2x Your Success: Principles to Build a Multimillion-Dollar Practice w/ Dr. Sterling Carter
Sep 23, 2024
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Dr. Sterling Carter, an Army veteran and successful entrepreneur, shares powerful insights on building a multimillion-dollar practice. He discusses the importance of servant leadership and how military experiences shaped his business strategies. Listeners learn about the significance of niche focus, effective marketing, and structuring family-owned businesses to thrive. Sterling highlights mindset shifts necessary for scaling practices and emphasizes resilience and community engagement to attract the right clients. Valuable tips for maximizing growth and success in physical therapy await!
Transforming from working in the business to working on it is necessary for practice owners to achieve significant growth.
Specializing in niche areas of therapy can attract more patients and enhance practice success by addressing specific community needs.
Deep dives
The Journey to Entrepreneurship
The speaker discusses the transformative journey from being a physical therapist to becoming a successful entrepreneur. Initially, he did not aspire to own a business but felt a calling to provide more than what a hospital could offer. After starting his first outpatient physical therapy practice in 2008, he recognized opportunities to expand into healthcare staffing and other services. This journey illustrates how passion and being in the right place at the right time can lead to multiple successful ventures.
Shifting from Technician to CEO Mindset
A key insight shared is the necessity for practice owners to transition from working in their business to working on their business. This shift is crucial for growth, as many practitioners struggle to balance patient care with business operations. The emphasis is placed on carving out time to be the CEO of the practice, managing processes, expenses, and marketing strategies. The podcast underscores the importance of understanding that for a practice to thrive, owners must prioritize their business management roles.
The Importance of Niche Specialization
Specialization in a specific niche is presented as a critical strategy for success in physical therapy practices. The speaker explains that being known as an expert in particular areas, such as shoulder injuries or sports therapy, can attract more patients seeking specialized care. It is suggested that practice owners should engage with their patients to identify unmet needs in their market, then focus on promoting these specialties. This targeted approach enables practices to thrive by appealing to specific demographics and needs within the community.
Building Resilience and Adapting to Change
The conversation highlights the essential nature of preparedness in the face of challenges and rapid market changes. Business owners are encouraged to have contingency plans in place for unexpected disruptions, such as natural disasters or staffing issues. The speaker shares experiences of preparing for events like hurricanes and illnesses that can impact business flow. By fostering a resilient organization with structured processes, practices can navigate through difficulties and continue to grow amidst uncertainties.
Do you want to grow your clinic into a multi-million dollar business?
It's possible, but you need the right mindset! In this podcast, Dr. Sterling Carter will teach you about...
How to make a family-owned business WORK (Without tearing each other apart)
Servant leadership
Why most businesses FAIL
What the Army taught him about building a business
About the Guest
Dr. Sterling Carter is an Army veteran, physical therapist, and a successful entrepreneur and business owner. In 2008, he opened his private clinic – Sterling Physical Therapy and Wellness. Then, in 2011 Sterling launched Sterling Staffing Solution with his brother to help employers find top talent. He’s also launched a transportation services company AND grown Sterling PT to 3 locations.
AND in 2018 Dr. Sterling Carter brought all his experiences together and wrote and published a book “Double Your Success, principles to build a multi million dollar business”. on how to build a multimillion dollar business.
Today, he’s going to share some of his tips on how to build a successful business.
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Listen to the best highlights from the podcasts you love and dive into the full episode