If I could go back in time to when I started my business and tell myself anything….it would be to focus on adding recurring revenue.
I’ve talked about this many times before but this honestly is such an important lesson to learn.
This is something we didn’t really focus on until years into starting Athletes’ Potential.
We focused on the traditional new patient then discharge model.
This is a terrible business model.
Giving people a reason to stick around and continue to work with you is much better long term.
I recently went back and actually pulled some of our numbers from 2019 to compare them to 2021.
We have focused heavily on increasing recurring revenue since 2019 and in particular were almost forced to improve our recurring revenue with the challenges we faced in 2020.
The difference for us has been massive. We have increased our recurring revenue by approximately 23K per month since Q4 of 2019.
23K covers all of our fixed costs and a good chuck of our payroll.
That means we start the month with almost all of our overhead covered.
This is a much less stressful place to be as a business owner.
It also gets us out of the new patients revolving door to some degree.
For us to generate less revenue in 2019 than 2021, we needed 500 new patients.
We only need about 240 new patients per year now because each person has become over twice as valuable to the practice.
We have accomplished this by focusing on a few exit strategies.
1. Recurring visit based memberships.
2. Reselling packages that people chip away at throughout the year.
3. Remote coaching.
4. Small group in person training.
The combination of these 4 exit strategies has been a game changer for us.
You may not need all 4. Maybe you love building training programs and remote coaching makes a lot of sense for you. Double down on that and try to grow as much recurring revenue as possible with that option.
I strongly recommend you look at what’s happening with your clients once their injury has resolved.
If you’re not giving them a reason to stick around, you’re leaving a lot of money on the table.
If you’re interested in getting some support and accountability to help start or grow a cash practice…..we should talk.
I recommend jumping on a totally free, quick 20 minute call with our team.
You’ll talk to a real person and they will give you customized guidance on your next skills or steps to take to gain momentum in your business.
We don’t sell anything on this call and you literally couldn’t buy something from us if you wanted to in this call.
We just know we can help and we want to prove it to you for free.
Click here to pick a time that works for you
It’s time to start making some serious progress in your business/life.
P.S. If you have a practice, check out our friends at PtEverywhere. We switched to their software to run our cash practice and it’s been a game changer!
