Thursday, 21 July 2016

Michael Milnes - Starting a Physical Therapy Practice - The Business Behind the Business

When Michael Milnes started his own physical therapy practice in 1997, he had some idea of how he wanted to structure his business and his plans to grow. But he soon learned that it takes a lot of business savvy to run a practice. After getting some advice from a college friend who studied business, Michael Milnes knew he needed to develop a solid business plan if he was going to be successful. He started by answering some questions.  Michael Milnes
  1. How will the business be successful?
  2. What will make the business unique and stand out from the competition?
  3. Where will the money for the business come from? Investors or out of pocket savings?
  4. How much money is needed for startup costs? How much is needed for the first 6 months? How much for the first year?
  5. What is the target revenue so the business will be profitable? What are the financial goals for the first year and the first 5 years?
  6. If there are partners in the business, how will they play a role? How will important decisions be made? How will new partners be added? How will partners be removed?
  7. Will there need to be employees? If so, how many? What will the hiring and training processes be like?
Michael Milnes considered questions like these before opening his practice almost two decades ago and continues to revise his answers to fit the needs of his growing business. He is proud to have won the ‘Best in Rochester’ award from physical therapy in 2008 and 2013.

Tuesday, 12 July 2016

Michael Milnes - Starting a Physical Therapy Practice - In Rochester, MN

Michael Milnes started his own physical therapy practice out of his home in Rochester, MN 18 years ago. He has since expanded to two office locations in Rochester and is excited to keep growing. When opening his first location, he wanted to find a space that blended old and new and chose a Victorian home in a busy area of town because Michael Milnes understood how important a good location is for any kind of business.

Michael Milnes Business can succeed or fail based largely on their location so making sure to find the right spot is crucial. Consider these questions before signing a lease or putting in an offer on an office space.
  1. Is the location easily accessible to the patients that will be going there? Knowing whether the layout of the building and size and proximity of the parking lot fit with the patients is important to consider.
  2. How much space is really necessary? Sure it would be nice to start out in a large space and have room to grow, but it may make more financial sense to start small and expand later when the business needs it.
  3. How’s the competition? Moving into an area already saturated with the same type of businesses may or may not be the right choice. Researching what types of business are near the prospective one will often help narrow down an area.
Michael Milnes opened his first office location in a historic area of town and is expanding across the city to increase his client base and provide easier access for existing patients that live in the area.

Monday, 4 July 2016

Michael Milnes - Starting a Physical Therapy Practice - Partnership or Sole Ownership?

Michael Milnes is a physical therapist who lives and works in Rochester, MN. He opened his own home-based practice 18 years ago. Although the practice has now grown to two separate offices with a handful of employees, Michael Milnes still remembers the days when it was starting out. Although it is a lot of work and stress in the beginning, he knew it would be worth it so he could provide his patients with the best care possible.


There are many things that need to be considered before deciding to opening a private practice. Deciding whether the business will be a sole ownership or a partnership is one of the first big decisions that need to be made. There are pros and cons to both.

Adding a partner to the business can often fill in the missing pieces and help make the business more stable, especially in the critical first months and years. Partners can often bring experience, more clients, seed money and new ideas to the table. Having someone to share the risk is also a plus so it isn’t all on one person’s shoulders.

Having a partner will mean less freedom to make decisions and possible slow down progress and changes that one person wants to make. Going solo will allow for total freedom to mold the practice. It also means not having to split profits with anyone. But, with a greater possible reward comes a greater risk, with all the financial and administrative burden being on one person instead of two.

Michael Milnes decided to start a solo physical therapy practice and has been very successful since.