Secrets to Starting and Scaling Your Business
From tax breaks to layers of revenue
By F Scott Feil, PT, DPT, EdD
The process of starting a business can often feel overwhelming. There are so many steps and processes that healthcare providers are generally not taught in school.
We usually just want to treat patients and help them get better in our own way, utilizing our own methods. That is one of the main reasons entrepreneurs take the road less traveled, regardless of how difficult it may seem. We do not want to work for anyone else, or we feel as though we could do things better.
But early on, one of the main secrets to success is positive forward momentum. Business owners should not be concerned about profits only. If you recognize starting a business is a process, and it can be a long play, then the rush to riches should not be an issue. The IRS gives businesses a few years to become profitable before they consider it more of a hobby. So, keep your overhead low, get all your operating needs purchased, find mentorship, and figure out how you can start setting up systems and operating procedures.
QUICK FIX BEGINNER
When you first start your business, do not focus on profit alone. Work on the basics of getting your flow and standard operating procedures going according to your already developed business plan. Very few businesses are profitable immediately. So, take a deep breath, keep as low of an overhead as you can, do things the right way, and get with a good certified public accountant to discuss your tax benefits early on.
QUICK FIX PRO
When you begin scaling your business, it may not mean hiring more people. You can start layering additional streams of revenue to your business that can be initiated by you as an owner. You could start a local podcast (that could increase lead generation) that is sponsored by a local business. You could start a YouTube channel for your business that can be monetized. Affiliate commissions for products, books, or memberships sold could also be a revenue generator for your business. Think about intentional actions you can take that will move the needle towards scaling your business and improving your return on investment without too much cash flow being needed.
F Scott Feil, PT, DPT, EdD, is a full-time professor at the University of St. Augustine and owner of Epic Therapy and Wellness and FGI Consulting. He can be reached at ThePTEducator@gmail.com and is on all the socials as @PTEducator.