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How to pick a niche that works for your business

Are you the kind of person who has trouble choosing?

Do you agonize over the menu at your favorite restaurant?

Did you spend months searching for the perfect baby name?

Were all the paint swatches you tried enough to cover the entire living room wall?  (guilty)

If so, you’re exactly like the typical PT business owner trying to pick a niche.

It’s hard!

You’re good at a lot of things, love working with lots of different people, and don’t want to turn down any business.

And there’s so much to choose from, even if you know you want to work in ortho or sports or women’s health.

How do you decide?

Here’s are the 3 things I tell clients to consider:

First, what do you enjoy doing the most?

For some people, this could still be pretty broad, but you should be able to identify a few ideal areas.

This is important, because if you don’t enjoy what you are doing, why are you putting in all the effort and investment and risk to make it happen?

You’ll never serve your patients as well as you need to, and you’ll never be as happy or successful as you could be.

Second, within the areas you identified, where is the greatest need in your community?

Reaching patients who are underserved and in need of extra care is much easier than breaking into a saturated market dominated by big clinics and insurance-based models.

You want to find a space that is small enough to have a unique identity and a need not fully met elsewhere but large enough to actually support your business.

Look for opportunities to make a big difference in your patients’ lives.

Third, within those groups, what services and population are most valuable?

Your business can’t be all about the money, but you do have to make enough to survive and grow.

If one niche makes you $1k per patient and another niche makes you $10k per patient, then you will need to get 10 patients from the first group to make the same as just 1 for the second.

All else being equal, it makes sense to target the second group as your core niche.

That doesn’t mean you won’t ever treat the first group, just that you will focus your services and marketing on attracting the second group.

When you get higher value per client, you can support your business with fewer effort and hours, giving you more flexibility to do what you want, whether that’s hanging out with your family, treating different types of patients, or investing in growing your business.

The trick is to find the spot where all these things intersect.

Your niche might not be your most favorite or the most needed or the most valuable, but it will be the sweet spot between all 3.

It will be the perfect place to start and grow a business that fits your lifestyle, supports your family, and enriches your community.

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