E506 | How To Become A Top 5% Income Earner As A PT

Today's episode is from our PT Entrepreneur Facebook group, so if you want to see the visual of what I am talking about, head there. I felt compelled to cover today's topic because I am seeing more and more people make more money than I ever thought they could in our profession. People underestimate just how much they can make running this type of business if they are established and run correctly. 

• Understanding how to utilize the tax code
• What is your average visit rate?
• Capitalizing on the market share now

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Podcast Transcript

Danny: So one of the best ways to improve your customer experience, which we know will dramatically improve your business, is to have clear lines of communication with your clients. And that's something that can be really hard with these multiple channels between email and text. And what you really need is to centralize that in one place.

And that's something that we've been able to do as we switched over to PT everywhere within our client's accounts. We can actually message right back and forth with them. They can manage their home exercise plan within there, and it allows us to really compartmentalize the communi. That we have with those clients, instead of losing an email in the inbox or missing a text and then you're, it's very hard to dig yourself outta that hole because they feel like you're not very responsive, with them.

And for us, it's made a really big difference. It helps make our staff more efficient. It helps us not miss things as much with the volume of people that we're working with. And it's a really smart way of really compartmentalizing your communication with your clients so it doesn't interfere with the rest of the channels.

You have communication with family and friends and things like that, so I think it'd be huge for your practice to centralize it the way we have. Head over to pt everywhere.com. Check out what our friends you're doing over there. I think it's really cool and I think you really like it. So here's the question.

How do physical therapists like us who don't wanna see 30 patients a day, who don't wanna work home health and have real student loans create a career and life for ourselves that we've always dreamed about? This is the question, and this podcast is the answer. My name's Danny Mate, and welcome to the PT Entrepreneur Podcast.

What's going on everybody? Doc Danny here with the PT Entrepreneur Podcast and the PT Entrepreneur Facebook group. So if you're watching this video, that means you're in the Facebook group. So hopefully this example that I'm about to go over visually will help. Make sense. I'm gonna talk about finances within these cash and hybrid practices that we work with.

And the reason that I really felt compelled to make this video was just based on the fact that we see a lot of people having success with their practices making more money. Making, frankly, more money than they ever thought that they would make in the profession as a PT at least. Definitely as an athletic drainer or massage therapist or in a chiropractor, in PT are definitely similar boat in terms of in income potential in many ways.

But we're seeing people. Frankly leapfrog where they think they would, where they thought they would be in the profession with the degree that they got when they take a chance in themself and they run a business correctly. Now, running a business to make money is different than keeping that money and then moving that over into your personal finances and then creating stability and financial security, and actually, frankly, wealth versus just income.

There's a big difference. Income is what you make. Wealth is what you make when you don't have to do anything. And it's safeguarded as. And wealth is really a different topic than income is. We're actually gonna talk about how to become a top 5% income earner in the US And another reason that I wanna put this together was I think that people underestimate just how much money they can make with these types of businesses if established and run effectively.

One of the things that I see a lot of problems with is people that are making a lot of money and then they're. There's nothing left at the end of the month. There's nothing left. They're moving over personally and then investing in things outside the business. Or maybe it's just investing back in the business as a, as a vehicle to really grow.

But not just frivol frivolously losing that or spending that money and not knowing where it's going versus it intentionally going to something that's gonna push you forward in your goals. I know this is somewhat of a dull topic for some people. I like this. As weird as that sounds. Cause I was always, I always thought I was like bad at math.

I actually had a math teacher when I was in high school tell me that I was the worst honors math student she's ever had. And I I wasn't doing so great in her class. I think, in fact, I think she thought that I was lazy and I wasn't trying. I was, but calculus was hard. I didn't quite understand it.

And so Ms. Bell, maybe I was terrible at calculus, but I'm pretty good at adding and subtracting, multiplying and dividing and understanding where things are supposed to go in businesses. So this is gonna be very specifically applied. To these types of businesses that we help people run. If you have one of these, you can look at some of these projections percentage wise, kind of recommendations of what we see and where money should go.

As, a gauge of where you should be. And these will fluctuate up and down based off of. Whether you're in a growth cycle or you're in a, a steady kind of state where you're not really trying to bring on people or add equipment or space that are gonna really reduce your profitability and your owner's pay for a short period of time.

So I'll go over this real quick. Let me share my screen and I'll start showing you guys what I want to actually cover with you.

All right, cool. So let me get this out of the. All right, so how to become a top 5% earner as a pt. And this is not necessarily what anybody signed up for, which I think makes it even that much cooler. Honestly, the fact that, you all signed up and I signed up to make 80 grand, maybe a hundred if I was taking a job where I was working, like home health or something like that.

And to be able to make over $200,000 as a P E T is just, doesn't really happen. That often. Unless you're a private practice owner. And in this case, a private practice owner in a cash-based practice, which is what I'm gonna go over the numbers for you can also lump a hybrid practice into this fully insurance-based practices.

I don't have as good of a grasp on those practices because the The overhead is different. The per patient payment can be vastly different. The volume can be very different. So I'm gonna go off of the practices that we work with. Typic typically are gonna be, one person per hour, 45 minutes to hour kind of range and not stacking multiple people in higher volume practices.

So this is really the wheelhouse that we work within, which is lower volume cash and hybrid practices. The, to be considered a top five income earner pre-tax. So this would be typically W2 income, by the way. So this means your job is paying you this much money per year to be considered top 5% in the us.

You need to make $225,000 of pre-tax income, meaning before the, you have income tax associated with that, both state and federal income. Which, if you are making this amount of money and you're a W2 employee, you're getting your balls tax off. Just to be honest. Which is one of the benefits of business ownership honestly, is the fact that we can, in a leveraged way, utilize a tax code and how we pay for things within the business and how we pay ourself.

This is not a tax lesson by the. I'm not really gonna get into that because it can be very nuanced with the type of business entity that you have, the state that you're in and the type of professional entities that are allowed in each state can be different as well. So this is just gonna be pure, simple numbers.

It can be run very differently state to state and business to business. But this is just a really simple example of how you can get to this stage with a fairly small business. Okay. So the way that we like to look at this is we call this kind of a sweet spot. So a sweet spot business.

Our practice for us is an owner that's a clinician, one full-time admin, two full-time staff clinicians that are busy. So roughly seeing 90% schedule capacity averaged out over the year, right? And then the owner is seeing about a 60% schedule. So not a hundred percent. But typically it's gonna be somewhere.

Clinical maybe three days a week. Could be two if they have two long days, but typically it's gonna be closer to three. So they might see 18 to 20 visits a week versus their staff. Clinicians are gonna be seeing closer to probably, 26 to 30 visits a week. So this is assuming these variables, so number.

We have your average visit rate is $170 a visit. Now $170 a visit is average. For this example, in order for that to be the case, you probably are gonna need your single visit rate to be above $200 if you're doing a sort of a package model. The way that we recommend where you have single visits and you have plans of care that people buying pre-purchasing, To then work with you.

So for you to have an average visit rate of about one 70, you probably need a single visit rate of around 200 for that to be your average, which is very doable. We're seeing people in the low to mid 200 range in basically every demographic, aside from very small towns. But even in relatively small towns of a hundred to 200,000 people people are, easily in the 200 to $250 range for a single visit.

And then when they do their packages, they may be somewhere averaged out per visit to anywhere between one 70 and one 90 or 200, somewhere in that range, depending on how they have it structured. So these are the assumptions. You have a standalone. You have one full-time admin, you have two full-time clinicians, and you have an owner, which would be yourself in this example, seeing a 60% schedule, so roughly three days a week of clinic care.

The other two days you're working on the business, you're doing things outside of the clinic. Day-to-day you're mentoring your other providers. You're doing local networking and marketing things like that. Maybe you're taking a day where you're just, solely working. Bigger picture projects outside the business that's the direction you end up having to go.

As you, you own and run these and you're mentoring other people you really can't see a full schedule. So just to be transparent, it's very hard to do that and to grow and sustain one of these businesses because you end up not being able to have enough time to to develop your people in a lot of ways and to maintain local relationships.

So in this example, this would. H PT seeing about 115 visits per month. So there's two staff PTs doing that. And one owner seeing 76 visits a month equals $52,000 a month, which is. It's about $600,000, just over $600,000 in gross revenue. So pre-tax, pre-ex expenses revenue. So just over $50,000 a month in this model.

Now, when we look at this, we break this up into three different categories now. This is an adaptation from a book called Profit First and another book called Simple Numbers that was written by Greg Crab, tea Crabtree, and his is really more it's really more towards not service businesses as much as product businesses.

But either way, this is where a lot of this information comes from. There's also some really good information that Harvard puts out for entrepreneurial finance. I think that's worth a read as well if you are interested in this stuff. If me just saying entrepreneurial finances makes you wanna fall asleep, don't read it.

Just listen to what I'm telling you. Because this is the most simplified way that we can take something complex which is business finance and where everything goes, and just make it very straightforward where it's trackable and you know where things are going and you know how much you're supposed to allot to certain things as.

One of the bigger issues we see in business finance and personal finance honestly, is just not knowing like how much money should go to certain things. And then everything's a yes, basically. It's oh, it's a write off. I'm gonna write that off. Has any, if anybody seen the show Shits creek where the sun starts like a store and he just buys a bunch of stuff and he's it's just a writeup.

And he thinks it is just free. And it's, it's just obviously not. And he has no idea what a writeup actually is. And his dad gets all upset. Cause his son is wasting all his money. This is how I feel with some people that we work with on the business side sometimes. Cause they're just like, oh yeah, it's a write up.

I'm gonna write this off. I'm gonna write this off. Yes. And that will decrease your tax for sure. You're also decreasing. Income. If you don't need it, don't buy it. Don't buy something for a tax advantage. You're still losing money in that case versus just paying taxes on the money that you just don't need to spend money on.

And then you still retain 80% of that, post-tax typically. So anyway, the three buckets that we put this into are gonna be owner's pay, operating expenses, and your tax and profit accounts. These tip, these actually are gonna. Different accounts. So the first one being operating expenses. So this one right here.

So this account operating expenses, this is the central account and if we draw this out, I'm gonna make this pretty simple. So your operating account is basically your central account. So this is where all of your funds are gonna go into. You really only. Two accounts. Besides this, so you have your operating account.

This is where everything that you're processing is gonna go through this account. Then you're gonna have an account down here that's gonna be your tax account and an account down here. This is gonna be your profit account. Okay? So profit and tax and the allocations for these can be slightly different depending on the stage of business that you're in.

Normally though, we recommend around 15% of every dollar you make goes into a tax. Now, the reason that we say this is because you have to pay taxes on money that you make. That is just the way it is. You can't get around that unless you wanna do something illegal which I don't recommend.

And you, so you're better off to just allocate money for that. And in this scenario, if you say, okay, 15%, like that's quite a bit of money, it's gonna end up being like $8,000 that you're gonna put into a tax account for this month right here. And that might sound like a lot, but if you are making a decent amount of.

You're gonna want to have a cash reserve that is for taxes specifically that you do not touch. This is not money that you're gonna spend on anything else. Just think of it as it's gone. Like it's there, but it's gone. It's earmarked for something else. Versus what we tend to see is at tax season, so April rolls around, people have a ton of anxiety cause they don't know how much they're gonna owe or whatever.

Or they don't have any cash reserves on hand and all of a sudden their C P A calls them. Drops a bomb on 'em that they owe like another 10 or $20,000, and then they have to deplete their savings in order to pay for it. So we prefer that you have money coming in. So this is everything coming in, it's going in here.

So in this case, it would be 52,000 and that 52,000 is gonna go in there. And then from there, this is where we're going to. All of our operating expenses. So all of our overhead, this is where we're gonna pay our owner's salary out of, and then we're gonna distribute money before we pay anything else to tax.

And profit. And profit typically we recommend is about 5% and tax is about 15%. So those two together gives you your 20%, which is right here. Owners pay. And this example is gonna be about 25%. Of every dollar that you make. Now, some people might say oh, that's low. Like you only keep a quarter of the money that you bring in.

That's a quarter of the money that you bring in post-tax. Keep that in mind because you're not necessarily paying taxes on this cause you're already allocating money. To your tax account. So that should cover all of the taxable income that you have. Now, you might pay yourself through a payroll service, in, in a way and have a distribution or something in conjunction with that.

But that's really your money cause you've already earmarked money for taxes. So when you settle up, the difference. You're not gonna have to pull that from your personal savings you have in your tax account. And if you do it right, most likely you're gonna have a surplus in the tax account, which basically turns into a secondary profit account, which is not a bad place to be.

The profit account is the one that is, if we're paying yourself enough money, I. I don't really care if it's a little on the lower side because I want you to be able to take that money every single month and be able to use it, and be able to use it intelligently in personal finances outside of the business to fund your life, but also to fund investments that help diversify you outside of your business, which is a massive investment.

And the biggest thing here is to make sure we're keeping our operating expenses below a certain percentage. So 55% is fairly reasonable in this scenario. And I'll show you just some general sort of guidelines as to what we assume things can be. And now this can be dramatically different by the way depending on where you're located because for me, I have rent at $3,500 a month.

That's actually less than what we pay in rent with our office. And we're in a fairly big city in Atlanta. And you could pay $10,000 a month in. But if you're doing that, then you probably have a much bigger facility and in a much more affluent area potentially. So your, revenue, your average visit rate should go up in, in conjunction with that.

It shouldn't be low if you have a high cost of living area. The other thing that could change too is the cost of your clinicians in higher cost of living areas. If you're in a La, San Francisco, you're in New York, Manhattan area, DC. You're gonna have higher costs just for people because the cost of living is higher, so their salaries are gonna be higher.

So this is assuming just the average of what we see across the board with the now, 170 businesses we work with actively within our kinda mastermind group. And we see a lot of their costs. We see a lot of their revenue. So this is an average based off of what I'm seeing, and it's fairly accurate a as far as averages go.

So rent is gonna be about $3,500. Could be more, could be less for you, right? Your admin is making about $4,000 a month. And I include, pay some payroll tax into this. There's definitely like some other tax and things rolling this into all of it to make these numbers very simple. We put coaching in there.

I'm a strong believer that everybody needs to have some sort of business coaching, business mentorship. We do it ourself. That's. Very low in com comparison to what we pay annually. On a as far as mentorship goes, recurring is things like, your software billing, potentially if you're doing that things that you're doing on a ongoing basis, if you're using any sort of recurring services, to plug into your website or whatever it might be.

So just ongoing monthly recurring payments, your PTs I have him at about $8,000 each. Which is about $96,000 a year, which is pretty good salary for a pt, but I'm also rolling some of their payroll taxes into that as well. So that means they should be really probably making closer to mid eighties as, as far as a staff PT goes at this average visit rate, and then other is just other things that pop up.

So paying for insurance on a monthly basis, paying for ConEd supplies for the practice, things like that. Marketing expenses, which I don't have a massive amount of marketing expenses in here, by the way, because in this scenario, you're not trying to really grow big or fast.

And so you don't need a massive amount of marketing expenses. So your profitability is actually. But if you were to look at marketing for something like this and you're trying to grow, pretty aggressively, you're probably gonna be looking at, three, $4,000 a month. So five to 8% of gross revenue roughly, that you're probably gonna be putting into marketing expenses in conjunction with that.

So you could increase your overhead in there if that's something you wanna do. This example, we're basically at a steady state as far as expenses go. So it gives our expenses totaled 28,600. So when we look at that, and take that out of the equation, that leaves us with these two numbers here.

So you have your owner's pay and you have tax and profit, okay? So these two, so these together equal your total owner's compensation. Now, this is important to keep in mind because you might say, okay, I'm gonna make $13,000 a month, which is a hell of a lot of money, by the way. Okay, let's keep that in mind.

Bought load of money. All right? I don't know how somebody is, spending that much money per month. I'm sure you can do it, but that's not taxed, right? That's after taxes, cuz you're already allocating taxes. So 13,000 is the example here, but you have to add your taxes and your profit back in, in conjunction with that.

So your tax and your profit get added back in your total owner's compensation. Because if we look at this, to be consider. Top 5%, you're $225,000 a year, but that is a W2 wage meaning. That is before they get taxed at a normal income rate, which is, in this example, would be a fairly high tax bracket.

Like top tax bracket for them would probably be 35, 30 7%. Not including state taxes. And that also depends on if you're filing jointly or if you're single, a number of factors. So you have to add that back in. And when you do, you end up with $23,400 per month which equals out to. 28,800 or $280,800 a year.

So just to reiterate this, your owner's comp or your owner's pay is 25% of gross every dollar that comes into the business. So 25% of $52,000. In this example of your monthly gross revenue is what you pay yourself 20%. 15% of that goes to tax, 5% of that goes to profit totaling 20%, and you have 55% costs or operating expenses.

Now adding those two things back in, you have your owner's pay and your profit in tax, and that equals $23,400 per month. Let's say you're paying. Roughly $8,000 a month in taxes that still leaves you with, almost $16,000 a month in take home pay post-tax. Keep that in mind. That is really good, especially for a very low risk, simple to run business that you're still actively involved in as a clinician, but you're also running yourself.

So when we look at that, that equals 28 or 280,800. Now, if we're being even more conservative, let's just say my projections. Are off as far as the gross revenue goes and we assume 80% of the projected revenue just to be, or 85% just to be con even more conservative than I have been. That still brings us down to $238,680 in total compensation, which is above the top 5% in the US Now that is, That's a hard thing to do as a clinician in any other setting.

Please show me a setting where you're gonna make 238 to $280,000 a year working for somebody else in a clinic somewhere, right? That you're, that's physician money. Okay, that's a, I don't know. That's probably more than family practice. You're probably like an internist or something to that effect at this point.

And keep in mind, again, they're getting paid as w2, so they're getting taxed more as well. So it's actually even more leveraged in your favor because of that, you're keeping more of what you make. So when we look at these businesses, and I think people take these for granted and they don't realize, just even marginal success, just even getting to where your practice is making $50,000 a month, which sounds like a lot of money if you're not in business for yourself.

I get it. If you're not in business for yourself, you're like, man, that's a ton. That's there's, that's impossible. There's no way I can tell you it's very possible like the. It's a little bit over the average of the businesses that we're currently working with. Just within our Mastermind, the average is probably around 35 to $40,000 right now.

But a lot of these businesses are only a year or two in business. So keep in mind like the more senior businesses owners that we have, many of them are making, between 50 and $150,000 a month in revenue. So this is a mids. Cash-based practice, I would say very achievable. If you're in business for yourself right now, you're probably like, oh yeah, this is doable, but this is probably where you need to take another look.

What are you actually paying yourself? What are your expenses? How profitable are you? And are you able to allocate money for taxes? And a lot of that is gonna come down to this right here, your average visit. We see a lot of average visit rates of the businesses that we start to work with. Being far too low, between 115, $120 per visit is per hour, of productivity is typical for what we see.

That's not great, like you can't necessarily pay somebody a good salary off of that, and you definitely can't have a profitable or a considerably profitable business. Off of just two staff PTs in yourself and an admin. You can't, you just don't have the gross revenue associated with that.

One of the things we end up being able to do is restructure reorganize sales processes, how we're creating the offers in the business, improve profitability dramatically. Cause when you go from one 15 a visit per hour to one 70 and. That's just pure profit. It's not like you've added cost necessarily.

You've just added money to your bottom line, meaning net, because you're just making more for the same amount of work that you were doing before. So understanding how to effectively market and sell what you're doing, and then to build that into your model to then raise that up. A lot of the people were working with now, their average visit rate is actually closer to getting closer to one 90 to two.

And a few things happened there. It's if you took the same example and you were at 1 92, 200, let's say you're making another $30 per, per visit, you're gonna end up with, you're gonna be over $60,000 per month versus being at, 50,000. That's a lot of additional money and that allows you to do a lot of things right?

So keep in mind that allows you to then pay your staff like the great clinicians that they are because not everybody wants to take the risk to start a business like this cuz there is risk. This is not a guarantee. Many people make this work. Many people do not. And it just depends on if you run the business effectively.

If you are committed to doing it, if you have, the willingness to learn other. But honestly, there's plenty of people out there that are amazing clinicians and all they want to do is be a great clinician and see fewer people, but be able to work with them in a really intimate kind of unique manner where they're building long-term relationships, they're really educating them and consulting with them on how to take care of themselves long-term.

And those people need great jobs, and we can actually provide those for them. So I think that if you look at this, Your profitability. It also allows you to create jobs and income for people that can then go and support their families. And that's what they, that's what they want. That's what we want as well.

So profit equals the opportunity to help more people, to employ more people, to pay people more, to give more to nonprofits that we work with, to support organizations around us, to do more pro bono work with people that can't afford to work with. All this does is it puts you in a position where you know, you're not like stressed each month at the end of the month to see if you're gonna be able to pay your payroll and be, if you're gonna be able to keep the lights on, like you don't wanna be in that position.

You wanna be in a position where you have a surplus of income and you're able to then to help and support people around you in whatever manner. Is meaningful to you. So just keep that in mind. These numbers can definitely be even higher than this based on your average visit rate. As well as this doesn't even include recurring services whether those be like training services, remote coaching services, nutrition services, like so many other things that we can lump into this, that increased the monthly amount, significantly.

So even with two providers two full-time provider, One owner. And then let's say you have a coach that's doing, some training for you and some remote remote coaching for you, you can add another $10,000 a month right there. Just with that as you move people that you're working with over to those services.

So these little businesses are sneaky, profitable, and it's something that, I wanna share with you guys because I don't know, how often people are sharing actual numbers of where these. Where revenue should go, how you should set these up. But we work with this all the time. And this isn't like theory.

This isn't something that we just came up with, randomly. It's because we've now owned and run businesses like this for close to 10 years. And before. Even like the business partners that I have having experienced in similar businesses that they grew and sold and the, hundreds of businesses we work with on a monthly and yearly basis very closely where we actually track many of these variables, their finances and help them with some of these problems that they run into of profitability and what to do with it and how to deal with growth cycles and hiring and scaling spaces.

So these are very. And would need to be adjusted case by case based on where you live the overhead that you have, the cost of living, all those things. But on the average, this is what you can expect with a practice like that. That is two staff clinicians, one full-time admin. And yourself, seeing probably three days a week of of patients and being able to do that work with the people that you like to work with.

Employ the people that you enjoy working with. Build a cool little culture that's a fun business to run and be a top 5% income earner, in the us. That's a pretty cool mixture of lots of things that we, what we really want, where it's not. You hate what you do and you make a lot of money.

I know a lot of people like that, and they're just like, frankly stressed all the time. They're, they have the golden handcuffs on, as they call it, where they have to continue to make more money to feed their lifestyle versus these kinds of businesses. What's nice about it is, It's, they're fun to run, they're enjoyable cause you're working with the people that you really are attracting to work with you, you know that it's your specific niche or your providers, they have their own specific niche maybe as well, and they get to work with the people that really give them energy and make a good living at the same time, I hope this is a good representation or a pretty, pretty straightforward representation of these businesses, and the finances behind them obviously gets much more intricate than this, but this is a general sort of overview of what these look like and why.

I think, in my opinion, when you look at the risk adjusted return potential, meaning how much risk versus how much reward is. With this type of a business model, I think this is actually one of the best risk adjusted return opportunities in the clinical environment that's out there. I think it's the best, honestly.

As far as like a surefire, I think this works in basically any market. If you do the right things I would take it over many other things. Is it a scalable, as purely insurance based practices are? No. If you want to scale. 10 locations to 2 million each, and then sell at a big multiple.

You wanna sell for 40 million and ride off into the sunset and never have to work another day in your life. And this isn't the business model for you. If you wanna work from a laptop, and you don't like working with people in person, and you want to be able to be location independent and travel all around the world, and, just run your business from your computer, not the business model for you, right?

But if you want to be involved in your local community, You wanna work with a specific niche of people. Let's say you love working with runners and you just want to be the best clinician to work that works with runners in your area and have a small team around you of really dedicated clinicians and and office manager or office managers, or our admin as well.

That you can then have an impact on your community where you can't go to a a local festival without running into a shitload of your patients and which in my opinion was always a good thing. Always enjoyed that, and just being a part of the local community like this is a great opportunity to do that in a very low risk way that has great income potential, which then allows you to build wealth outside of just, not just in the business, but outside of the business as well, to decrease some of the risk on you so that your financially stable.

And that's one of the things that stresses people out the most, especially with the high, like amount of loans that people are coming out of school with. Hundred to $200,000 in debt, and now you're gonna make 70, 80 grand, working for somebody else. You're gonna get, you're gonna get, taxed on that money.

So post taxes, whatever you're left over with, it's not a allowed to throw at your debt as well as try to buy a house and pay for your family's, whatever, just living expenses. Not to mention, maybe try to take 'em on a vacation occasionally. There's just not lot much left there. And when I see clinicians struggling with this, I just look at this as one of the few options that they have that's still really good.

And if I'm being honest with you, I think that. Over the next five years that the opportunity to do this is going to get harder. I think it's gonna be more challenging. I think it's actually a little harder now than it was even five years ago. It's different because you have more people aware of what you're doing.

So marketing is easier, but you have more people that are doing this just in general. So you have more competition. But also more awareness. So it's a trade off, right? So you have more people that are willing to come in and see you, but you have more people that are willing that, that are willing to do this and have practices like this.

I think in five years what you're gonna see is, I don't think there's gonna be too much difference in people's awareness of these types of businesses. I think that's already happened. People know insurance sucks. They're looking for people that are gonna be proactive and a part of their health, especially after Covid.

I think that really escalated it after, 2020 shut down a lot of businesses. People had to hit a hard reset on their health. Are they actually being healthy? Hope? Hopefully that's what they took away from. To really be as healthy as they could to fight off any kind of, disease that they might run into.

And I think a lot of people did that and are looking for this sort of partner in their health and wellness. So we're definitely seeing more and more of those people. But in five years I think we're gonna see is there's gonna be way more people in the market that have looked at exactly what I just showed you, and they're gonna say shit, I'm gonna give us a try.

And if it doesn't work, In a year, I just go back and get a job, that I had before and I'm really not out much money. Maybe your ego's hurt a little bit, but it's not like you're gonna ruin yourself. And they see this and they're like, I have an opportunity to like, three x basically what I'm making now.

And, be able to do that in a manner where I get to work with more of the people that I. Or I can stay at this job I don't really like and just grind it out, and try to figure out how I can take or get PRN jobs on the side or work home health in conjunction with my full-time job.

And now you're working 60 hours a week and and just trying to like make more money for your family, right? So you're already working a lot. So I think people will see this and the trade off associated with. And they might just say, all right, cool. I think I'm gonna take a chance on this.

You're gonna see many more people do that. I, we see it from the other side, right? We help people with these businesses. So I'm just letting you know what I see as far as a trend is concerned. I think that there's gonna be less space to get into these types of businesses five years from now, significantly less than there is now.

Being in the right place at the right time and capitalizing on market share, it makes you hard to uproot in comparison to get started, right? Think of Apple, for instance. Somebody just have to have astronomically better technology and community that they build around technology in order to uproot Apple at this point where people aren't just gonna keep buying.

I, iPhones and Apple devices, right? I have, I just screen shared this on a iPad. MacBook and my iPhone is over here like they got me, right? Somebody's gonna have to come around. That's just completely better in some capacity to make me switch. And many other people do the same thing.

And then if you think about this in terms of your practice, if you are the person for runners in your area, somebody else is gonna have to come around and be astronomically better to really dig into the trust that you've built the community you've. Word of mouth you've built, the loyalty you've built, the actual like brand that you've built is gonna be harder to do that than it is to establish it now.

So if you're thinking about starting one of these practices, I think it's a great idea. If you have a practice and it is just It's going, but it's not going as well as you would like. You should definitely get some help on that. This is something that we help people with every single day. We just pulled our numbers the other day.

The average percent growth that we see with people when we start with them year one to year two and year two to year three. So year over year increase in their business revenue is 123.8%, so the average growth is 123.8% per. That means from year one to year two, they're growing 123.8% and from year two to year 3, 123 0.8%.

We haven't calculated year three to four yet. We don't have that many people there. We probably have a dozen that we are working with from year three to four right now. But my guess is it's gonna be somewhat lower than that. It's hard to maintain doubling every single year. But that's what we're seeing people double every year for the first two years, that we get a chance to work with them and and really grow.

Businesses to the stage that I just went over, typically in a two to three year period. So if you can commit to two to three years of really growing a well-established, solid business that we understand how to run effectively, you change your life. Like legitimately. This just, this can change your life.

Change my life, and I'm here talking to you about it because I've already done this. I've already done, I've built a business this bigger than. With the practice and the stage that we're talking about is such a great stage to get to. And then from there you can decide if you want to jump to a seven figure practice and really go to try to scale bigger.

Or maybe it's multiple locations that are similar sort of model. It really just depends what you wanna do. There's a number of different ways. You could just stay right where you're at. And that's not a bad lifestyle either. Like it's really a pretty good option in a lot of ways. So if you're looking to get started to get some help go check out physical therapy biz.com.

You can see who we work with, how we work with people, the options we have, read some of the sort of stories and case studies of businesses that we've worked with and learn more about us. I think we actually have some really cool stuff going on. You'll talk about a whole lot. The business partners that I have with Eeb Gigi, And Jared Moon, you're talking about people that have owned and sold businesses, multiple seven figure businesses between all of us as well as sold multiple businesses, which is not something that a lot of people have really done all of our staff.

Our business owners, they all own practices like this. All of our coaches own businesses, just like what I'm talking about, right now, all over the country. So the, these aren't people that are just, this is in theory for them. Either they're actively doing it and they're working with businesses that are smaller than them to really help pull them pull them up, which I think is pretty unique.

And we even have some really cool strategic, board members with the Tourettes, with Kelly and Juliet's Tourette and the with the ready state. And standup kids, they're a nonprofit. And getting all of that organized with what we're doing and helping us get connected with more really smart entrepreneurs that we can then leverage that information.

Leverage those connections with our community. We're here to win long-term and we're building it to do and we need a small army of successful clinicians in order to really make an impactful change on our profession long-term to where we are really becoming the go-to people for.

Performance-based musculoskeletal care, right? Helping people live a high performance, pain-free life. Educating them on how to take care of themselves with sleep, nutrition, stress management and movement, and being the central person that does that's what we want. We want you to be able to do that.

Build reliable businesses around them. Employ our peers and save them from the really crappy mill jobs that they end up getting stuck in the home health jobs, that they don't want to do. The PRN jobs where they're just helping people get up off the bedside commode, they didn't go to school for, they don't wanna do, but they're just working there because they're trying to pay their student loans off.

That is who we want to help, and we can only do that with really solid business owners that are able to employ other people. In their in their businesses and really provide them amazing jobs. So we wanna help you get there. We need your help to get there. So head to physical therapy biz.com, go check us out see if it's a fit.

If it is, jump on a call with one of our advisors. They'll take a look at your business and, really get a clear idea as to where you are. Are you a good fit for us to help you? Are you not? Who should we then connect you with? What's your best options? What's your best next steps you should take?

If you're just in the beginning stages, if you're trying to scale, what does that look. There's so many different things we have to look at to see if it's even a fit to be able to work with you, but that hour you spend with one of our advisors, these are all business owners themself that, we actually take a deep dive into their business.

They consult with you on what you're doing. And then we give you the next logical steps that you should take, whether that's with us or somebody else. Either way, you're gonna get a lot of clarity on what you should be doing. Head of physical theory biz.com, check it out. If you're interested, jump on a call, totally free with our team and we'll see if there's a fit.

So guys, as always, thanks for listening to the podcast. Thanks for watching the Facebook Facebook group, and I'll see you next time.

What's up, PT Entrepreneurs? We have a new exciting challenge for you guys. It's our five day PT biz part-time to full-time challenge where we help you get crystal clear on how to actually go from a side hustle to a full-time clinic. Even if you haven't started yet. This is a great way to get yourself organized in preparation for eventually going full-time into your business.

So we actually help you get crystal clear on how much money you're actually gonna need. Replace with your business to be able to make a lateral transfer. How many people you're actually gonna need to see based on what you should be charging. We're gonna tell you three different strategies you can take to go from part-time to full-time, and you get to pick the one that seems like the best fit for you for your current situation.

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That's what this is all about. We want you to win. We want you to take action, and in order to do you have to get really clear on what you need to do next. So go to physical therapy biz.com/challenge. Get signed up for the challenge today. It's totally free. We think this is gonna be a game changer for you and are excited to.

Hey, real quick before you go, I just wanna say thank you so much for listening to this podcast, and I would love it if you got involved in the conversation. So this is a one way channel. I'd love to hear back from you. I'd love to get you into the group that we have formed on Facebook. Our PT Entrepreneurs Facebook group has about.

4,000 clinicians in there that are literally changing the face of our profession. I'd love for you to join the conversation, get connected with other clinicians all over the country.

I do live trainings in there with Yves Gege every single week, and we share resources that we don't share anywhere else outside of that group.So if you're serious about being a PT entrepreneur, a clinical rainmaker, head to that group. Get signed up. Go to facebook.com/groups/ptentrepreneur, or go to Facebook and just search for PT Entrepreneur. And we're gonna be the only group that pops up under that.