
type of
business
setup
must be
marketed
in a
very
specific
and
proper
way for
success).
On the
other
hand, if
you are
starting a
multi-therapist
general
practice
in a
free
standing
facility it can require
more
than
$100,000.
There
are many
ways you
can structure the
startup
plan.
Here is
the
wisest
and
least
expensive,
not to
mention
the most
successful
way.
- Spend
most
of
your
money
in your
marketing
tools
design,
print,
implementation
and
advertising.
Find
a
location
that
does
not
require
much
decorating,
interior
design,
fixtures,
furniture,
etcetera
(major
costs
associated
with
these
activities).
Lease
space
from a
health
club,
senior
center,
physicians
office,
chiropractors
office,
acupuncturist,
another
physical
therapy
private
practice.
Utilize
their
equipment,
furniture,
and
decorations,
etcetera.
Lease
your
specialized
equipment
with
minimal
monthly
payments.
Refine
your billing,
collections,
payroll,
bookkeeping, marketing,
advertising,
and management
skills.
Develop
a
good
reputation,
create
a
database
of
satisfied
patients,
generate
word-of-mouth
advertising then
later move
out
to a
free
standing
facility
of
your
own.
Think
positive
about
your new
venture
but
don't
expect
to make
a great
deal of
money
with
little
or no
investment.
Lack of
capital
can
prevent
you from
building
your
identity
and
marketing
tools to
aggressively
position
yourself
to be in
demand.
Lack of
capital
can
hinder
your
ability
to
generate
new
patients.
You may
have
limited
take
home pay
for the
first
few
months
as you
plow
your
profits
back
into the
business
to make
it grow
but if
you
follow
the
steps
presented
in this
course,
that
shouldn't
last
very
long!
You will
need a
cash
reserve
of at
least
3-6
months
or other
source
of
income,
during
the
"build-up"
phase,
to take
care of
your
personal
expenses.
It's not
uncommon
to work
part-time through
a registry
or home
health
agency
during
this
phase.
Find out
how your
startup
costs
rank in
the
ranges
given
here.
Back to
top
Where can I
get help
with the
needed
funds?
There
are many
ways to
fund
your
business
startup.
I
recommend
you have
some of
your own
personal
funds
invested
(it
makes
you work
harder
and
it means
more
when
your own
cash is
on the
line).
Investigate
these
options
first:
1.
Personal
savings
2.
SBA
(small
business
association)
loan
3.
Line
of
Credit
(short
term
credit
from
a
bank)
4.
Low
interest
credit
card
5.
Leasing
programs
Second
options
to
consider
5.
Seed
capital
from
friends
and
family.
A popular way, but you will have to ensure that your business plan specifies who is running the company, and what financial rewards investors can expect.
6.
Business
Angels
(outside
investors)
Angels are individuals who provide seed money to companies who are starting out or in their early years of operation. Small sums are involved, generally under $100,000, but investors do expect a good return. You'll need a sound business plan, persistence in securing the right investors (though there are many network agencies) and patience in explaining your business over and over again. Make sure that expectations are covered by agreements, and do your homework on investors if you can. The best bring enthusiasm, contacts, experience and business savvy to your operation
7.
Bank
loans
and
overdrafts
If banks cannot see an established, well-run business, with every likelihood of loans being repaid on schedule, they will not lend, or lend only at exorbitant rates against collateral of home or other assets. You need to think very carefully before taking this option. Feed very negative figures into your projections, and be sure you can repay, whatever happens.
Back to
top
Financial
Terms You'll
Want to Know
View
list of
terms
here
Back to top
Key to
Success
Estimate
your
startup
costs on
the high
end and
spend
more on
your
marketing
tools
(especially
your
newsletter)
than you
think
you
should.
Back to top
Important
Reminder
Stay
Simple,
Focused
and
Automated!
Back to top
Resource
Links -
Contact
IndeFree for
the Best
Leasing
Program
*IndeFree
Recommended
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I spent over $30,000 on another
practice management seminar and
I wish I met James before I made that $30,000 mistake!
