Vier Preiserhöhungen und trotzdem kein Wachstum

0:00So, tell me about the business man. What can what can I do? So, physical therapy are you guys are online Yeah, what do you tell me what you're doing right now? >> Uh so, yeah, we had started as online. We moved into two subleased brick and mortar spaces. I've been doing concierge mobile stuff. Concierge mobile had like a good margin but it just was really hard to grow with that cuz just travel time and everything. So, we just prioritized the brick and mortar.

0:26>> Yeah. >> Um when my wife Lindsay she's been crushing it. >> Yeah. >> Where we kind of hit a snag was we had we made a hire last year in September. Hired a PT. >> Okay. >> Started off okay and then just when Lindsay came off of maternity leave we found out our PT just like tanked. So, we just separated with our PT this past week. >> Got it. >> Um also our margins had like gone way way way way way down. >> Yeah. >> Um but now we've been building back up.

0:51So, we're getting back to where we were um with revenue. >> Okay. >> And then I'm going to I'm going to step in while we while we're looking to bring in two PTs. >> Okay. And this is brick and mortar, right? >> Yeah. >> Yeah, I got it. Okay. So, what are you doing for lead gen? >> Uh so, we do meta ads and Facebook Instagram ads. I'd say about 60% of our lead generation is word of mouth either through our patient base or through like um referral partners.

1:21>> heard. So, the 40% comes from ads. So, I mean right now the limited grow like how much how much more how many more patients can you take before you're at full capacity at the location? >> That is the problem is that we have these two subleases that just aren't don't really allow for us to grow. And so, like it's been kind of stuck in this cash cash flow problem where it's like I'm not able to generate enough to move out of this.

1:47>> So, I wonder I wonder if you have a pricing issue. >> Yes, so we increased our price four times over the past year and a half. >> Love this for us. >> And so our Yeah, our So our single visit rate is $279. Um so and then we we offer most of our We don't We try to not sell one-offs. So we do packages. >> Yeah.

2:12>> We have two different ones that we sell. >> Okay. What's the price point? >> Yeah. The low one is $239 a visit and the I'm sorry, $219 a visit and the other one's $239. >> And you're selling them as bundles though. You're selling them as solutions, right? >> Uh it's a plan I mean, we're not marketing it that way. We We market it as the plan of care, but I mean, yes. >> Yeah, so they come in and you're like, "It's going to take 12 sessions, so it's going to be $2,400 or whatever that is, right?"

2:37>> Yep. >> Okay, got it. Um do you have CareCredit? >> We do not. >> I would set that up. >> We do have financing option. I just haven't been using it. >> Okay. Well, I mean, if you do, typically you'll get a 30% lift in revenue when you have like a good financing partner. That happens kind of across the board. Especially if you're in high-ticket stuff like yours is and yours is something that that there's plenty of lending partners that do stuff for health. You know what I mean? Since you're in a You are you know, a doctor. >> Right.

3:03>> So like if you have the option, which you do, I would use it. Um and if you're not if you're like if no one's even needing it, then to me you still probably have some room to increase price because if you're like you're struggling with cash flow, which I'm not entire like So you've got these You have multiple locations right now that are sub-leased? >> Yeah, so because Lindsay's in pelvic health that niche, so we're we're the two places we sub-lease are multi-provider practice areas, so it's birth specialty workers.

3:29>> Yeah. >> Um so that's where we get like a ton of our referrals from and um >> Hm. Why not specialize in that? >> What was that? >> Why not specialize in that? Cuz I feel like it's got to be Okay. >> I'm I So the only reason that I'm even going back into treating is just to like bump our cash flow up a little. >> Okay. So you got to do what you got to do. Okay. >> Right. Yeah, it's not like what I wanted to launch. >> Okay. >> Uh

3:55>> But yeah, it's it's just so so we can get somebody so I can get a little bit of cash so I can bring someone back in. >> Okay. >> Um yeah, we were just like getting crushed by the lack of production by our PT and the overhead was killing us. >> Okay. So, basically, you should drive more cash flow, but is the ultimate escape path like waiting till these sub leases go out or like what? >> I mean, I'm not locked into them. At the end of this month, I'm technically out of my like they go to month to month.

4:23So, I can leave whenever. >> Okay. Well, that sounds nice, but you said she's doing well online, right? >> She I mean, so I would say the vast majority of the demand is for in person. >> Okay. Good to know. All right. >> [snorts] >> Uh even from like your Instagram stuff? >> Yeah, we I mean, we haven't been pushing the online stuff. I can I definitely can. >> You said she's in pelvic health like pelvic floor therapist?

4:49>> Yep. Yeah, she's a pelvic floor PT. >> Yeah, that's why it's in person. >> It's it's a little tough online. >> Yeah, okay. Heard. Got it. >> Well, it's not Okay, maybe. >> So, so fundamentally, we just need to make more money and the way to do that is that we have to get more people in, add financing, raise prices. Do you have any kind of VSL that people watch prior to uh to coming in? >> Uh no, but one of the guys in the mastermind I'm in >> Yeah.

5:14>> sent me his uh like his nurture sequence and it's like a clinic tour and like welcome stuff. >> So, I'm going to I'm going to mimic that and then build it into ours. >> Yeah. Well, like that like right now, you you're selling 2K plus packages and you're doing it without a VSL and without financing, which means that you probably still have room to go up price-wise. >> Yeah, and and Lindsay's close rate is 95% so it's I mean, it's good.

5:39>> you've got to like people are coming in for that are in screaming hot pain from what I understand. Um and they just had like a traumatic event or they're about to, you know, um, I would I would like I would raise the price, man. If If cash is like if you're closing 95% and you don't even have like all the sales stuff in place for like the right sales motion, then you probably have at least a double >> in that. So, yesterday you were doing one of these calls and like you I forget who you were talking to, but you said something that was like really intriguing to me and it was a little bit different than my model because I was like doing SAS stuff, but

6:13>> Yeah. >> you know, uh, one thing that you talked about was how we had like a you know, a premier program up front and it was like a really short like >> Yeah. >> eight weeks something >> Yeah. >> and then it was like cuz like right now I for me our biggest problem is I don't think we have or not our biggest, but a big problem is we don't have like strong uh, monthly recurring. >> Uh-huh. >> I think it would be interesting if like I did something similar to what you're talking to that guy where I have like a premier package for like somebody who's coming with that hot screaming pain and I said, but like I'll give you this for free

6:42>> Yeah. >> if you just come into this like >> the decoy offer. That's the decoy offer in Money Model. >> like, you know, 1,500 a day a month. >> Yeah, that's the decoy offer. That's what it is. So, they come in, you say, "Hey, this thing is $6,000 or if you just become a member of our, you know, pelvic platinum club, uh, platinum pelvic. Who doesn't want a platinum pelvis?" >> I have >> [laughter] >> Right? And so so then we'll give you this $6,000 gift for free if you just join our club, right? Obviously not club, but you know what I'm saying, right? Like you have a membership.

7:10>> Right. >> So, that So, that's like So, either or is fine. Like if you want you don't want to do any continuity, no big deal. You can just pay $6,000 today and we'll take care of you or we'll just give it to you for free when you join. And the the goodwill on that offer is crazy. >> Right. >> And it And I mean it crushes. It goes like And the way that you do this for everyone who's watching this, by the way, is you can balance how much cash you get up front by the the price discrepancy. So, I go over the metrics inside the book, uh, but basically there's a price premium of 30% cuz we we ran this test. Uh, people are willing to pay the Basically when you're at parity, meaning 50% of people will go into continuity and 50% of people just buy the one-time thing, is when the one-time thing is priced at 30% higher than the recurring. So, let's say it's 2 months is the duration of your thing, and your membership is, let's say, $200 a month.

7:54So, $400 is the membership price for 8 weeks. And if I sold an 8-week thing, and I sold it at 500, you know, $50, I'd have the same number of people who take 550 as 400. So, that's the 50/50 split, and you'll have more front-loaded cash. If you want um more like more people into membership, then you just basically keep jumping it by 10% each until eventually, like, no one, you know, takes the front-end thing, and everyone goes into continuity.

8:24>> Right. >> That's the idea. But, the goodwill on that offer is smokes. It's great. People love it. And then and then you can combine that with the wave fee offer, which is in the continuity section. Um and just say like, "Hey, if you cancel before this period, you got to pay that." And that's the way we do it. >> Love it. >> Cool. >> Yep. >> Rock and roll, dude. Appreciate you. Congratulations on the kiddos. Give Give Lynn

8:50>> I'm watching, and congratulations to the both of you. This is monumental feat. >> So, Cam and I went to uh for anybody who's watching, we went to Where did we go? We went to middle school. Middle school together, but we were neighbors. And so, >> Yep. >> from Baltimore. You can hear the Baltimore accent. Uh Um >> You know, I've been told that several times, and I I I I still to this day I'm like, I don't >> Dude, you have like a deeper southern draw than the last time I talked to you.

9:17>> Maybe. >> Yes. Okay. Well, dude, I got to hop on these other calls, but I appreciate you, man. >> Of course. Thanks so much. >> All right. See you. If you're a business owner, and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had, and what stages of growth they went through, and more importantly, where they got stuck and how they got past it. And so, we broke it into these 10 stages, and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at, and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com /roadmap, plug in your business information, and if you want us to actually help you deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team, and we will look at the business, see if we can help, and if we can, we'll invite you out to Vegas, and we'll do this in person live.