(Newswire.net — December 31, 2021) —
The road to becoming a physical therapist isn’t an easy one. As you probably already know, you’ll need to obtain a doctorate of physical therapy degree. Then, you’ll need to get licensed and insured.
If you’ve made it this far, you’re obviously committed to your trade. But what if you want more out of your career?
Rather than working for another clinic, why not start your own physical therapy practice? The question is, where do you start?
We’re here to help guide you through the process. Keep reading for everything you need to know about starting a physical therapy business.
Obtain the Proper Licenses and Credentials
First, if you want to be taken seriously as a potential business owner, you need to acquire your physical therapy license. Assuming you’ve already finished your schooling, this step shouldn’t be overly tedious. However, it’s also a good idea to complete continuing education course to make yourself more valuable and sought-after in the industry.
Not only will these steps make you more eligible for funding, but they will also present you as the best physical therapist in town. This will make your physical therapy practice more competitive among patients.
Write a Business Plan
Now, let’s talk about how to map out your physical therapy clinic. Write a professional business plan detailing every facet of your future business. This includes your financial projections, your services, your market analysis, your business outline, etc.
This will serve as a roadmap to your success. Just as importantly, any lender or investor will want to see your business plan to verify the credibility of your startup. If your business plan is thoroughly researched and impresses them, they’ll be more likely to assist you financially.
Get Funded
With your business plan complete, it’s time to approach the bank to get funded for your physical therapy practice. As noted above, the quality of your business plan will influence lenders and investors. We suggest applying for a government-backed SBA loan to get the best loan terms and conditions.
However, if an SBA loan isn’t an option, you can also seek funding from investors. Your options include:
- Private investors
- Business partners
- Love money (donations from family and friends)
- Bootstrapping (self-funding through personal accounts and loans)
- Crowdfunding groups
- Angel investors
- And more
As you can see, just because you get rejected by one lender, it doesn’t mean your physical therapy business is dead in the water.
Invest in the Essentials
Provided you get enough funding to start your physical therapy practice, you can start laying the foundation of your business. Start by finding the right location. We recommend renting a commercial space, rather than buying.
Then, invest in all the physical therapy equipment you need to provide services for your patients. This includes everything from small adjustment and exercise tools to modular training tables.
Finally, develop an effective marketing strategy to get the word out about your new physical therapy clinic. It might be a good idea to work with some marketing experts to quickly establish a presence in the community.
Thinking About Starting Your Own Physical Therapy Practice?
Are you ready to step up your physical therapy career? If so, starting a physical therapy practice is an essential move. Follow our guide and continue to learn more about small businesses if you want to be successful.
And if you’re looking for more small business guidance or marketing tips, you’re in the right place. Before you go, look through some of our other articles to find the insight you need to grow your practice.
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