Watch the video version of this episode on YouTube - https://youtu.be/5-wuQ2beA1I 

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. 

Understanding your business sector provides critical insights that help you make informed decisions, reduce risks, and maximize your chances of success. 

Let’s explore a few of the most critical steps to generate a business idea and ensure that your business concept is viable. 

Identify gaps in the market

• Analyze the healthcare landscape
  This can occur through articles, surveys, customer reviews, peer discussions, patient interviews, and online trending topics
• Identify underserved areas in your community
  This can include seniors, athletes, children; location specific access, time access
• Identify industry trends
  For example, telehealth, mobile services, concierge-based practices, performance training, workplace rehabilitation, corporate wellness

Identify pain points in your business sector

• Poor personal connection between therapists and patients
• Insufficient time for patients to attend traditional physical therapy visits
• Lack of sufficient follow through and monitoring with home exercise programs
• Inadequate patient understanding of the benefits of physical therapy
  

Brainstorm Solutions to each of the Generated Pain Points
Let’s circle back to the previously identified pain points
Pain point - Poor personal connection between therapists and patients
Solution - Offer concierge service for patients requiring additional provider time and seeking superior PT services

Pain point - Insufficient time for patients to attend traditional physical therapy visits
Solution - Open a clinic offering patient visits at non-traditional hours; integrate mobile health and telehealth options

Pain point - Lack of sufficient follow through and monitoring with home exercise programs
Solution - Develop an app with exercise reminders, progress tracking, and enhanced patient/therapist communication features

Pain point - Inadequate patient understanding of the benefits of PT services
Solution - Create educational offerings directed at patients and therapists promoting the benefits of physical therapy

Summary
Ongoing analysis of your market sector keeps you agile, competitive, and better equipped to build a sustainable, successful business by responding effectively to the constantly changing market landscape.

Action
Commit to a minimum of three exploratory activities each month. Here is an example.

• Subscribe to newsletters, blogs, and websites that offer updates and insights on your industry and/or area of business interest.
• Use social listening tools (e.g., Google Alerts) to track keywords related to your market trends and/or business concepts.
• Collect feedback from your potential customers through surveys, polls, and direct interactions.
  

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!