The first step in making your dream to start your own massage therapy business a reality is to compose a detailed and specific small business plan that covers every aspect of how your business will be run. You will need to conduct extensive research, plan ahead and think of every potential problem in advance.
- Skill level:
- Moderately Challenging
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Research the viability of your massage therapy business in the market by conducting polls, sending out flyers or contacting your local chamber of commerce. Contact other massage therapy businesses and ask them about their expenses or any licenses they had to acquire. Check with holistic medicine practitioners, health food stores, aromatherapy or candle sellers or even organic coffee shops to see if they would be interested in partnering up with your business and work out of the same space to share costs.
Write out your objectives for your business, the overall mission statement that the business will live by, and the specific actions your business will take that will be the keys to its successful operation.
Create a summary of your company that includes information such as who owns it, whether it is a Limited Liability Company or Sole Proprietorship, and the experience the founders of the company have in massage therapy.
Make a highly detailed and specific list of the initial start-up cost and monthly expenditures that the business is project to have. Consider every single item or service that will need to be paid for in connection to the business and be sure to include minor things such as utilities, toiletries, and cleaning supplies, which can quickly add up to large amounts. Think about the major expenses you will have to pay for initially such as the cost of buying, building or renting a building, as well as the cost for the speciality beds, tables or chairs you will have your clients use. Consider if you will be using extras during sessions such as incense, aromatherapy candles or music.
Decide what specific massage therapy services you will offer, what the hours of operation will be, and how much you will charge.
Analyse the market research you had previously conducted and clearly explain why that research shows that your massage therapy business would be viable in the market.
Come up with an effective advertising strategy that you plan to use as soon as your business has gained funding. Focus on aspects such as the stress caused by daily activities and how massage therapy can help alleviate it. Tailor your advertising to the community you will be in, such as talking specifically about back or neck pain caused by construction work.
Finish your business plan by describing how you will go about implementing your business strategies and how you will structure your management team.
Tips and warnings
- There are many books, websites, college classes, and even high school courses that can explain how to build a business plan step by step.
- Do not rush a business plan or gloss over any of the details, as most financial institutions base their business lending decisions on the merit of the business plan brought to them.
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