3 Ways to Minimize Your Risk as a New Practice Owner

You’ve got this idea burning in the back of your brain. Ok, maybe it’s just a tickle of ‘what if?’ that comes up from time to time. But you’re listening. And you’ve been listening for a long time. And that voice is still there, poking and pestering and asking for a chance.

When is the right time to give your idea some oxygen, some attention, and some room to grow? Right now.

Here are three ways to give your idea some serious support:
1) Launch your new idea as a side hustle
2) Find your superfans
3) Give your idea a timeline and a goal

You see yourself as a business owner, an independent kinesiology contractor, or the developer of new products or services to help your ideal client through a specific transformation to better health. But how on earth are you going to breathe some life into this thing AND work full time AND manage all the other things on your to-do list? Step by step. It’s the only way!

1) Launch your new idea as a side hustle

Create quiet space in your day to work on your idea. First thing in the morning is usually the best time for quiet yet energized thinking. Dedicating 30 to 60 minutes of full, uninterrupted attention to writing about your future business will give your idea structure and direction. Yes, this might mean getting out of bed just a bit earlier! Start by finding a business plan template online to guide you through each decision that will be critical to your success.

While you are still employed as a kinesiologist, make sure you are learning as much as possible about your favourite kind of client. Like everything. Your business planning will take you through a wide variety of questions to consider and guide your learning process.

Aim to work on your business plan in small steps for four to six weeks. Writing a little every day will make this process easier on your mind. It’s a big project that needs to be done. The first draft is the hardest part!

Here is a sample of the areas you’ll need to think about as you draft your plan: What is your ideal clients’ age range? What activities do they enjoy? What is the biggest pain point that they are looking to you to solve? Who is referring these new clients to you? Do these referral sources have any specific challenges with their patients or clients that you can help solve at a larger scale? Who else is providing services to these clients that are similar to yours? What makes you different? What makes you the better choice?

2) Find your superfans

Your biggest cheerleaders and supporters are your superfans. Write down three to five people that you can quickly identify as superfans. This group always has your back. They’ll tell you when it's time to settle down just a little, avoid the bright and shiny ideas and focus your attention on your ‘one thing’. They will tell you when you’ve hit it out of the park or if you’ve struck out.

Your superfans are going to be your very first test group for your new product or service. They may be people who could be in your ideal client group, a mate, a close friend or a parent or two. You need to trust that this group can be very honest and not worry about hurting your feelings. Check your ego during this process! Ask your superfans to try what you are offering, provide you with honest feedback about whether they would buy and recommend what you’re offering. Listen closely as they give you suggestions for your next version - cause there will be a next version!

Pretend that your superfans are your best clients. Have them fill out a simple survey for you so you can carefully track their recommendations. Understand their results thoroughly. Ask your superfans how easy your product or service was to access and use. Ask them to tell you the price point they would suggest for the value you offer.

Find out exactly what results your superfans got from the transformation you led them through. Examine the timeline they needed for success and how you can best support them along the way. As mentioned above, it’s critical to hear both the good and the ‘you can do better!’ suggestions, so you have reliable input on how to improve your offer for the next round.

3) Give your idea a timeline and a goal

I get it. The idea in your head has been there for years. Why let it out now? Well, why not? How will you ever know if you really have the solution that your ideal clients have been looking for? The thing is, you could be ‘developing’ your product or service for years too - and not ever get to the launch phase. And that’s a dangerous place.

When you get your idea down on paper (or laptop, phone or tablet), map out how long the ‘lifecycle’ of your product or service is. Is it a 'one off’ purchase? Something with a renewable monthly subscription? A series of sessions or lessons?

Next, pull out your calendar and jot down potential start dates. How much lead time will you need to advertise your new product or service? A month? Two weeks? Start to figure out how that will look. Will you advertise on social media? Through your email list? Draft some posts, do some writing and - launch!

You’ll never hit a goal if you don’t muster the bravery to jump into the game. Give yourself some grace to try. You’ll quite likely surprise yourself with your success!