E495 | Why You Should Keep It Simple

Today, I am talking about how you can keep your business model simplified and streamlined. As entrepreneurs, we can be guilty of adding too much complexity to whatever it is that we are working on and it can have a negative effect on our business. Enjoy.

• Having the discipline to do the things you need to do only
• Brain dump exercise
• Simplification = speed

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Podcast Transcript

Danny: So I was having a conversation with one of our staff members about documentation and he had come over from a in-network practice that he was working at and he was talking about just how long it would take him to document and click through and the workflow and how, just how time consuming it was and how much easier it's been with the software that we use, which is PT everywhere.

And I know for us, we're very aware. Sort of time leaks within our staff and our own schedules. And it's just one of the worst things you can do is just waste time on things when you could be doing them more efficiently. One thing for us is we have to document. It's something we need to do and you need to do it as efficiently as you possibly can because that's where you're gonna save a lot of your time.

We were seeing our staff members save upwards of an hour a day as far as cleaning up his documentation, making it more efficient. What if you got an hour of your day back just from documentation? What if all of your staff did the same thing? Highly recommend you take a look at PT everywhere.

It's been a huge time saver for us and really has made a big difference in our efficiency of our practice. You can check 'em [email protected]. I think you're gonna really like what they have. 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? Dr. Annie here with the PT Entrepreneur Podcast, and today we're talking about, man, how do we simplify? Simplify your business model, make it a little more streamlined, make it a little easier to track and more transparent. And I am fortunate at this point to be able to work with many business owners around the country and world at this point.

Actively, we work with a couple hundred cash-based practices, a couple hybrid practices as well. And I get a lot of questions just with the coaching channels that we have. I do a lot of calls with different business owners as part of this and it's always interesting to me that I see the same sort of, The same sort of problems over and over again, just in different wrapped up in different packages at different stages of business.

So what I'm getting at is complexity more than anything else. I see over and over again entrepreneurs, and I'm guilty of this myself. I've done this many times where. We had these like really creative ideas or service options that we want to have and we feel like we can capitalize on all these different elements of the marketplace.

And what we do is we build out all kinds of different options within our business for different people, I do some youth consulting over here and I work with the fire department over here. And then I see patients in this, in the running niche. But then I'm also, I like working with CrossFitters and I want to do a group fitness class and an online training platform so that I can get this recurring revenue of $25 a month from all these thousands of people that are gonna.

And oh, and then I want to do this licensing thing. And they, so they do all these things and they have all these ideas, and what they end up getting is nothing. They accomplish nothing or minimal change because of split effort, split attention. And that is one of The most frustrating parts of being a entrepreneur is being able to do whatever you want, but having to have the discipline to only do the things you really need to do and figuring out what those things are, I think is the most important element of success is not necessarily knowing.

Knowing what you should do more, more importantly, knowing what you shouldn't be doing and turning many things down. I've heard people describe this, there's just in different manners. There's a great book called The War of Art, which Stephen Pressfield wrote, that's all about this sort of concept of resistance.

And these things that are fleeting, that are taken our attention away from the thing we really need to do. It could be procrastination, it could be a whole other side project that you want to, you wanna do because of the. Pain associated with sticking to the same things over and over again where you're gaining momentum and the bigger picture things you have to complete.

I've heard it described as the lady in the red dress in the matrix. Where Neo and morphous are walking around in the simulation when he's doing his training and everybody's in black and white and then this one lady in a red dress walks by and it catches attention. And it's basically, then it turns into an agent and it's a lesson he learned about focus.

And so if you have these things, you're like, oh man, it'd be awesome if we could build out this additional, type of service. Is it a lady in the red dress? Is that resistance that's popping up or is what you actually, should do? And the answer for most people is to do the thing that is the most simple, that do the thing that is the easiest thing to both fulfill and track.

And from what we've seen, Most people can grow to, in the sort of half million to million dollar gross revenue range with a very simple approach, which is on the front end. You acquire new patients through a number of through channels. Can be local digital content, referrals, any number of things.

And from there you create packages that you sell that essentially help people commit to a plan of care. They also help improve your cash flow on the front end and in com and mainly compliance of that person to actually finish the hard work that they really want to do. It's a win-win. It's great for the business.

Kind of hard to sell. It's why a lot of people don't do it. So from there now you have a bought in compliant person that's gonna get a great outcome on the back end. You just have to figure out what problems can you solve long term that you want to help this niche with these people with, that you can offer that are gonna be on a reoccurring basis.

That could be as simple as them coming back in occasionally for a visit. It could be a structured visit. It could be remote coaching, it could be in-person training. It could be any number of things that you're gonna do, but it has to align with your target audience. It can't be, I'm building this for a new audience.

It has to be who has already showed you that they know I can trust you and can be built on the back of that. Now that times patience and consistently doing the same thing. That's where we see most practices that we work with within a year are gonna be somewhere in the range of 15 to $25,000 a month, by the end of their first year.

Depending on many factors in terms of where they're located, their price point their. Reputation in the local area to begin with. Whether this is going from side hustle to full-time or if they're straight starting from scratch. That's the ballpark that we see most people at after the first 12 months.

And then from there they have the infrastructure to be able to then hire and grow past that to really whatever it is that they want to do. Whatever fits their goals and their lifestyle that they're trying to have with the business. My advice is if you are thinking about all these different things you can do, is really.

If you have a whiteboard or if you can just write this out on paper, it's just brain dump. All the things that you want to do all the little projects you think would be great or different revenue, steam streams or things you could do, partnerships and consulting and all kinds of other shit, and see which of those align with the areas that you're having traction already.

And if you're not having any traction, you haven't done anything, then it's still relevant to do this. Just to see if there's any overlapping areas that would feed each other that would compliment each other. Like it's very. Complimentary for us to work with, many like middle-aged active people at this point is what we see a lot of.

And then to have on the back end of that semi-private training at our facility where they can train with, five or six other people at once. And our docks run it. That is a very complimentary, easy ascension to a continuity offer that provides a lot of recurring revenue for the practice where we don't have to go out and try to market to a new audience.

We don't have to build really much of anything besides a couple workouts and some some training and systems that we have in place for that. But it's fulfilled by the people we already have on staff, and it's the same audience that we're already seeing. So we know their language, we know how to talk to them.

We didn't go out and start a, youth athlete consulting branch or something like that. It was completely different, and it's because we're already gaining traction here, so we want to double down. On an area that we're already having success, not necessarily try to develop a whole new area until we've proven that we have exhausted our ability to grow and scale in this one specific niche, which could be significantly more than where we are at currently.

So if you're bouncing around and you're thinking about all these things you could do, that's actually, I. Pretty fun. Like it's, one of the things about entrepreneurship I really is you can be creative and you can think about different things and solve problems and all of that. The challenge is you can't solve every problem.

You can't do it well for sure, and if you want to gain traction, you have to really double down and focus on very few things because it's not just about. The fulfillment of those services like that is frankly one of the problems is you have to fulfill these things consistently in a consistent manner with more than just yourself, which is, you know why most chain restaurants or fast food restaurants, they have a limited menu.

Like they want to be good at a limited number of things, but you also have to track these things. You have to track how well your marketing is doing with that, how well your sales process is doing with these different niches and is a nightmare to. Too many different, too many things as well as fulfill on too many things because you water yourself down and you become pretty average at everything, versus be the best person in a specific niche in your area.

I was talking to a buddy of mine. That is a he's a, working with the NBA right now and he's thinking about getting out of that career field with professional sports and starting his own thing, and it's just dude, it makes so much sense to focus on basketball. You have all this experience with basketball Dude does.

As long as you still like it, double down on that and you just have an unfair advantage. You have so much knowledge, so much success can come from that one niche and just focus on that. It's it would be so easy to just get involved in so many different things, but that one area could be, a seven figure business in its own right, just in that niche, and just find one to two things that compliment each other. And focus on the sales cycle, the marketing of that, the fulfillment of that. Make an incredibly repeatable, a really solid service. Understand how to market, understand how to sell it, and hire people to then get plugged into that same system to have success as well.

The simplification of it is where the speed is. Momentum doesn't come from. A lot of different things. Momentum comes from consistent effort in the same direction for a long period of time, and that's where we see massive momentum gained in our businesses as well as significantly less stress with.

Fulfilling on things, tracking things, hiring the right people for things because this, the model is simple and very easy for you to know whether something is working or not working. So if you are in doubt about adding something, that adds complexity. My recommendation is make it as simple as possible and thank me later.

Hey, Pete, entrepreneurs. We have big, exciting news, a new program that we just came out with that is our PT Biz part-time to full-time, five day challenge. Over the course of five days, we get you crystal clear on exactly how much money you need to replace by getting you a. Ultra clear on how much you're actually spending.

We get you crystal clear on the number of people you're getting to see, and the average visit rate you're going to need to have in order to replace your income to be able to go full-time. We go through three different strategies that you can take to go from part-time to full-time, and you can pick the one that's the best for you based on your current situation.

Then we share with you the sales and marketing systems that we use within our mastermind that you need to have as well. If you wanna go full-time in your own practice. And then finally we help you create a. Page business plan. That's right. Not these 15 day business plans. You wanna take the Small Business Association, a one day business plan that's gonna help you get very clear on exactly what you need to do and when you're gonna do it.

To take action if you're interested and sign up for this challenge is totally free. Head to physical therapy biz.com/challenge. Get signed up there. Please enjoy. We put a lot of energy into this. It's totally free. It's something I think is gonna help you tremendously, as long as you're willing to do the work.

If you're doing the work and you're. Information put down and getting yourself ready to take action in a very organized way, you will have success, which is what we want. So head to physical therapy biz.com/challenge and get signed up today. 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.