Typically, expenses related to starting your massage business are going to cost the most. There are definitely ways that you can keep these costs to a minimum, but you should be prepared for the likelihood of having to dig fairly deep into your savings. The most important start-up areas that require investment include the following:
To work as a massage therapist in most states, you need to be qualified and own a license. The length and cost of this training are largely dependent on where you live but you can expect to pay somewhere between $3000-$8000.
Application and Registration
Depending on what state you live and work in, the massage therapist license and application have an associated cost of around $100. These generally expire after 2-3 years, meaning this is an ongoing expense.
Rent is undoubtedly the most expensive cost associated with starting your own massage therapist. The actual price of rent is highly dependent on your geographical location and the size of your facilities, and you may decide to work from home in the early days of your career so as to save costs.
Having comprehensive insurance is an absolutely essential component of owning your own massage therapy practice. This will protect you in the unfortunate event of malpractice suits, and can potentially save you money in the long run. Insurance can cost anywhere between $200-$600 annually.
Expenses towards marketing and advertising
Marketing your massage therapy practice is the best way for you to spread information about your services. The specific type of marketing that you invest in will differ, but it is definitely a good idea to look into generating referrals and reviews as a method of attracting new clients.
It is probably a good idea to invest in a new landline specifically for your business, in addition to using your mobile. Although this is a smaller cost, it will still influence your budget and so needs to be accounted for.
Processing credit card payments incur costs for businesses. Whilst you may choose to primarily offer online payment options (which is a good way to cut unnecessary costs), it is also important you are as flexible as possible in order to cater to patient preferences.
As a massage therapist, there are a number of different types of equipment that will help ensure your business is successful and increase your customer retention rate. In addition to massage tables, oils, towels, and sheets, you may want to consider investing in massage therapist software to help streamline certain practice management tasks.
Accounting can either be done in-house or with the help of an outsourced accountant/bookkeeper. Both of these options are suitable, and each will incur its own expenses. Accounting is an extremely important aspect of helping your business reach success, so it is important you spend a bit of time perfecting this process and ensuring you have effective protocols in place.