A well-crafted business plan is a cornerstone of success for a new massage business. In addition to providing a budgeting framework, a well-written business plan can help you stay on track as you strive to achieve your business goals.
Below are five best practices to follow as you prepare your business plan for your massage business.
1) Set realistic yet specific financial goals and hold yourself to them
"Did you know that 60% of businesses that fail do so because of cash issues? Many small business owners don't understand the importance of regular planning and forecasting: and it's hurting their businesses because they haven't planned for potential challenges and don't have any kind of strategy for dealing with them." - Sabrina Parsons, CEO of Palo Alto Software
Your massage business will need money to grow and prosper. Whether you choose to approach an angel investor, a bank, or another type of lender for capital, you should think of lenders as prospective investors in your business. They will want to ensure that you will be able to repay your loan and will review your massage business plan with a fine-tooth comb.
The financial goals and forecasts that you provide should be realistic, yet should cause a potential lender to say, "This is a clear massage business plan and I think this business has a great chance to succeed."
2) Develop a strategic marketing plan
A well-orchestrated marketing strategy is essential to your massage business plan, and a key element for business success. If you lack marketing expertise, it is a good idea to outsource your marketing planning to a qualified industry professional - even if you can only afford to pay for a few hours of services per week.
Ideally, you should choose a professional with a proven track record of success in the massage industry. In addition to working with you to create a strategic plan, a marketing specialist can help you develop the following for your new massage business:
- A stellar website that is user-friendly, easy to navigate, and captivating to visitors
- Helpful content that will improve your SEO and help draw prospective clients to your business
- E-mail marketing campaigns that will advertise your services and promote your brand
- A social media presence that will help you engage with new and existing customers
3) Invest in your education and training
"Heightened massage therapy education and training standards will include highly qualified and well-prepared teachers. Such teachers will be more effective, and massage programs will graduate well-educated massage and bodywork practitioners who will perform better-quality massages—and who could therefore command higher pay." - Naomi Olivae, Ph.D.
There is no substitute for education and training in the massage industry. One of the best steps you can take to help your massage business prosper is to ensure that you are properly trained by an approved training provider. Receiving approved training from a massage school or college in Australia or New Zealand will bolster your legitimacy as a massage therapist and will enable you to enjoy affiliations with professional organisations, including the IICT.
4) Make sure you are well insured
Failing to include insurance costs in your massage business plan is a recipe for disaster. And while the cost of business insurance might cause some business owners to have second thoughts, you will put yourself at risk for a career-ending lawsuit if you fail to invest in the proper insurance policy. Fortunately, there are some simple steps you can take to help lower your insurance costs. To read more click here.
Here at the IICT, we know many massage business owners who could benefit from lower business insurance costs. That is why we've partnered with Aon, Australia’s largest insurance broker.
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5) Review your massage business plan on a regular basis
"We often make the mistake of thinking of a business plan as a single document that you just put together when you're first starting out and then set aside. Something to check off the to-do list and be done with. But in actuality, the business plan for any business will change over time as the business develops..." - Susan Ward, The Balance Small Business
Business planning does not occur in a vacuum. Businesses evolve and change as they grow, and you may find that you need to amend your existing plan or create a new massage business plan to enable future growth and success. For instance, if you originally forecast fifteen customers per week but you are fortunate enough to average 22 customers per week, a revision to your plan is in order.
Make a point to sit down every month to review your business plan. If possible, review your plan with a seasoned mentor or adviser. This will help you to hold yourself accountable for your financial goals and highlight the need to make revisions to your plan if necessary.
What is the single best way to ensure your massage business prospers?
As outlined above, proper planning is vital to the success of your massage business. Aside from creating a strategic plan, the single best step you can take to give your massage business a jump start is to join the International Institute for Complementary Therapists (IICT). The benefits of joining IICT are numerous and increase with your elevated membership levels. Here is a look at some of the many benefits IICT membership offers:
- Access to insurance discounts
- Permission to use the IICT name and logo
- Discounts on training courses
- Professional customer support
- Free subscription to helpful member newsletters
- Certificate of professional membership
To learn more about the benefits of IICT membership, we invite you to contact us today or click here. Our new member application is easy to complete and you can start enjoying the benefits of membership for less than fifty cents per day.
We look forward to serving as your most trusted resource as you launch your massage business!
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