A Conversation on Starting a Physical Therapy Business | Aaron LeBauer

Foreign. Contact apa, and they're going to send you a handwritten application. You're going to fill it out. You're going to send about 600 bucks.

Yeah. Okay. Does that suggest. Is that something that you think I can do on my own, being pretty

much a. Oh, it's very simple. There's nothing legal about what you need to do.

Okay. And that's gonna cover. That's gonna. Do I need a separate policy for myself?

No, that covers you as a business

owner, me as a business owner. Basically, what I'm trying to get at is if, you know, something crappy happens where, like, somebody sues me, they can't, like, come take my house away from me.

Yes. So that's what the liability insurance is for. And that's why, I mean, look, someone's gonna come and sue me on pt. They're gonna sue everyone. They're gonna name everybody they can, you know, do they win? And so that's why it's like, that's why I have a separate business banking account. Because my. But if they sue me personally and they sue the business, but if the real thing I can do is I can keep coaching business and the physical therapy business separate. So if they sue that they don't get bassets in the coaching business.

Okay.

You know, it's like when you're a sole owner of an llc, it's really hard to keep your, you know, especially when you're the one treating patients, keep yourself a distance.

Yeah. Okay.

So that's the difficulty, because I know,

like, I know you pretty much suggest that I just go ahead and do llc, since if I did sole proprietor, basically, as soon as I wanted to hire front desk help, I was. I would need to. Yeah. Change it over. Just do that.

Yeah, just do llc.

So how do I. How do I go about that process? Because I wouldn't. I wouldn't even know where to start with that.

So to file an llc, the best thing to do is to just hire a lawyer to do it. And that's so Ryan Luft, who's worked with me. Like, he's.

Is that who you sent whose information?

Yeah. Loftlaw.com.

yeah.

So Ryan can do that, or if you're working with an accountant, the accountant can do that for you, which I know.

Okay. So you could file it yourself, but,

you know, you may as well,

you

know, if you're like, I don't know what the to do, just go hire them to do it. It's going to cost you a couple hundred bucks.

Yeah. No, I mean, That's. That's not something I want to screw around with. If I have to pay extra money on it, that's fine. Okay, so between the art of healing, liability insurance, business entity, and you set up a business bank account. But pretty much what I'm. What I'm hearing here is that it doesn't necessarily. I'm going to put a business bank account anyways, but it doesn't necessarily matter in terms of basically me having my ass covered. It doesn't really matter. Nothing's going to change with any of the stuff that I'm going to do. So the business bank account would be more for tax purposes, I guess business

bank is more for tracking.

Okay.

Okay. So business banking account. It helps you track. It helps you say, okay, the money comes in the business bank account. All right, I know I can track income and expenses just through that statement versus it coming into your personal account. It does help that if it goes in there and it's not in your personal account or you move there to your personal account. Yes. My business bank account doesn't have as big of an asset. And if the suit, they win against the business, but not against me personally or I'm not personally liable. It's like there is a step in between, but it's llc. Limited liability company is less about liability for you. It's more about just the name. It's more of a liability issue if you have big, heavy equipment. But since you are the one providing the treatment, it doesn't like. It just doesn't separate you that much. But you should get a business. You should just get a business banking account. It's hard. You have to form a corporation first.

So you need an llc.

Llc. Get an LLC and then get an ein, okay, which is your employer identification number. It's a Social Security number for your business. Okay. That should be like. Ryan can file and get that for you. Okay. Then when you have those. And you can open a business banking account as well as 100 bucks. Okay. And then you're gonna open the business banking account. You need an address, which I have, you know, and you've got a. You know, and sometimes it's hard because they want you to have an address, but then you, you can't get an address without a business banking account and blah, blah, blah. That's usually sometimes a stupid problem, but that shouldn't be a problem because you've got an address and you've got a business banking account. And you can just pay with your personal check at first. When you pay with a Personal check. You just write that down as an expense on the business column. When you track, you say, look, I gave my business, If I pay $1,000 for rent out of my personal. Basically, you're loaning your business $1,000 or that's you're putting $1,000 in your business account. It just doesn't ever stay there. But you track that as a business expense. Okay.

Okay.

It's like a. It's like a. It's not an owner's draw, it's owner's equity. You just put a thousand dollars of equity in your business. So say you start with $10,000 in the business banking account. That's $10,000 of equity that you've just bought into your business. Okay. Okay. Just the tracking. Yeah. All right.

And I've already. I've pretty much decided that I'm. If not right away, I'm gonna just go ahead and get QuickBooks just to make it easy on myself to go through that stuff. But I'm probably gonna have an accountant after about six months. Do I need to do anything on the HIPAA and OSHA front

for hipaa? Yeah, you wanna have a HIPAA Notice of Privacy Practices posted on your website, just like we do. So there's a little thing at the link. It's like privacy policy. You need to make it available to people when they come to see you. So if you just want to import my stuff from intake queue into your own intake queue, that's really easy. I just got to call them up and say, hey, import all these forms and stuff into Tyler's account. I just gotta send him an email. Okay. Okay. So when you get intakeq, you do that, sign up with my link because it'll give you a discount, 20% discount on the first three months. Then.

And then,

I mean, technically you should have, like, Gwen go through your stuff and set it up for you, because there might be some unique stuff, but it's probably gonna be very similar to mine.

Gwen different than Ryan?

Yeah, Gwen's a healthcare lawyer. Ryan said she can do help with federal stuff. She can't do state stuff. Ryan can do federal and state, but he's not the one that understands and knows physical therapy. Okay, so I've worked with him on that.

But.

So for hipaa, you need to make a Notice of Privacy Practices available. You need to have a. You need to have your agreement and Medicare agreement, all that stuff done. What do you need to do in your business? I mean, osha. I mean, I haven't had an OSHA assessment You know, is there something maybe. Yeah, I mean, you know, like, you should probably look into it. But I wouldn't ask too hard or look around too hard. I mean, is it a problem like if I got an inspector to. I mean, here's the thing is like, are people coming and inspecting your business because they're making sure you're your Medicare requirements.

They're worried the insurance is gonna fuck them up. Right.

You know, is there a city requirement? What you have to check into. Is there a city requirement for signage and all these things that my place needs?

Okay, where would I. Where would I do that? Lawyer. Go to the lawyer.

Go to the city. You can ask the lawyer. You can go to the city of Winston Salem's City hall website and see if there's any information there.

I think it was a healthcare patient recommended.

What do you need?

City planner's office. Yeah, is there anything that we haven't covered that I need to do to get that thing set up, other than my marketing stuff?

You have a way to collect payment and take you.

Or I was gonna use, sorry, Square. Square is what you were telling me?

Yeah. So at first, here's. At first you can use Square long term. I would set up GoCard Connect. GoCardConnect is what gonna allow you to do payment plans. Okay. If you know, out the gate. My goal is to get four or five thousand dollars the first month or whatever. I mean, what Derek did 10,000 in his first six weeks.

Like, is CarConnect that much more expensive?

It's more expensive if you're not using it. So basically Tom waives a bunch of fees, but if you're not generating a couple thousand dollars a month, there's like a 15 or 20 DOL. But square doesn't allow you to do recurring payments. It'll do recurring invoices. So it'll recurringly send people an email where they have to go in and pay the invoice, which is dumb. So that's why Go kart connect.

But GoCard connect might be worth my time if you monetize the time I would spend having to.

Yes. So Go Kard Connect. I mean, yes. So I would set up a Tom Go Kart connect and tell him you're working directly with me and I can send them a message and get you whatever the most favorable deal. Okay. You know that he's got on offer right now and it's worth it.

It's as inexpensive is it always been. Go Card Connect. I've only heard.

Well, there's CardConnect and his business as a reseller is Go Kard Connect.

Oh, okay. So that collecting payments. Got it.

Yeah.

Cool. And then in terms of. I mean, furniture is one thing, but in terms of clinic stuff, I'm just trying to think of all the things that I'm going to want. Needles, balls, gloves, sanitizer, A run of balls.

A run of 250 balls is about 600 bucks. You could start with 100 balls. Okay, so you can start with 100 balls, which is what Derek did. Yeah. But I buy 250 at a time, but they last me a couple years. So at 250, I get a price break. Not 100, but 100 is. You know, it's like whatever. It's 100. It's like 300 bucks or something like that. It's still like under $5 ball.

So. Good for bootstrapping.

Yes.

I don't know how much needles cost.

I'm assuming a run of needles will cost you a couple hundred bucks. Yeah.

Probably about the same as balls.

Yeah. I haven't spent 600 bucks on needles when I've ordered them yet.

The cool thing is, but they don't last. We burn through 50s, but the rest of them, you don't really have to reorder very often.

Right. So you might go and order like a variety pack in a bunch of 50s, you know, and order them from. If you go to order from Myopane, the same ones that we order go to the Myopane website because it's got a 10% discount code, and then click through and enter the code, you'll get 10% off, which will be, you know, 30, 40 bucks off. Okay. A dollar a pack or something like that.

And then the bands, the gray cook bands. No, because I don't. I don't know that I'm gonna have a bunch of those to start with, I think.

So, like the loop bands.

The loop bands, yeah.

Got those off of Alibaba.

Alibaba, yeah.

And we've been trying to reorder it, and it hasn't made it back to the top of the list. Has Amber reordered any?

She's tried to. I think.

I think.

I don't think she knows where to get them from.

Yeah, well, I've sent her the info recently, and it's just not back to the top of the list. I don't know. Yeah, they came off of Alibaba. Ordered them the first time around, and the yellow ones were great. They were a little light, so I wanted to order the next one up. And they sent us the blue ones. And I was like, what the fuck? Like, this is for like, five different athletes. And they're like, oh, it's just the one that's just a little bit. I'm like, these are thicker and shorter. Just the quality control in there. So they ordered. They sent us the green ones, and the green ones are a little stronger. The perform better. Yellow ones are right in between our. The yellow ones we had and the green ones. Okay. Okay.

So that's the sweet spot that you're trying to hit.

I was trying to hit that. But the yellow ones that we had, they were kind of like extra light. They were fun. And the green ones we have are more like light.

I hate the way they qualify that. Like, extra light. Light. Light.

Super light.

It's.

But it's like, form. Better ones are nine inches. But these ones were nine and a half. Okay. You know? And the green ones were like eight and three quarters. Or the blue ones were like eight and three quarters. So it was only like one millimeter. A half A millimeter thicker, but it was a full inch shorter. Do you see the difference? So they were cheap. And if you find. Can figure out where the good one is. Or we've looked and I think I've sent ember. We can. We can do that.

That.

You don't need to start with those. You could always start with just. If you order anything for perform better, just order a dozen of whatever. They're still cheap enough to give away. The thing is, it makes it cheaper. And you put your USP and logo on them.

Yeah. Because I like those. I'd like to use them.

Yeah. So don't let that stop you from getting things open, you know, Because I didn't use them for years. Yeah. I say, hey, use a yoga strap or a belt or something like that. People have belts. They can strap a belt around their

knees and hold onto it. Yeah, okay.

And pull it, you know, But. Or you can just get some bulk band off of Amazon and tie them a loop and be like, here.

It sucks because I don't know if you know this, but, like, now it's becoming like a really big fad to use those things for exercise. Like, people are just, like, banging them

all the way up there.

Really. Like doing monster walks and all this other. But it's now that the market for them is a lot. A lot more expensive.

Yeah.

But it's okay.

I'll look at these.

I'll look at it.

Yeah. What else do you need? You need a stool and a Table,

which I have linens, face cradle covers.

So the linens. The best place to get. Cheapest place to get linens is the. I want to say, not Guilford Medical, but there's another medical supply over on Battleground where I got. And I got the bottom sheets, or hospital be Bottom sheets. They were like seven or eight dollars a piece. They're soft. And so far, they last in there better than any flannel sheets that I've had. Yeah.

And I guess I'm gonna be lugging those things to and from the clinic to do laundry.

Yeah. So just get a basket. Get a laundry basket.

Yeah.

Take them back and forth. I did that for years.

Yeah.

You know, plugged them back and forth. Maybe there's a. Maybe there's a laundry place nearby. Or on your way home, you just drop them off and they charge you by the pound, you know, and I'll fold them for you. And everything is.

My grandma's moving, and they're pretty much giving up her. Her stuff. I might try to call dibs on that stuff.

Even if it sits in storage.

Yeah. Because I don't think I would be able to put it in where I am right now. But eventually.

Yeah. Call dibs on it. Put it in storage. Or what you do is, when you're ready to go buy them for your clinic, you take the old ones out of your house and you put them in the clinic, and you buy the new ones and you put them in your house. Yeah, that's what I did. I bought new ones. Yeah.

Okay, cool. See, all the bathroom stuff is gonna be run by the building. Yeah. I don't know. I guess that's it.

Sanitizer, pens, Internet plug, you know.

You mean like an ethernet cord?

Just a power. You got a power cord. You know, you don't want to forget that. I mean, it's not a lot. Yeah.

I could pretty much run everything.

Yeah.

Right from here. I don't need to get a PC.

No. The. And even if I'm gonna go buy another computer, and I was looking at Amber's thing, I was like. I was like, I'm just gonna go buy another Mac disk desktop. Because every time I. In the last five, six years, every time I bought a PC, even the one she's using right now isn't the bottom one. For years, I would get around with the bottom one, and it would last for four or five years because all we did was run it on Internet. And now this one isn't even the bottom one. I spent, like 1100 bucks on it. And I'm like, shit, I should just buy the eleven hundred dollar Mac desktop for that. And it would last because this thing's now slow and it's just like, it's not even two years old. It's not even a year old. So, you know, I'll probably end up buying a Mac. But if I buy that, I gotta buy the Mac QuickBooks. We wanna keep using it to track our sales. And like really right now I'm just using QuickBooks for sales tax and some other tracking stuff. And the super bills.

Yeah.

You know, if you do QuickBooks online, you have to do super bills a different way. Intake Cube will produce super bills. Now they have a thing to do super bills. So that might be something where you, you've tried something different than what we're doing. Is it like, all right, let me do Superville off Intake Cube, because I'll do in, you know, I'll do QuickBooks online. You know, I don't know. I mean, so yeah, if you were gonna, if I was gonna vary something and change something around, you know, maybe it'd be, it'd be something like that.

Okay, what else? I think that's it. I mean, those are. I just wanna make sure that I can like basically take action on this stuff. Cause I need to.

Yeah. Start doing, get this done this week or next week, by the end of March. And then you've got April and May to build up your marketing.

Yeah.