We’re going to give you something special… at our recent 007 Mastermind we held a Q&A session with Ryan and our four marvellous winners of our Business Genius Award. The session was packed with golden nuggets for running a successful practice and tips to get the best out of your team. The session was so long that we’re going to give you the best bits here in two parts… so look out for the second part next week!
Ryan: Please welcome to the stage Oliver Crawford, Felicity Crone, Lou Edwards & Paul Green, and Gareth Ward… we actually have two people here who’ve opened their practices quite recently with Gareth in March 2020 and Lou in September 2020.
GW: March 2020 delayed to May 2020
RR: Gareth opened the week of the first lockdown
GW: I just wanted a holiday early haha
RR: So, if you guys could all tell everyone how long you’ve been with me for and a little bit about your clinic.
FC: So, my practice is in a tiny little town called Banchory in Aberdeenshire, Scotland. There’s a population of 8000 people and it’s very rural. The practice has been going now for nine and ½ years and there are now 21 of us. We have five associates, eight CAs, one practice manager who’s here with me today Vanessa.
OC: So, I joined Ryan around a year and a half ago; I had a really small clinic and there’s 11 of us. Two associates, myself, three massage therapists, three CAs, a practice manager and my wife who’s like the CFO. We just recently, two weeks ago, moved into a much bigger space with seven to eight treatment rooms and a massive reception. Basically, the dream practice that we really wanted. We’re located just west of Birmingham.
PG & LE: (Paul) So I’m not a chiropractor, I run gyms, but a space became available beneath my gym in September 2020 and Lou developed that into the chiropractic clinic that it is today. It’s been an interesting journey for me being from a gym background to see the chiropractic clinic grow and how it grows. It’s certainly a fascinating journey and I’m going to pass now onto Lou as she can explain it a little more than me.
(Lou) So Paul’s actually a financial director so he’s in the know with our numbers and everything. Our clinic is near Oxford and we have quite a lot of space, I think we took on 2,500 square feet. We’ve got five consultant rooms, two quite big open plan adjustment areas with two associates right now and another starting in February and that’s within a year’s period so we’ve growth quickly. It’s been very hectic and quite challenging; lots of ups and downs but it’s worth it. I was at Halsa for two and a half years so it’s nice now to be in the thick of starting on our own.
GW: So, I’ve got a practice in Wokingham, as Ryan said I opened for a week in March 2020 and shut for seven weeks, and there were some tears. Since then, it’s been insane. It’s just me as the chiro but there’s a sports therapist who’s been here since last June. But yeah, it’s been an absolutely insane journey so far from where we started to where we’ve got to right now. Inside the clinic, we’ve got a nice big adjusting area with benches across and three other rooms upstairs.
RR: Talk to us about some of your results and how things are going?
GW: In terms of the practice itself, it’s such a beautiful space and I can drive there in under two minutes which is amazing when you have three young boys at home. We’ve gone from zero to over 400 visits per week, which of that I see the top 330 in terms of per week visits and we turned over around 360k in the first year going from May 2020 to May 2021
RR: What’s your run rate at the moment?
GW: God, it’s well above 40/50k at the moment per month. And in our second year maybe hitting 650k in terms of turnover.
LE: So, we started pretty much from scratch and we’re on 450 visits per week at the moment across three chiropractors. I know this probably doesn’t sound big to a lot of you but I saw 200 last week and I know that’s not big but for me in my second year of practice it’s a good step.
RR: What? That’s huge! Do you know many people would kill to personally see 200 people in a week? Everyone. 100 in a week is huge, that’s massive what you’ve been doing and only in your second year of practice. Wow.
PG: I guess like Lou said we began from a standing start and just last month we hit just under 70k, so that puts us moving towards a 7-figure business next year with one further associate. And again, coming from a gym background to do that in a year coming from any standard of industry is phenomenal but certainly it’s been an eye-opener for me. And no VAT as well.
OC: Our year actually ends in two weeks’ time at the end of November, and we’ve had 34% year on year growth which we’re really happy with. So, we were at 340k last year-end and we’re going to be at 480k at this year-end in two weeks’ time or around close to it. And what you don’t yet know Ryan is that we’ve raised our prices for our existing patients; we had a big flurry of people wanting to lock in their existing plan price so as of two weeks ago in October we actually had a 50k month which is great. We were at 34k 18 months ago when we started in March 2020, meaning we’ve had a 77% increase, which is huge for us. I’ve also been able to take down my adjusting days from four to three a week meaning we’ve been able to keep the profits up pretty high and reduce my contact hours allowing me to be more strategic with my hours and focusing more on leadership and coaching.
FC: So yeah I’ve not even been in the Inner Circle a year, but I joined because my old coaching group while brilliant also made me feel like I’d hit a bit of a ceiling and then I come here and it’s like ‘wow, look at the results all these guys are getting’, which was a big drive to join – well and Helen Harding and Ollie Crawford told me to. Our monthly run rate is close to double that since before we joined which is amazing.