How to make your 1st 100k in your OT business
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[00:00:00] Hey there, OTs. If you are starting your business or wanting to grow your business, this is how you can grow to make your first 100 K in your O. T. Business. My name is Hoang Tran I'm an occupational therapist and certified hand therapist, and I own two businesses, both in hand therapies of my brick and mortar therapy clinic and also have an online educational company called hand therapy secrets.
[00:00:26] And my goal and mission is to help OTs have more choices in their career. And one of the choices that you can have is to develop and grow your own therapy business. Whether you want to do a brick and mortar type of business or an online type of business, this is going to help you do either one.
[00:00:45] So let's get started, right? So I know that for a while there, we had what is called what, what is called. A gig economy. So hey, you have your main job, you have your main gig and then you have your side gig and it's just Oh, I want to do a little [00:01:00] bit of this and a little bit that to make extra income.
[00:01:02] It's totally great. But I think at some point you have to you have to make a commitment or you have to make a decision around like, how do I really want to grow? How do I really want to grow my business? And that takes a certain amount of commitment. So that you can get to your first hundred K within a certain amount of time in your OT business with a certain amount of profit and being able to earn the type of income you want.
[00:01:26] And sorry, but it's my opinion. If you've got a side gig, then they're your side gig. They're not your main gig. They're not going to be the majority of the income. Now at some point, your side gig could be your main gig, right? So I always call it, you got a side chick. But you're going to make your side chick, your main chick.
[00:01:46] So when I first started my therapy clinic was everything to me. I did everything for it. And then I grew it to a certain extent and I started my second online educational company. And I could only put, you only have so much [00:02:00] time. So I actually hired people to work in my therapy clinic so I could grow my online business.
[00:02:05] And. I made my side gig. My main gig, right? Or my side chick, my main chick. So where I spend majority of my time is in the educational space creating content, putting myself out there. So I'm going to share a little bit of more in detail, a little bit of detail to help you so that you can make your first hundred K, whether you're looking to start a brick and mortar business, or you're looking to do an online business is essentially the same thing.
[00:02:32] All right, same thing, right? So let's get let's get cracking on that. So it requires, it really does require a commitment to it because business isn't easy. Entry into a business is really easy, so anyone can get started. Back in the day, It was hard to enter. So not that many people entered. So there wasn't like as much competition as there is now.
[00:02:55] There's a ton of competition now. And so it really does take [00:03:00] a commitment, right? So number one, you've got to get your name out there. You've got to be bold and you've got to be brave and you've got to get your name out there. People should know your name. My name is Huang, by the way, I'm an occupational therapist and hand therapist and I help OTs have more choices in their career.
[00:03:16] This specific channel or this specific video is to help you grow your business. If you're, if you are starting out, you want to start out or you're like one or two years into your growing your business the, these videos are going to help you, right? That's my intention because when I was starting out, I didn't have videos like this when I was one to two years into business, I didn't have videos like this helping OTs, right?
[00:03:43] So make sure that. you for your business. You get your name out there. Just like I'm demonstrating to you. I'm demonstrating to you how I'm getting my name out there. You want to do the same thing. You've got to get your name out there. You want to make sure that more and [00:04:00] more people can find you, right?
[00:04:02] Number two is price accordingly. So you want to price accordingly, not just to hit your number and to make a profit. But I believe pricing is important to not. Be resentful. Like I don't think it's worth being in business. If you can't have a good time while you're in business, you're going to have your ups and downs are going to be days are hard and they're going to be tough times.
[00:04:24] And then they're going to be really good time. So you have to, if you want the good times, you have to deal with bad times. But where I think pricing sometimes. And I did a whole other podcast on it and I don't think I mentioned this, but you want to price accordingly so you don't feel resentful of what you are giving, right?
[00:04:42] So I'm, I am priced accordingly so I don't feel resentful for anything I give away, right? It's the ideas, the mentality that like My cup is full and I give what runneth over. All the videos that you see, all the shares that [00:05:00] I have, it's me giving, and I'm not resentful about what I share and what I give it's for you to consume is for you to take.
[00:05:10] Take what you need and leave what you don't like, that's it. And I think that when you're priced appropriately in your business, you won't feel resentful of what people take, so when I have therapists, when I have when I have customers come in, I give them everything like, you, you coming in and for the time commitment that you've made, I'm going to.
[00:05:35] Look and solve your problem. You have pain. Like I'm thinking about you before you came in. I'm thinking about you after you leave because I want to make sure that you get what you need, right? That you get what you need. So when I teach my classes, whether they online or live, I think about my students and I think about them day and night and I think about what they need for me and how they need me to [00:06:00] show up and and I, my prices.
[00:06:02] Yeah. Yeah. Yeah. My price is right for me, and I don't feel resentful at all for the emails I have to send, the calls I have to make, the, creating videos and sharing with them, the time I have to spend with my marketing assistant to get my name out there I'm not resentful because, All my bases are covered and I think pricing the pricing accordingly, the pricing strategy is so important.
[00:06:30] When you're looking to make your first 100 K in your O. T. Business and not be resentful about it because that is going to help you grow your business. You're going to grow from 100 K to 200 K to, 500 K to a million if that's what you want. You can grow your business as big as your imagination.
[00:06:48] And you know what, if you never get there you're going to get close, right? You're going to get close. It's going to be bigger than you thought. I always say dream big, but You have to actually, you can [00:07:00] dream big, but then you have to take the necessary steps and these are the necessary steps, right?
[00:07:06] Put yourself out there, price accordingly so you're not resentful. And then ask for the business. Ask for the thing that you want. Like at the end of this video, if you value any business tips and shares I've been giving, there's a link down there, the OT business corner, sign up, get on my email list, get into my community.
[00:07:27] only I only share business tips in there. I only share business tips. And if I'm putting this stuff out here, I'm actually sharing even more inside my community. And you can grab the guide, which I even share even more about, like the strategy, things that you could consider in order to start your business and grow your business, right?
[00:07:49] That's me asking for your time and attention. That's me asking for you. I have actually No business courses currently, but at some point I will. [00:08:00] And then I will ask you, Hey, if you're starting out, if you are one to two years into business, you want to grow your business. You want to show up more.
[00:08:08] You want to increase your prices. Like I'm creating a program, right? And when that program is created, I'm going to share it with everybody. I'm going to price it appropriately. And I'm going to ask, is that something you need? So I'm not just Sharing in this video, but I'm actually doing the work that's required that I'm sharing with you.
[00:08:32] So watch me and I'm going to demonstrate it to you because I think that modeling it and demonstrating it is more important than just saying it. It's through action. That's going to, it's going to get you what you want. It's going to get you what you need and it's going to help you grow your business.
[00:08:50] It's going to help you have more choices as an occupational therapist. So that's number three. Ask for the business. Ask for the sale. Ask for the email. Ask for the time and attention. [00:09:00] Whatever it is that you have at the current moment, ask for it. You can't get it if you don't ask for it, right? And then number four, make it easy for people to do business with you.
[00:09:09] Make it real easy. So All you have to do is click the like and subscribe button. If you like, you can leave a comment below. Now that link hopefully works. I checked it, I double checked it. So if you click the link that says OT business corner. It should help you to get on that link and you can you can put your email in it.
[00:09:29] Like it works. So that's what I mean by making it easy for people. I was somewhere and I had a really hard time paying with my credit card, which is like, Oh, they don't take this car. They only do this. And it's Oh my God, in this day and age, you have to make it really easy for people to do business with you.
[00:09:44] Yes. Oh, that's where it was. I was at a business conference and people were like, Oh, it's 3%, credit card swipe and it's, it adds up. It's 3%. It's huge. Anytime you do credit cards, there, there's a pricing that's associated with using [00:10:00] the credit card. And some places charge for you to use your credit card and some people charge you less to use cash, like either way that sets it.
[00:10:10] But if you're making it really hard for people to do business with you they can't give you their money and they're trying so hard to do it, so I always I look at like how Easy. Can we make it for our customers? Our patients, our students make it easy if they want our services to buy it. Like, why are you going to make it so hard?
[00:10:31] So look at how you can make it easier. Number five, be willing to spend money to make money. If you're just starting out and you're trying to make that first 100 K, you are mindful of your expenses. When I started my business, I picked an era. All right. EMR system that was going to fit with the growth of my business.
[00:10:54] Like I wanted to grow a certain way. I wanted, I was taking insurance at that time [00:11:00] and I wanted a platform that had the capabilities that was like the best on the market at that time. I deemed it to be web PT. Web PT was expensive then that shit expensive now. But to me, I'm like. I am willing to spend the money.
[00:11:18] They've had a couple of changes. I'm willing to spend the money because I value what it provides for me and what it provides for me if I'm spending the money is to save time because time is money. So sometimes You might be thinking, Oh, I want to do things cheaply. I want to pay for the cheapest thing.
[00:11:40] But if you're not accounting for growth, then the cheap small thing that you bought now no longer serves you. And now you're going to have to switch over. Do you know how much time is required to switch over to another program? It's extremely time consuming. So then all the money you have saved now will go [00:12:00] into the energy and the money of time.
[00:12:03] Because now you have to make a change so I want to encourage you to be willing to spend the money to make the money So don't always go for cheap when I first started in terms of a CRM, right a CRM is just like What is it called like a customer client relationship management tool, right? It's like a it's like a digital Notebook right so for my clinic Everyone was like, oh you can do MailChimp and it's free Yeah, but it was clunky then and now it's I don't know it's been bought out and it's done It's been through a bunch of things, but I was willing to pay for it and actually the next more expensive CRM service or company I was willing to pay for it because it had other features that was going to save me time.
[00:12:56] Since then Mailchimp has gotten better, don't always think about [00:13:00] free. Think about what your business needs to grow. What does your business need to grow? I'm not saying not be mindful and just buy expensive shit. I'm saying think about what your company needs to grow and not always run for it's cheap.
[00:13:16] It's free. I don't have to fucking pay for it. Be willing to spend some money. Be willing to buy some books. You can rent them out on different platforms for free, but you can buy some of those books. You can listen. Purchase them on audible and keep them forever. Some books that that are really great to solve the particular problems of the needs that you have at that moment, right?
[00:13:40] Join a program, join a, a coaching program, join buy into a program that you could watch to help you with whatever the. the problem is at that moment, right? Book a call with someone, even if it costs money. I was working with this like a storyteller and I noticed [00:14:00] that he has like book a call with me, and even if it costs you money, book a call.
[00:14:05] Cause you, you might get some really valuable information that you didn't know you needed or that you do. You have set questions like you're going to use some. That time to get questions answered so that it saves you time and sitting there and not being able to make a decision. I heard this saying and it goes stress, right?
[00:14:28] Stress are decisions unmade. Something like that. So sometimes when you have a lot of stress, it's because you've been unable to make certain decisions, right? And so who cares? Book a call with somebody. You get to buy a little bit of their time and they're going to help you solve some issues, some problems.
[00:14:49] And. It might be worth it. It's definitely worth it. I've done it. And I think it's a really great way to, instead of maybe buying into a year long program, just getting a [00:15:00] little bit of help for the thing that you need and you really, you can't lose when you're taking action like that right away.
[00:15:07] Some things, It's require, just like anything else you planted and you plant that seed. And sometimes it takes a little while to sprout. Sometimes it's sprouting, sprouting, but it takes a little while to bear fruit. And if you think about that, like your business, you have to water it.
[00:15:24] There's things that you have to do to help your business grow, to help it get to your first hundred K, to help you get to your second hundred K, to help you take your 200 K and have a profit in it. Cause there's no point in doing business. There's no money coming out of it. So those are some things to consider as you think about how you're going to make your first 100k in your . OT Business. Let's go through it again. Get your name out there. Don't be shy. Price accordingly. Ask for the business. Ask for [00:16:00] the sale. Make it easy for people to do business with you and then be willing to spend some money to earn some money. So I hope those things help you think about what you need to make your first 100k in your
[00:16:15] oT Business. It does require a commitment. It does require hard work. It does. It does not mean you sit at home and binge Netflix or be on the beach doing nothing. It does require a lot of effort, and it actually requires a big amount of commitment. Thinking problem solving decision making. So I hope that video helps you.
[00:16:38] And if you're an occupational therapist and you want to start or grow your OT business, then I asked you, please consider joining my email list, the OT business corner, where I only share business tips and advice. And if you like videos like this, hit the subscribe button. And if you have questions, you can leave them right below.
[00:16:57] That helps me to make more [00:17:00] videos just like this to help you get started and have more choices in your career as an OT. Until next time, peace out.
