STP 15 | Lessons Learned When Scaling Fails
Mar 24, 2023
Resources and Links
- Get Descript to edit your audio and video
- Free Resource - 8 Questions to ask when adding a revenue stream to your therapy office
- Email James to talk about questions or problems about scaling: [email protected]
- 6 Steps of Launching a Profitable Online Course - download and webinar
- PsychMaven - Find more resources here
- Builder Type Assessment - grow without the grind
- 9 Tasks AI can help you with right now
- The Start-Up J Curve: The 6-Steps to Entrepreneurial Success
- The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
In this episode of the Scaling Therapy Practice podcast, Dr. David Hall shares his story of a failed attempt to create a therapy office that offered psychiatry. The lesson learned from this story is that it is important to seek advice from someone who has experience in the field you want to venture into.
Mistakes made when adding a revenue stream to your therapy office
David Hall talks about how he did a lot of research before starting his business, but he didn't talk to someone who had already gone through the process. He says, "What I didn't do was talk to a person and ask the questions of, 'Hey, I'm thinking about this. I see you've done something similar. What's been great about this? What are the things that you didn't know before you went into it that you wish you would've known? Now what are the things you regret?'" Had he talked to someone with experience, he could have avoided many mistakes that he made. Mike Michalowicz, author of "The Toilet Paper Entrepreneur" and "Profit First," advises that when starting a new business, you should not go into it alone. He says, "You need to surround yourself with people who can help you succeed. You need to find mentors, advisors, and other entrepreneurs who can give you advice and guidance. You also need to build a team of people who can help you execute your plan and bring your vision to life."
Have a solid plan on how this new idea for your therapy practice will make money
Another lesson learned from David Hall's experience is that it is important to have a solid plan before starting a business. He admits that he was "somewhat naive" and didn't have a clear idea of how he was going to make money. He says, "I didn't really have a business plan per se. I had an idea of what I wanted to do, but I didn't really think it through." Mike Michalowicz emphasizes the importance of having a plan and sticking to it. He says, "You need to have a plan that outlines what you want to accomplish and how you are going to do it. You also need to have a clear understanding of your target market and your competition. Once you have a plan, you need to stick to it and be persistent in your efforts to make it work." David Hall also talks about the importance of being patient and not expecting immediate success. He says, "I think I was pretty naive about how quickly things would grow and what it would take to actually build a practice."
Have a clear understanding of your target market
Another lesson learned from David Hall's experience is the importance of having a clear understanding of your target market. He admits that he didn't have a clear idea of who his target market was and how to reach them. He says, "I didn't really understand who I was marketing to, and I didn't really understand how to get in front of them." Mike Michalowicz stresses the importance of understanding your target market and tailoring your marketing efforts to reach them. He says, "You need to have a clear understanding of your target market and what they are looking for. You also need to tailor your marketing efforts to reach them. This means using the right channels, creating the right messaging, and targeting the right people."
In conclusion, starting a new business is not an easy task, and it requires a lot of planning, research, and patience. It is important to seek advice from someone who has experience in the field you want to venture into, has a solid plan, is patient, and has a clear understanding of your target market.
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