How to Start an Online Business as an OT: A Financial Perspective

It takes money to make money, but the good news is that starting an online business as an OT isn't nearly as expensive as starting a brick and mortar private practice.

No renting out a physical space.

No fancy therapy equipment.

No expensive documentation system.

Your biggest online business expense is most likely going to be business coaching. 🗣️

I've talked to countless OTs who were perfect for online business and ready to get started, but when they're told how much an online business coaching program like ours costs, they go:

"It's just not in my budget."

I want you to imagine for a second that you're opening up a brick and mortar clinic next month. 

You don't have a lot in savings, but you still want it really bad. The timing is perfect in your life.

What would you do? 🤔

Most likely, you're going to do what every other clinic owner did. You would apply for a business loan.

You're not going to compare the business investment with your mortgage payments or your car lease payments.

Business expenses ≠ personal expenses.

You'll have a separate ledger to keep track of your business expenses and profits, and trust that over time, you'll make back your investment, pay off that business loan, and profit for years to come.

Well guess what? Online business isn't any different! It just requires significantly less startup costs and gives you limitless earning potential.

Investing in online business coaching is an expense that will help you MAKE money. 💸

I've taken advantage of virtually every business financing option that's out there. Payment plans, fast-action bonuses, putting expenses on a business card... you name it. 

There were times I thought that I couldn't afford a coaching program that I really wanted to join either, but I broke through these self-limiting beliefs that were trying to keep me broke in the long run.

Here are seven different ways to fund your side hustle startup without breaking the bank:

1. Put It on a Credit Card 💳

You don't need to foot the bill of starting an online business up front. Use a credit card to defer payment and slowly pay back what you borrow. Look for interest-free credit cards to avoid racking up fees. Just make sure to make your minimum monthly payments back on time so your credit score stays good (I like to automate my monthly payments so I don't miss any). 

2. Increase your Credit Line 📈

If you have a credit card but need a bigger credit line, you can call your credit card provider and ask if you qualify for a credit line increase. As long as you have a good credit score and good payment history, you just may qualify.

3. Open Up a New Credit Line 🆕

If you don't qualify for a bigger credit line, you can try opening up a new credit line. This lets you have two or more pools of money to borrow from instead of relying on just one. You'll definitely need a good credit score to do this.

4. Sell Some Valuables 💎

People sell their unused or gently used valuables online all the time on platforms like Craigslist, Ebay, Facebook marketplace, and more. If you have valuables like jewelry, electronics, or collectibles gathering dust in your attic, give them a new life by selling them. 

5. Take out a Business Loan 🏦

Just like how brick and mortar owners take out business loans to get started, you can too as an online business owner. Make sure to do your diligent research, understand terms of the loan, compare interest rate options, and negotiate if needed.

6. Debt Collection 💰

If you've ever loaned out money to a family or friend before, starting an online business is the perfect reason to ask for your money back. Get instant funds without taking on more debt.

7. Phone a Friend or Family 📞

If all else fails, think of a trusted family member or friend who you can ask for a loan from. Make sure to outline the terms of the agreement in writing for both parties, including when you plan to pay them back.

It takes a healthy dose of delayed gratification to start an online business, because you don't always see a return on your investment right away, just like with a brick and mortar. 

But by investing in online business, people get the foundational skills to make wayyy more money than they're making now as a clinician. 

We're here for you whenever you're ready to start your online business transformation. Check out our Business to Boss coaching program to see how we can help you make your investment in online business worth it.