The fast path to paying student debt off

I recently got a chance to interview one of our Mastermind members, Russ Manalastas in the PT Entrepreneurs Facebook Group.

It’s a great conversation but one thing that I think really stuck out is just how fast Russ and his wife have been able to pay down their student loans.

By the end of this year he and his wife will have paid off over $160,000 in student loans.

The coolest part is, they will have accomplished the bulk of this in just 2 short years.

Student debt is a real problem for our profession.

Per the APTA, the average DPT graduate will have about $142,000 in debt, which includes both undergrad and their DPT program.

Honestly, that number shocked me when I saw it.

Here’s why…

The median salary for all PTs in the US is about $89,000 and for new grads, the average is about $66,000.

Let’s compare this to our General Practitioner MD friends.

Their average salary is about $213,000 and their average total student debt is about $241,000 including both undergrad and medical school.

The ratio is the important part.

If we look at the debt to average income, here’s what we get.

DPT
$89,000 / $142,000 = .627

MD General Practice
$213,000 / $241,000 = .884

Computer Programmer
$86,000 / $35,000 = 2.45

The higher the number the better. In this example I even threw in the debt to average income ratio for a computer coder.

The computer coder pays on average $35,000 for school and makes an average of $86,000. They crush us with a ratio of 2.45.

No wonder there are so many people entering the workforce as computer programmers!

Neither the DPT or MD ratios are great considering one year of median income doesn’t even equal the total amount of debt but…our MD friends are much closer than we are.

They also have about $124,000 more income per year which can help pay off student debt much faster….assuming they are fiscally responsible.

So what options do we have?

There really are only 3 that I think are valid if you want to continue to work as a PT.

1. Live like a miser and put all your additional money towards paying off debt.

2. Make a lot more money and put that additional money towards debt.

3. A combination of both where you have a very strict budget but still make a lot more money.

Option 3 is what Russ and his family did.

It’s the fastest way to eradicate debt long term.

Russ was able to do it through the vehicle of a performance based cash practice.

Imagine making $140,000 a year instead of $89,000 but keeping your same lifestyle.

That’s an additional $51,000 a year.

That can pay off a lot of debt!

I know many of you are saddled with massive student debt.

It’s not going anywhere and it’s important that you start creating a plan to dig yourself out of this hole.

Our community has found the most success with getting rid of debt by building successful businesses that allow them to make just as much if not more than our General Practice MD friends.

You will not be able to make that kind of income working as a staff PT or a clinic director for someone else.

A successful practice is your vehicle to both time and financial freedom and if you’re looking to get there faster, we should talk.

If you’d like our help building a business that supports your life and doesn’t become your life… I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you.

It’s time to start making some serious progress in your business.

Danny
Physical Therapy BIZ

How to add an additional $10-$100K from existing clients

Make sure you’re providing the patient care your clients deserve with the right tools by your side.

About 6 years ago, I was at a business conference.

I honestly don’t remember much from it except for one presentation.

It was a tech entrepreneur that was presenting on business revenue accelerators.

He broke it down into three categories to increase revenue.

1. Get more new clients.
2. Charge more money.
3. Get your existing clients to buy more.

As he went through all of these options, he emphasized just how few people actually give their existing clients a reason to buy more.

He even mentioned that this was the easiest way to increase revenue but most business owners were solely focused on getting more new clients.

This stuck with me and on the flight home I sketched out some options of how we could offer our clients more or give them a reason to come back.

This is where I created our first reactivation campaign.

physical therapy practice management
This is basically a marketing campaign that gives prior customers a reason to come back in the office and buy more services.

You’ll probably start to notice these all over the place now.

Basically, every holiday is a reason for a company to have a reactivation campaign.

It’s St. Patricks Day…buy a package of two oil changes and get the third for free!

It’s Labor Day…upgrade to this subscription on Disney+ and we’ll add Hulu for free for 6 months.

Companies are constantly marketing to existing clients for a few reasons.

1. They already know, like and trust you.
2. They already have their info and can get a message in front of them easier.
3. They are significantly more likely to buy from you vs a new client.

When we work with clients, one strategy that just works well is to set up a reactivation campaign.

This really is best if you have at least 50 prior customers. This gives you a big enough audience of people to offer something to.

It can be as simple as a discounted package or as complex as a health coaching program with nutrition, training and PT services combined.

It’s all about giving them something they can benefit from, with a reason why and for a limited time.

Here’s an example of some feedback we got from one of our clients after running his first reactivation campaign.

“Danny this open enrollment sh*t is real. Fell like it’s free money. Question for you…” Campaigns like this are great for a few reasons.

First, it takes no marketing cost in regards to ad spend.

It’s literally just reconnecting with prior customers to give them a reason to come back in.

Second, it’s super simple. A few emails, texts or conversations can lead to a lot of additional money.

Third, it grows with your company.

If you have 50 prior customers and 10% come back in for a $2000 program, you’ve made $10,000 with this campaign.

If you have 500 prior customers and 10% come back in for a $2000 program, you’ve made $100,000 with the same campaign.

We run reactivation campaigns every year in our practice and so do all of our clients.

It’s the number one thing I would do if I knew I needed to come up with an additional 50-100K fast.

Here’s what I want you to think about.
Are you marketing to prior customers?
Are you solely focused on just getting more new clients?
Do you have an organized marketing calendar where you run different reactivation campaigns and new patient campaigns?
Do you want to figure it out all by yourself?

There’s a reason why we’ve grown over 600% in the past 3 years.

It’s because what we do with our clients works. That means they make more money and have more time freedom.

Your business is your vehicle to both time and financial freedom and if you’re looking to get there faster, we should talk.

If you’d like our help building a business that supports your life and doesn’t become your life… I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you.

It’s time to start making some serious progress in your business/life.

Have a great weekend.

Danny

PT practice management

How to really win in business and life

“Comparison is the thief of joy.”
-Teddy Roosevelt

I wish I would have heard, and more importantly understood this quote when I was a kid.

Think about how much time you’ve wasted comparing yourself to other people.

Did it make you feel good or bad?

Do you wish you had spent more time comparing yourself to others, on a number of levels?

Just think about social media….

How easy it is to make your amazing progress and life look like sh*t compared to someone who’s got a 6 pack, and is flying around the world on a private jet with their super model significant other.

For many of us it’s hard not to compare many things because we are competitive.

The reason this is ultimately useless is, you have no idea what the score is, how to get points and what winning looks like.

This isn’t baseball, this is life.

It’s a infinite game.

Winning to me looks like being healthy, happy, having amazing relationships with my spouse/kids and doing cool sh*t in this world that helps impact other people in a positive way.

That’s my race but how do you know if you’re winning your race if you don’t even know what it looks like to win.

You have to start with the end in mind.

It’s one of the reasons we get all of our clients to go through a vision exercise that helps dial in what winning looks like to them.

It’s one of the best ways to keep you on track for your goals.

It’s also one of the best ways to stop you from beating yourself up over not being as “successful” as someone else.

Here’s what you have to keep in mind especially if you’re an entrepreneur.

Competition is great but you cannot let it consume you.

I remember when I started my business I just wanted to have $100,000 cash in a business account.

That was my big business goal.

When we hit it, I was slightly happier for all of about 5 seconds.

Next it was to hit a million dollars in annual gross revenue.

When I hit it, I actually felt kinda depressed.

I felt this way because I had a friend start a business around the same time as me and when I finally hit my 7 figure business, her business was around 3 million dollars in annual revenue.

I spend the rest of the day in a bad mood and being short with my family.

It’s embarrassing to even bring this up because what I was able to accomplish only happens to about 4% of businesses ever started.

All I focused on was how much further along other people were and not my own success that I should have been proud of.

Again, comparison is the thief of joy.

PT Biz is working with about 200 businesses actively right now.

We’ve seen some hit 300K in gross revenue their first year and we’ve seen some hit 30K their first year.

You would assume person who hit 300K in their first year is winning, right?

Well what if I said the person who hit 30K also had a baby that year.

What if the I said the person who hit 300K has no friends, is going through a divorce and is in terrible shape.

Which one is winning?

It depends on your definition of winning.

My goal is not just to help you win in business but more importantly life.

I’m talking to you if….
-You’re around but never actually present with your loved ones.
-You don’t remember the last time you went on a date with your spouse.
-You’re sacrificing your health to spend more time on your business.
-You tell yourself you’re doing it for your family even though your spouse/kids don’t give a f**k about how much money your business makes.
-You’re trying to do everything yourself and figure it all out independently.

I’ve been there and it sucks.

If this sounds like you, it’s time to get some help.

Your business is your vehicle to both time and financial freedom but it’s all a loss if you hit the finish line alone.

If you’d like our help building a business that supports your life and not becomes your life… I recommend jumping on a totally free, quick 20 minute call with our team.

You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.

We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.

We just know we can help and we want to prove it to you for free.

Click here to pick a time that works for you.

It’s time to start making some serious progress in your business/life.

Danny
Physical Therapy BIZ