Issue link: https://www.massageandbodyworkdigital.com/i/1338685
The Money Part. Do you have the fi nancial resources to sustain yourself while getting your business established? Few business owners will have immediate success when they open their doors, and they'll have to recoup the money they invested before making a profi t. It's wise to make a household budget and carefully analyze how much money you'll need to meet both your personal and business obligations, such as monthly rent, utility bills, etc. This is where plan B becomes important (more about that later). If you plan to have 30 clients a week but are only getting 20, can you still meet your fi nancial obligations? The Paperwork. Are you a good recordkeeper? Do you know where your tax forms are from last year, and are you good at keeping documentation organized? Or is everything spread willy-nilly here and there? Do you hope you're not audited because you have no idea where all your receipts are? Being a business owner requires careful recordkeeping. The Dirty Work. Are you a good housekeeper? Unless you can afford to hire a cleaning service, you'll be responsible for keeping the offi ce clean—vacuuming, scrubbing the toilet, taking out the trash, dusting, mopping, cleaning the windows . . . the whole nine yards. I'd never make the claim you could eat off the fl oor at my house, but I've always been able to make the claim you could eat off the fl oor at my offi ce. Therapists who are employed by others typically don't have to worry about those details, but as a business owner, you have to think about everything. THE BUSINESS PLAN If it isn't in writing, it doesn't exist! At least, that will be the attitude at the bank if you plan to get a loan to open your business or purchase real estate. Even if you're a lone practitioner who isn't going to the bank, write a plan. A business plan includes the objectives, the mission statement, a description of the keys to success as visualized by the entrepreneur, the company highlights, biographies of the owners, start-up budget Products and Services as Possible Revenue L i s te n to T h e A B M P Po d c a s t a t a b m p.co m /p o d c a s t s o r w h e reve r yo u a cce s s yo u r favo r i te p o d c a s t s 75 Initial opening investment budget for rent and utility deposits, business license, insurance, offi ce furnishings, and supplies $10,000 Monthly expenses, including rent, utilities, phone, internet, laundry service, self- employment tax, webhosting, online scheduling $2,000 Monthly gross income, including room rental from other practitioners, classroom rental, community classes, and massage income $5,000 Monthly net income $3,000 Swedish Massage $75 per hour Deep-Tissue Massage $80 per hour Salt Scrub $60 Rolfi ng $125 per session Nutritional Counseling $75 per hour Personal Training $50 per hour Basic Facial $75 Deluxe Facial $100 Yoga $10 per class Classroom Rental $35 per hour/ $150 per day Start-Up Expenses