Thinking about opening a physical therapists business? We tell you what you need to know to get started.
(article continues below)
Characteristics of a Good Physical Therapists Company Business Plan
Your physical therapists company's business plan should be tailored to your business's unique traits and goals. Yet good business plans universally hit on sound business plan elements:
- Mission Statement – A concise declaration of values, strategy and identity.
- Goals & Objectives – A list of mile markers on your physical therapists business's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Don't Overlook Competitors
Well in advance of opening a physical therapists business in your area, it's a smart move to find out how strong the competition is. Try our link below to generate a list of competitors near you. After clicking on the link, type in your city, state and zip code to get a list of physical therapists businesses near you.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you are seriously contemplating launching a physical therapists business, you really ought to talk to somebody who is already in the business. If you think owners of nearby physical therapists businesses will give you advice, think again. It'd be crazy for them to teach you the business.
But, a person who owns a physical therapists business in another town will be much more likely to talk with you, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
So, what can you do to find a physical therapists business owner outside of your area who is willing to talk?
It's easy. Here's a link you can use to find a mentor outside of your area.
Three Arguments for Buying a Physical Therapists Business
It's almost always preferable to buy a physical therapists business than to pursue a physical therapists business startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Established Operations & Processes. When you're shopping for a physical therapists business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Franchising May Be a Better Way to Go
Many entrepreneurs recognize that there are many errors that can be avoided by purchasing a franchise.
Before opening a physical therapists business, a smart move is to determine whether purchasing a franchise might be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing physical therapists business, these resources will come in handy:
If you sell to physical therapists businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.