If you want to become an entrepreneur – your own boss – nothing is as lucrative as the massage therapy business. And, if you don’t want to work as an independent agent, you can find work with a healthcare provider – chiropractor or orthopedic doctor – or you can find work at a gym or spa.
Massage therapists offer many kinds of services such as:
- Sports massage
- Therapeutic massages
- Similar services
And, one of the great things about having your own massage therapy business is the ability to accept private-party payments along with insurance payments.
7 Steps To Help You Successfully Open A Massage Therapy Business
Step 1 – What Services Will You Offer
The very first thing you need to determine is what kind of services are you going to offer your clients. You could consider hiring other massage therapists to help you or have a partner to assist you in the roles that you’re not familiar with.
Step 2 – Building Location
When it comes to your space, you need to find a location that’s ideal for referral and walk-in clients. If you can’t get your own building or would rather would be a partner for or work with another massage therapy business, you want that location to be in an ideal location. If you do decide to open your own business, consider working with another company then take your customer base with you when you open your location. Don’t forget that location is going to dictate your start-up costs.
Step 3 – Pick Your Business Name
Okay, so you’ve decided to open your own business. Now, you need a name! Choose a business name, then do a search of your area to ensure it’s not already being used. Once you’ve clarified that the name isn’t taken, you can register it with the government entity to ensure the name is yours.
Step 4 – Filing The Paperwork
Be sure all the necessary documents are filed with the proper entities to avoid any potential problems in the future. Be sure to check out your government’s online division of corporation’s website to find out how to submit this information. You’ll need to figure out what kind of business will fit your company:
- Sole proprietorship
- Limited liability company
You can write these incorporation documents for yourself or have an experienced lawyer do it for you.
Step 5 – Getting Your EIN
Now you need to apply for an Employer Identification Number, which separates you from other companies. If you hire an employee, you’ll also need to have a business checking account.
Step 6 – Attain Financing
Chances are you’re not going to have the money to open your business. Therefore, you’ll need to talk with a loan lender who can help you to attain a business loan. Commercial loan lenders generally want a business plan and pro forma statement before they give you any kind of money. And, they also ask that you put a down payment in or collateral. The amount of the down payment can vary from one lender to the next.
Step 7 – You Need Insurance
You’ll need insurance to protect yourself from malpractice and liability. Call an experienced insurance agent to find out what kinds of insurance you may need as a massage therapist. You may also want to look at dental and health insurance if you plan to hire employees to work for you.