"2020 will be remembered, by many, as the year “brick & mortar” businesses faced their greatest challenges but also their biggest opportunity to grow and scale.”
How many times have you thought about bringing your business online over the last few years only to push that task to the side because you lacked the skill, experience or resources to truly give this opportunity any motion? Many, I’m sure. Well, you’re not alone. I literally know hundreds of entrepreneurs and business owners who have done the same. It’s quite normal to go with the flow in times where business is good. “If it ain’t broken, don't fix it" is a common statement that most of us adhere to.
No sense in rocking the boat when the water is calm.
2020 gave us all some really stormy weather and some pretty big waves to navigate. Everyone I speak to is in a panic to try and transform what they have, and fear of losing, into something that will grow and scale into the digital future that seems unavoidable.
I hear you, I see you and I’m here to support you in this transition and try and turn the fear you may be feeling into excitement and hope for a better future for yourself and your business.
The following article discusses ways you can either turn a “brick & mortar” business into an online one or add multiple revenue streams to it . I have researched the subject extensively over the last 16 months and I’m excited to share my findings with you in hopes that it motivates and inspires you to open your mind to the possibilities ahead for you and your business.
I have gathered my research into a weekly series called “From Brick to Cloud” in which I will demonstrate the opportunities for any brick & mortar business to either transform onto an online business or add new revenue streams to an existing one.
This week, “From Brick to Cloud” takes a look at a Physiotherapy business and how it can bring new online revenue streams to their existing brick & mortar business.
REVIEWING THE PHYSIOTHERAPHY BUSINESS TYPE
Brick & Mortar setup: A typical physiotherapy business setup usually revolves around receiving patients who come in to be assessed, treated and followed up with. There is usually physical contact with the patient and a need to see the patient in order to assess their needs.
You usually have to pay for a location, equipment, hire therapists, receptionists, etc…the costs to operate are hefty but worth it. This is the type of business that generates great profit if done well because the need will always be there for this type of service.
Although this business type has been considered “essential” services in the last 16 months since Covid-19 made its appearance, these business types have still felt the downward spiral that most of us have because patients have been too afraid to come into their locations.
So, even though these types of businesses are usually well sought after, the new normal has had its challenges and have created a need for even these businesses to consider expanding their reach to an online presence of some sort.
How to turn this business into an online revenue stream
Online setup: Deciding to turn your physiotherapy into an online business or adding on to your current brick and mortar with the following online revenue streams could be very beneficial.
Creating a website (which you should have already whether your business is brick and mortar or not) that includes additional services such as online consultations and questionnaires/forms to assess patient needs. I believe that most insurance companies now accept online consults in their benefit plans and therefore, these are covered by your patient’s insurance provider.
You could easily create physiotherapy videos for treatment or prevention and give patients access to these for a monthly, annual membership fee or case by case fee for a personal customized treatment or prevention program. This would generate additional revenue for your business.
Align yourself with a natural supplement company that you feel provides quality products that could benefit your patients and use the drop shipping business model to collaborate with this vendor and add yet another valuable revenue stream to your business by creating an eCommerce section on your existing website.
You can also create “Monthly Wellness Clinics” where you bring on numerous experts in their designed fields to your group of clients/patients for a fee where they get access to these experts, their created content, their products and a Q&A that gives them a chance to interact with the experts online. These have become quite lucrative and very popular in this new normal environment.
If you choose to operate your business from an online perspective, the costs of operating such a business are hugely decreased and therefore, the net profit often surpasses that of the brick & mortar. It’s simple math. Decreasing your expenses automatically increases your net revenu in the end.
Thinking of bringing your “brick & mortar” business online? Not sure how?
Drop me a line or message me and we can set up a free consult to discuss the possibilities you have and all the different revenue streams that can be generated from taking your current business to the online world.
Come back every week for a new article and a new business that I take from “Brick to Cloud”.