Watch the video version of this episode on YouTube - https://youtu.be/1tUKyhXGEDc

Welcome to the inaugural episode of Business Kickstart! Our mission is to help you build your personal business toolbox. In today’s episode, we’re exploring the process of developing a business idea - from that initial spark of inspiration to creating a concept that has the potential to turn into your future business.

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. Topics discussed will range from developing a business idea to building a formal business plan.

There is never a perfect time to start a business – meaning the economy is perfect, you have plenty of resources, you have the requisite knowledge, you have ample free time, in fact, you were looking for a new hobby….

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!

Developing a Business Idea 
In today’s episode, we're exploring the process of developing a business idea - from that initial spark of inspiration to creating a concept that has the potential to turn into something impactful. 

This is a creative process so let’s start with a blank canvas and gradually add color and form by answering a few questions. 

What are you passionate about?
Building a business around something you’re passionate about can significantly increase your chances of success. Starting and growing a business is a marathon, not a sprint. Passion keeps you motivated through the inevitable ups and downs. When you’re genuinely excited about your business, it shines through in your interactions with customers, partners, and investors. 

Consider the following areas of interest (that is to say, passion) and potential related business concepts.

Direct patient care skills
Possible business activities include:

• Concierge PT clinic
  There is a definite market for more personal care provided by highly skilled individuals. Individuals have shown that they will pay for exceptional physical therapy services.
• Mobile PT clinic
  The complexity of life makes it desirable for many patients to receive treatment in their homes or at other locations of their choosing, such as offices or gyms.
• Telehealth
  The COVID-19 pandemic made telehealth mainstream and the demand for this type of delivery model remains post pandemic. Telehealth has increased access to PT services and has proven to be more cost effective for patients and providers. 
• Corporate wellness programs
  Over 80% of large companies and many medium and even small companies offer corporate wellness programs. Rising health care costs have resulted in companies increasingly turning to wellness programs as a cost-saving measure. The broad educational background of PTs have made them key participants in these widely diverse programs. 
  

Patient or therapist education
Possible business activities include:
Patient education platform
Advancements in technology have made stablishing an online presence easier than ever. 

• PT mentorship/coaching
  Transitioning from education to practice can be a challenge in a busy health care workplace. Having a mentor or coach can fast track your success and greatly improve clinical outcomes. 

Check out our upcoming profile of Scholarnetics360 on the Entrepreneurial podcast for a real life example of a business dedicated to this topic.  

• PT blog or podcast
  A fantastic starting point to advance your business concept, build your brand, and attract followers.
• Continuing education courses
  Clinical practice has become more specialized than ever. Carve out your niche as an expert in a subspecialty.

Administration
Possible business activities include:

• PT practice management
  Perhaps you have experience running a PT clinic and over the years you have learned many tricks of the trade. Consider sharing your expertise with other less experienced individuals through informal processes such as a blog, newsletter, or podcast or through more formal mechanisms such as consulting. 
• PT marketing agency
  Traditional business skills are typically not part of PT academic training, yet are critical to the success of any PT business. Create a resource to assist PTs to effectively market their services.
• Physician referral management
  Increasing physician referrals is crucial for sustaining and growing a PT practice. Offering a gameplan and best practices to increase referrals is invaluable. 
• Compliance and risk management consulting
  Few PTs are passionate or well informed about this topic. As a result, external opportunities often exist to provide these services.

Innovation
Innovative business ideas often attempt to solve existing problems or advance current practice
Smart rehabilitation devices
Smart resistance bands or foam rollers with sensors

• Interactive balance training programs
  Gamify traditional rehabilitation programs to increase patient engagement and improve compliance
• AI powered rehabilitation apps
  AI has significant potential to improve rehabilitation apps by enhancing both the user experience, data available, and the quality of care provided.
• Virtual reality rehabilitation programs
  Virtual reality technology can create more engaging, motivating, and personalized rehabilitation experiences that better replicate real-life scenarios. 
• Equipment design
  Design new equipment to solve existing patient problems. – for example - Theracane. The device is a self-massage tool that applies pressure to sore muscles to help relieve pain and improve muscle function. Equipment design doesn’t have to be complex; it simply needs to solve a problem. 

At this point, let’s switch gears and focus on you as a person, as a clinician and also take a look at your available resources

Personality Profile
What are your strengths/weaknesses as a person?
Your collective strengths and weaknesses, to some extent, should offer guidance on the type of business endeavor that you may be best suited for. Let’s explore a few examples

• Extroverts – Extroverts may accel in business concepts that require them to collaborate and network frequently with customers and other health care professionals
• Strong leadership skills – An individual with strong leadership skills may be better suited to lead a team versus engage in an individual pursuit
• Highly creative – A highly creative individual may be far more passionate about creating something new versus starting a traditional PT business
• Low risk tolerance – An individual with low risk tolerance may gravitate towards business ideas with fewer barriers to entry or perhaps those that offer more predictability and stability

Clinician Profile
What are your strengths/weaknesses as a clinician?

• Area of specialization – An individual who has worked a majority of their career in pediatrics may feel best suited in business activities that serve this patient population.
• Organizational and time management skills – An individual who has strong organizational and time management skills may be more willing to consider a more complex business concept.
• Adaptability and flexibility – An individual who is highly adaptable and flexible may be more willing to consider a business concept that is frequently evolving and amorphous.

Resources
What resources do you have at your disposal?

• Business knowledge – Do you have previous business experience?
• Financial – Do you have available financial resources to start a business?
• Time – Do you have the available time to commit to developing a business concept?
• Network – Do you have access to health care providers, mentors, and consultants that could assist you to develop and implement your business idea?

Remember, even if you lack resources at the moment - there are always options
You lack business knowledge – secure a business coach or consultant
You lack adequate financial resources – seek investors or secure a loan
You lack sufficient time – Reprioritize activities and increase efficiency
You lack an established network – Become engaged in special interest groups, host regular coffee meetings; establish a mentor that could be a colleague, faculty member, or from a business-related organization such as the Small Business Administration or SCORE which stands for the Service Corps of Retired Executives

Resources are abundant, but will not typically knock on your door – Stay hungry my friend!

Summary
Understanding what truly drives you, what you accel at, and what resources you have at your disposal, is incredibly important when evaluating business opportunities. This self-awareness helps you make informed decisions, reduce risk, and ensures that you’re pursuing a venture that aligns with your strengths and passions.

Action
Every day provides PTs and PTAs with the opportunity to discover incredible business ideas. Be open to opportunities that present themselves and begin to consider yourself as a future entrepreneur! 

Start an entrepreneurial journal for idea generation, self-reflection, and problem-solving. It’s a low-risk, high-reward habit that can spark creativity, organize your thoughts, and help you build a stronger foundation for your future business.

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!