How much investment is needed to become a solopreneur?
Consider what the cost could be!
Happy Holiday weekend!
We hope you are getting to enjoy Independence Day with family and friends.
A question that we get asked quite often is “How much do you need to invest to start a business?”
There are two different angles to consider when looking to become a solopreneur.
First, let’s look at the face value of the question.
The questions that people are asking are: What materials/equipment do I need? And, How much money do I need to spend?
It’s the second question that has two sides.
But, first the equipment.
Really, it comes down to how you like to practice. If you are heavy on the manual, then you may not need a whole lot of equipment.
For manual based clinicians, items such as lotion, needles (for dry needling if certified), pressure cuff for BFR ( if trained), the tools for cupping (if trained) may be all that you need. Of course, your hands always travel with you.
For those who prefer using other modalities such as TENS units, e-stim, ultrasound, portable options can be found for those who are going the mobile route. If you are mobile, know that while such modalities are readily available in the clinic, they are not must-haves in order for your practice to be “legit”.
If you are going into a physical location, these treatment options can be found at fairly reasonable prices. It just may require some looking around.
Regardless if you are exercise based or manual based, if you are going to be mobile then a portable treatment table is a must.
Sure, you could have people lie on their beds or even the floor. But if you are touting concierge services - especially for cash - is asking a patient to lie across their bed or to get on the floor concierge worthy? Probably not. To be candid, it’s not a professional look.
For the clinicians setting up a brick-and-mortar spot, outfitting your space with a portable table to start is certainly fine.
The exercise equipment needed will depend on your target audience.
Elderly adults probably need things such as theraband, 6” hurdle, therex pad, for example.
Various therabands can be used with virtually all types of clients. However, if your Avatar is the power lifter, then you may need access to heavier equipment.
Still, it is possible to carry with you dumbbells, BOSU, speed ladder, kettlebells, etc. Again, think about what your audience or even that one client needs.
You may already own much of this equipment for personal use. Note: If you buy it “for your business” then it all can be a write-off!
If you are in a location, the same thoughts apply for purchasing exercise equipment.
Thus, you are looking at anywhere from $30 spent on equipment to $500+, depending on what you want available to you and to your clients.
Even though a standard clinic may have a lot of equipment, ask yourself “What do I REALLY need?”. Don’t let yourself think that “If I don’t have all of the bells and whistles, then my patients won’t like me or they won’t get better.”
The “legalities” needed to get going include establishing your business entity - “Businesizing yourself” - and purchasing your professional liability insurance.
In most states, an LLC or PLLC can be established by the individual themselves through the Secretary of State website. Depending on your state, this can be done for as little as $100.
Liability insurance prices will vary from company to company. Costs can range from $400 - $900. Remember, though, that this is for an entire year; not monthly. Average pricing tends to be around $600-$700. Here is a way to look at the cost: it will be covered after seeing your first 4-6 clients.
Intake forms can be obtained on the internet for free.
As far as what’s needed to invest in becoming a solopreneur, that’s pretty much it. You can have a business for under $2000. However, if you are wanting a website starting right out of the gates, then you can plan to add another $1500-$3500 to that total.
But let’s look at what should be considered when starting a business. The investment goes beyond the “tangible items” that most people tend to focus on.
The real investment brings into play the time, effort, work, personal development, and the ability to cultivate relationships.
As one of our mastermind students stated, she didn’t realize how psychological it was to become a business owner.
Many clinicians don’t realize how much mental energy goes into starting a practice. This is something that is often grossly underestimated.
We will say time and again that one’s business growth will never exceed personal development. It is nearly impossible to create a successful, sustainable practice with limiting beliefs and/or an employee mindset.
Trust us, everyone has a limiting belief or a “mental barrier” over something when it comes to building a business. In working with over 250 clinicians, we have seen this show up in every single case.
Therefore, one should consider the benefit of investing in themselves to help them to “get out of their own way” as they are going along their journey.
Having a successful business, or simply getting those first clients, requires A LOT more work and effort than merely “hanging your shingle”, publishing a website, or paying for a Facebook ad.
The public - your desired audience, to be specific - needs to know that you exist. Your Famousity has to be developed. One of the biggest reasons why your business - ANY business - fails is that no one knows that it exists.
Starting out, it's imperative to step out into the public in order to cultivate relationships. These may be with physicians, gym owners, running clubs, golf/tennis/pickleball clubs, specialty shops, and the public just to name a few examples.
What is your investment, or willing to invest, in the time needed to build some of these relationships? What is your present bandwidth of time to do this?
Some relationships can take off in a hurry. Many do not. It takes consistency in showing up, perseverance, determination, and grit.
One must display “active patience” while the seeds that are planted take the time to grow.
Active patience is allowing oneself to trust the process, to give relationships time to develop, and meanwhile keep taking steps forward each day.
We had a therapist who had achieved every advanced certification possible (OCS, FAAOMPT, etc) tell us that he thought that his certifications and the fact that he was a good therapist was going to fill his practice with patients. His comment: “Boy, was I wrong.”
An investment that one might consider which could help them to avoid going into a deep hole with these last few investments mentioned is to strongly consider investing in a coaching program.
There is so much about starting and growing a practice that just isn’t covered in the educational process. There are many blindspots that people are unaware of.
Some choose to take a path of “figuring out what I don’t know”, this path can possibly make the investments more expensive, create frustrations, and delay the desired success.
Others recognize that investing in a coach, or a program of coaches, will not only minimize the “cost” of some of these other investments, but will also be an investment that gets them to their desired goal much quicker.
Thus, the final investment to think about - which can actually become an unforeseen or unwanted expense - is the cost of not taking action, the cost of trying to figure out the puzzle, the cost of struggling through trying to figure out what you don’t know.
Hopefully today’s blog was informative and gave you much to consider.
Know that, in the end, the only thing standing in your way of you becoming successful in your own right is YOU making the decision to do so!
Your success is our success.
The UNCAGED team
Since it is the 4th of July, chances are that you do have the day off. However, you may be thinking: “It sure would be nice to have ALL of the holidays off, and more, when I want them off.”
Perhaps you are thinking about becoming the next solopreneur.
We have an investment that just may be the most valuable one you can make. Want to know more about how we can help? Take the first step here
