E439 | What Happens When You Upgrade Your Entrepreneurial Skillset

 

Today's episode comes from a conversation I had with a fellow entrepreneur who is much further along than I am, and someone that is an industry leader in the health & wellness industry. This particular person may end up being a guest presenter at one of our future live events. I think this episode will be helpful for you all and I hope you enjoy it!

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Podcast Transcript

Danny: All right, so you're just getting started and you're thinking to yourself, man, I'm just gonna use Google Suite to manage my cash-based practice as I get going, look, I did the same thing, and here's what I can tell you. When I finally had to switch over, it was a huge pain in my butt to try to move all the notes and all of the documentation that I had over to another platform so I could stay compliant.

Do yourself a favor. Start with a platform that you can scale with that makes you look more credible. When you're trying to book people on Google calendars, come on guys. That's not what a real business does. A real business has something that actually helps support it on the backend and it is branded to you.

It looks like your company. Check out PT everywhere. If you're just getting started, they're doing something really cool. For cash-based practices, and I really love this. We're we're one of the features that they're doing. If you're new, they actually will charge you less. As you're getting started and as you grow your membership, your actual dues each month for the platform, it goes up with your practice growing so you can actually save money upfront if you're just getting started, but yet have a platform that you can grow into.

I think it's amazing. It's the only company I know of that's doing that and go figure. It's owned by a cash-based practice owner, which we love as well. So guys, head over to pt everywhere.com, check out what they're doing. If you're just getting started, I highly recommend you check. 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 Matte, and welcome to the PT Entrepreneur Podcast.

What's going on guys? Doc Danny here with the PT Entrepreneur Podcast, and today I wanted to, uh, share a little. I guess information lesson learned that I just took away, uh, from a conversation that I had with a fellow entrepreneur, um, someone who is, uh, significantly further along than, um, than I am. Uh, and really somebody that's a, uh, industry leader, especially in the, the fitness, uh, you know, health and wellness sort of community.

Um, and somebody that we're actually looking at, um, trying to bring in to be a guest presenter at, um, one of our live events next year for our mastermind. So, Anyway, to give, give you a little kinda backstory, uh, with this guy, I honestly just got on the call with him just to feel out whether it'd be the right fit, um, you know, see how much it would cost, what the parameters of bringing somebody in would be, uh, uh, of his caliber.

And, um, it turned into about a 40 minute conversation. Just talking business, uh, which was, which was awesome. It's like my favorite topic. I love talking with other entrepreneurs, kinda hear what they've done and, and it's like, it's like a, a breadcrumb trail that you can follow and just kind of like see, okay, it is not every step of the way, but it gives you kind of an interesting perspective as to like what decisions you can make next.

And he said something to me that I've never really had it, um, explained this way, where. Um, you know, you, when you start, you know, if you imagine your skillset in business is basically like a zero. So any entrepreneurial vehicle, Is going to be like, uh, a good decision for you. Like even the most simple, basic thing, uh, is, is gonna be the right fit for you.

Especially like the simpler, the easier it is early on, the better it is because you really have like no experience, you have no knowledge. Um, so you're not really even gonna be able to. You know, run anything that's of, you know, significance or complexity. So for instance, if you are to think of yourself sort of as, you know, zero to 10, where you're at as far as your entrepreneur, entrepreneurial skillset, and you're like a zero, and the best place for you to start really, is probably like a side hustle, right?

And this is where a lot of people start. They start a side hustle, they sublease some space at a, at a. They have minimal overhead, minimal risk, minimal complexity. They're basically just trying to prove the fact that they can get people to come and, um, work with them, you know, as, as clients and patients or whatever you want to call it.

Um, but what happens is as you start to get better at that and you start to realize, oh, this is how I market. This is how I sell, this is how I, you. Have a repeatable sort of patient experience. Um, then the next thing that happens is, you know, you've upgraded your entrepreneurial skillset. So maybe now you're at like a two and you realize, man, like I can do more.

I can take on more. And if I just stay here, then you probably get frustrated because you're not moving on to the next logical thing and testing your skills and pushing your boundaries. So this is where we move to a standalone space, right? And now all of a sudden with there's, there's a fear and anxiety associated with.

You hire staff, you move to a standalone space and you know you're learning all these other things. You're learning how. Get other people to sell, how to systemize what you're doing and have people follow your play and, and build out a business that is not entirely, you know, dependent on your skillset.

Now, you know, this business vehicle is a better vehicle, is more opportunity, more potential, uh, more risk as well, but you have a better skillset. So it, it matches up. And, and the thing that he told me that I thought was so interesting was, you know, he, he's a 30 year career at this point as an entrepreneur.

In the health and the fitness space, and he was like, look man, like every time that I've made, you know, a, a pivot, it's because I found a vehicle that aligned with where my skillset was at. Right. So when you, you know, when, when he had a gym, You know, he had a very low skillset, lower opportunity vehicle, and he pivoted to something else and he had to build a skillset, uh, up and, and pivoted something else and build a skillset up.

And we see this, like I said again and again with these sort of businesses. I just never really had any, haven't had anybody explain it in a way like this that just made sense as to, oh, that's why we feel we need to. Build out, you know, a standalone space. That's why we feel like we need to, you know, bring on, uh, you know, uh, or at a gym in conjunction with that.

That's why we feel like we need to have a second location. That's why we feel like we need to license something or franchise something. That's why we feel like we need to build software. That's why we feel like we need to, you know, you lump the next thing in there that is challenging you in a way that forces you to.

Your entrepreneurial skillset to match the vehicle of opportunity associated with that. Not everybody's necessarily gonna be this way. They, you know, you may get to a point where you're just like, man, this is perfect. This is what I. For a lot of people that we work with, they find the sweet spot to be in these sort of five to $600,000 sort of gross revenue businesses that are, that are profitable.

There's only a couple employees. They're, they're, they're easy to run, you know, I mean, they're fairly easy to run for a, as a business is concerned. Um, And, you know, they're, they're great cause you have a small team, you can build a cool culture. Uh, you know, you guys are working together and, and it's, it's like a little family you can create where you can give them really cool opportunities as well.

And I, and I think there's, you know, it's, it's a great vehicle if you really kind of wanna stay there and every time you move up, it's, it's infinitely more complex and challenging and more risky. But if you really. You know, testing yourself and trying to grow and build your skillset as there's a subset of entrepreneurs that they always are gonna just sort of like, they, they love the game more than they love, you know, the end.

There's a book I'm running right reading right now by a guy, his name is Tim Grover, that, uh, one of our mastermind members shout out to you. Dan Jensen gave it to me in Dallas. Um, he's a friend of his and, uh, gave me his book. Uh, this is a guy that was, you know, Kobe Bryant's trainer, Michael Jordan's trainer, Dwayne Wade has worked with a lot of high level entrepreneurs and, um, and athletes.

And it's actually, it's an interesting book because it paints the idea of winning in somewhat of a negative, you know, light where it's. It, they just don't know any other way. And they're obsessed, you know, and they're obsessed with chasing a win with the next win. Uh, and at the expense typically of many other things.

Balance, um, family life, uh, lifestyle, uh, friendships. And they don't have any of those things cuz they're so obsessive over the wind and it's like they almost. They, I don't know if they like winning as much as they just purely hate losing and they love to compete. And you know, for some people they're constantly gonna wanna see what's the next level of their skillset that they can test.

Not everybody's like that, but some people are. And in that case, when you start to see this vehicle, That matches up with your skillset and it starts to be heavily more weighed where your skillset is a, you know, higher on that scale of a zero to 10 than the vehicle opportunity is, that's when you're honestly probably gonna start looking at what are the other options that I have, because you've sort of progressed past that.

So something to think about. I thought it was really interesting how he, uh, you know, Presented this, and it wasn't something that I thought we were gonna talk about at all. And it's just something I took away that I thought was, you know, really, uh, a lot of clarity associated with that. And, and for myself, but also for a lot of people that we work with that are kind of, you know, they're like, all right, cool.

Like you pretty much accomplished what you're trying to do. Like, why, what, what's next? Why are you doing it? Well, it's because the game is. Enjoyable, you know, and, and the challenge is enjoyable. And moving on to the next challenge is, uh, in business, something that I think you can always pretty much do, I guess, until you're like, I don't know, bill Gates or Jeff Bezos.

Uh, and in that case, like, then they usually go to philanthropy or philanthropy, so then they're just like helping a lot of people in other, in other ways. It's a different challenge for them. So, um, so anyway, I thought that was interesting. I hope that you guys, uh, you know, find some value in that. With this conversation I had with somebody that's, you're probably not gonna get on the phone with, I'm probably not gonna get on the phone with and has something to do with us bringing him in to do something like this.

A hard person to get in touch with is so busy. Uh, and, uh, time is incredibly valuable. So I thought I'd share that with you guys. Hope it's, uh, hope it's helpful, and as always thanking much thanks for listening and, uh, we'll catch you next time.

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 Eve Gigi every single week. And we share resources that we don't share anywhere else outside 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.