Starting a new business is one of the most exciting things you will ever do, and even the most frightening. There is usually a lot of ambiguity and questions more than what you’ll find answers too. Business will get you speculating about the amount capital you need to invest, the initial and long-term expenditures that will be involved, and the expected returns. And it’s rightly said, business does involve risk
However, most people can find it difficult to even kick-start a business without being aware of the expenditures and funding that would need to be done. Here, we are going to talk about how difficult it could be to know what to purchase first if you ever wish to start a massage business.
You have got a great plan as the base for your massage business and also managed to acquire a good business loan, you may still find it difficult to understand your initial expenditures and how you need to be about a funding cycle.
To help you start off with your massage business on a good note, the following list is of a first few expenditures, some of which you really can’t afford to skimp.
Before going ahead, to give you a little interesting fact, starting your own massage business can cost you as low as $6000!
In most states in the U.S., massage therapists need to be trained and licensed. In the U.S., the American Massage Therapy Association (AMTA) has the licensing authority, under which licensed massage therapists are considered certified and professional. If it is about acquiring some form of professional training either for you or your employees, you can consider tuitions at massage schools. Investing in a few hours of professional training wouldn’t really cost much.
Look out for the initial registration and license application fees. You will have to pay a small but a number of nominal fees, examination charges, renewal license fee, amongst a few. If you intend to open your own massage facility, or intend to work from a client’s home or even your home, you will still have to pay establishment fees, as according to the state authorities in this regard.
Insurance is something that will always back you up during emergencies. Frankly, it is something that will pull you up if you ever had to fall down. Make sure you have your insurances lined up, understood, and worked on properly. Typically, massage therapy insurance includes-
- Comprehensive general liability
- Products liability
- Personal injury liability
- Medical expenses
- Sexual abuse liability
- Damage to property/premises (if you’re on lease)
- Workers’ compensation and Commercial auto coverage (both of which are conditional)
The type of equipment you would need to purchase highly depends on your type of workspace – do you wish to work in a studio or from your home? If you wish to have your own massage facility, the following could come to use as a part of your professional equipment-
- Accounting and appointment scheduling software
- Office supplies
- Magazines (as a part of relaxation/massage session)
- Gloves, masks, pillows, stools, cushions, candles, massage tables, chairs, carts, hot and cold stone supplies (Almost the things that come to use during a massage session, either at a studio or your home.)
- General office supplies
In addition to the above, a professional massage facility would need to spend on gas, laundry, décor, and furniture.
To add to the top, an additional expenditure here is to rent a commercial space, which varies on a number of factors, geographical to be the clear determinant in this case. This rule works not just for a massage but for any business. Depending on your preferences, business idea/plan, and budget, you can work on choosing a feasible location, which shouldn’t end up burning a huge hole in your pocket while starting a business. But you can ensure that the location is convenient for your customers and target audience.
Let’s start with stating some of the most common advertising supplies that you would need as a starter-pack for your massage business- business cards, fliers, greeting cards, gift certificates (conditional), brochures, gift bags and boxes (conditional), postcards. And, maybe a website. But apart from a website that will also cost you less, the other supplies are available at very nominal prices. Items such as postcards and business cards can also be made at home. But yes, your business’ marketing supplies are one of those few initial expenditure that lies ahead of you when starting your business.
Starting a massage business only requires a great idea, careful planning, and wise financing with your investments and expenditures. To give your massage business a boost during the initial stages, the above are a few expenditures that you can expect to come in the way. After and other than that, if you play it right, any idea can turn into a great business!