Podcast: The riches are in the niches — cash-based physical therapy in the golf niche
Friday, July 10, 2020
After Eric Wallace graduated from PT school, he worked for several years as a staff physical therapist at a hospital-based outpatient clinic. Though he’d never imagined owning a practice, after having kids, he couldn’t bear the thought of coming home from work each day drained and unhappy. He knew he wanted something more, and that led him to begin exploring cash-based PT options—including listening to this podcast!
When his family relocated to Appleton, Wisconsin, Eric teamed up with a chiropractor and ran the physical-therapy side of their business. He soon learned all about the frustrations that come with accepting insurance, and he began to dabble with offering some cash-based services.
Soon after, Eric decided to go it alone and start his own fully cash-based physical therapy practice. He rented space in a gym to start, but his lack of a real business plan made things difficult. He quickly turned his focus to a golf niche—an area of passion for him personally and a highly motivated target for the business. Eventually, he moved into his own space and went 100% cash-based with a focus on improving performance for golfers.
In this interview, Eric shares what he’s learned along the way and what’s worked best in his recent foray into online workshops. He provides his top strategies for niche marketing and managing a practice as it grows.
More specifically, we discuss these topics related to cash-based PT in a golf niche:
- The gradual path that allowed him to start his practice and how he made the jump while — in fact, because — he had 3 young children at home.
- Eric’s reminder and follow-up strategies for his paid golf events and workshops that maximize participation and conversions.
- Ideas for repurposing a webinar to make that content an “evergreen” offering that can continue to generate new business for you.
- How to introduce your webinar so it will be honest and transparent to visitors who view your “evergreen” recording while still encouraging engagement.
- The online workshops and golf coaching that are generating revenue remotely for both the short and long term.
- Why the fear that you cannot raise your rates is probably all in your mind, and how that extra revenue can allow you to grow your practice, improve your life, and better serve your patients!
- How focusing on a niche enables you to know exactly who you’re targeting, where to find them, and what they’re looking for, so you’ll vastly improve the effectiveness of your marketing and message.
- Sponsoring live events as a method to reach avid sports enthusiasts.
- Working with sport-related referral sources to encourage new business in the golf niche.
- How Eric knew it was time to hire administrative help so he could improve quality and grow the practice.
- Using the enthusiasm of an intern to economically generate marketing content and push social media initiatives forward.
Resources mentioned in this episode:
- Best exercises for gluteus medius strengthening
- The importance of hip internal rotation
- 8 exercises for strengthening your business writing
- Pectoralis minor: Far from a minor problem
- Millions of high school students set for success: Celebrating Career and Technical Education Month
- The top 5 exercises you should be doing
- 17 of the most specific, bizarre ICD-10 codes
- The addictive eye drops that kill
- Tips for hiring, onboarding and training employees remotely
- Tap into board talent with a survey
- Getting grounded: Implications for business
- 5 ways to show your employees you care
- COVID-19 and the power of the collective
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