Physical therapy was one of the hardest hit industries by the pandemic; not only did it force professionals to adapt their practices to safely provide patients with the care they need, but it also enabled them to consider new ways of doing business, both inside and outside of the office. Even as physical therapists are back to seeing full patient loads again, they continue to pursue alternative ways to strengthen their financial position through side businesses.
Why the Side Hustle?
In an uncertain economy, a side business can help put you in a more secure financial position and give you more financial control. In the face of a pandemic, having multiple income streams can help safeguard your career and provide financial relief.
While potential income is the main driver for physical therapists to pursue a “side hustle,” there are a number of other advantages it provides.
For example, the freedom that comes with owning a business. You’re in control of the operations and decisions. You get to decide the investments you make and the risks you’re willing to take. You choose how much time to put toward it. And you can reap the benefits.
Also, a side business can serve as an outlet for you to pursue a passion or personal, whether it’s in physical therapy or not.
Side Hustle Options
Some PT professionals are pursuing new opportunities to share their expertise, such as through consulting or teaching students. Today’s remote environment makes it easier for physical therapists to fit these opportunities into their schedules without disrupting day-to-day patient responsibilities.
Others are following more traditional business opportunities, such real estate investments or sales, or pursuing a personal interest, such as writing a book.
Funding the Side Hustle
Once you know what you want to pursue, you may need funding to launch the business. Finding the right partners to provide that funding will be critical to meeting new side hustle goals.
Every lender and loan is different, so physical therapists should do their research. Some things to look for are repayment terms, speed of funding, and credit impact. Obtaining the lowest monthly payment possible will give you have more access to more cash every month that you can use to cover costs or set aside for the future. Especially in a recovering economy, having access to cash is critical. Working with a lender that can get you your money fast will enable you to put your plan into action and get to market quickly. Understand what type of inquiry the lender makes during the application process so you can protect your credit standing.
Once you have your financing in place, you can take the next step with confidence to get your business off the ground.
Chris Panebianco is Chief Marketing Officer for Bankers Healthcare Group, a provider of financial solutions for physical therapists. He is responsible for marketing initiatives to support BHG’s commercial working capital loans, personal financing, commercial and personal credit cards, Small Business Administration (SBA) loans, and collection management. Panebianco has more than 11 years’ experience in financing the needs of healthcare and other highly skilled professionals. For more information, visit bankershealthcaregroup.com/specialties/physical-therapists.