We explore the silent burden of business debt in therapy practices and provide a clear, systematic approach to breaking free from financial stress without sacrificing growth. Through practical strategies like the debt snowball method and creating dedicated "debt destroyer" accounts, practice owners can regain control of their finances and build a permanently profitable business.
• 60% of small businesses carry outstanding debt, with 40% having over $100,000
• Credit card debt among small businesses has doubled in recent years
• Reactive approaches like increasing revenue alone or cutting owner pay lead to burnout
• Business cycles between "foundation years" and "growth years" - know which phase you're in
• The debt snowball method focuses on smallest balances first to build momentum and free cash flow
• Creating a separate "debt destroyer" account helps maintain focus on debt elimination
• Weekly payment rhythms for credit cards prevent debt accumulation
• Building a 3-month emergency fund prevents future debt cycles
Ready to make your therapy practice permanently profitable? Visit therapybusinesspod.com to learn how our coaches can help you implement these systems and break free from the debt cycle.
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*Intro/outro song credit:
King Around Here by Alex Grohl
