Watch the video version of this episode here - https://youtu.be/oYwjJ1amQN0

Transcript

Welcome to Business Kickstart! Our mission is to help you build your personal business toolbox and in the process inspire you to embark on your own entrepreneurial journey. Your business toolbox consists of knowledges, skills, resources, and strategies needed to start and run your own business. 

There is never a perfect time to start a business. The reality is that the vast majority of entrepreneurs start before they feel ready. They start with what they have and what they know. They're willing to take action, believe in their vision, and accept that learning will occur along the way.
Let's begin your entrepreneurial journey!

Physical therapists may take on a second job or side hustle for a variety of reasons. These reasons often stem from financial, professional, or personal motivations. Here are some of the most common:

• Supplementing income: While PTs typically earn a reasonable salary, many seek additional income to meet financial goals, pay off student loans, or enhance their lifestyle.
• Autonomy in career and schedule: Starting a side business allows PTs to control their work environment, patient interactions, overall career trajectory, and schedule. 
• Pursuing interests: Some PTs have side hustles or businesses that align with their passions or interests outside of traditional clinical work. A side hustle also provides PTs with a method to express their creativity.
• Variety in work: Traditional physical therapy work can be physically and emotionally demanding. A side hustle can provide variety, reduce monotony, promote mental stimulation, and help prevent burnout by shifting focus away from clinical work.
• Building skills: Side hustles can help PTs acquire new skills or specialize in areas outside of their traditional work. This can lead to broader career opportunities and higher earning potential in the long term.
• Expanding professional network: Side hustles can offer PTs opportunities to connect with other professionals and expand their network, which may open doors for future collaborations or job opportunities.
  

Survey Results
Let’s take a look at selected results from a variety of unique entrepreneurial surveys:

• Approximately 30% of PTs and PTAs engage in some form of side hustle
• 80% of entrepreneurs said they started their business to pursue something they were passionate about or to follow a personal mission.
• 60% of entrepreneurs cited financial stress as a major challenge, but satisfaction increased with higher revenue and business maturity.
• 65% of small businesses are profitable.
• 42% of businesses fail due to lack of demand for their product or service.
• 81% of entrepreneurs work over 40 hours per week
• 80% of entrepreneurs believe that owning their own business provides them with better work-life balance compared to traditional employment.
• 72% of entrepreneurs are directly or indirectly affected by mental health issues compared to only 48% of non entrepreneurs.
• 75% of entrepreneurs reported that they were either very or somewhat happy.
• 92% of entrepreneurs don’t regret starting their business
• 30% of entrepreneurs that sell a business, go on to start one or more other businesses
  

Summary
Physical therapists have second jobs for a combination of financial, professional, personal, and career-related reasons. The side hustle allows for greater control over their income, schedule, and career trajectory, and it can also provide opportunities for growth, variety, and fulfillment in their professional lives. Overall, while entrepreneurship can bring high levels of satisfaction, it is not without significant challenges, including financial stress, burnout, and mental health concerns. Many entrepreneurs find fulfillment in their work, but it requires balancing passion with the realities of running a business.

Action
Create a list of reasons why and why not to become an entrepreneur. This activity can be extremely useful because it provides clarity and helps individuals make informed decisions. 

It allows prospective entrepreneurs to weigh the benefits—such as independence, potential financial rewards, and personal growth—against the challenges, such as financial risk, stress, and uncertainty. This process can help assess personal motivations, readiness, and whether the entrepreneurial path aligns with your long-term goals.

And there you have it, another dose of PT-preneurial inspiration to fuel your journey. Check out more inspiring stories from PTs and PTAs our there making waves by listening and subscribing to our podcasts on your favorite streaming platforms. And, don’t forget to rate and review this podcast. Thanks for listening!