Business Budgeting For Massage Therapists
Is Your Massage Studio Profitable?
Welcome back to another Monday with the Mavens. We created the Massage Mavens blog to connect with and educate self-employed massage therapists working to grow as business owners.
It can be lonely working for yourself – and we’re here to remind you that while you’re in business for yourself, you don’t have to be in business by yourself.
While we cater our content to independent MTs, all massage therapists are welcome here; whether you run your own independent massage therapy studio, you contract in a clinic, work in spa, or you are still in school.
Does your studio make money or eat money?
One of the best parts of running your own massage therapy studio is that you get to decide where your money goes!
Conversely, one of the hardest parts of running your own massage therapy studio is that you have to decide where your money goes.
Is your money going to the right place in the right amount? Are you setting your massage studio up for long-term success by spending responsibly and saving for slow seasons?
It seems like an easy concept: bring in more money than you spend…but sometimes it’s not so easy.
Ways to check yourself before you wreck yourself (or your business’s financial future) include:
Build a smart spreadsheet that lists all of your expenses – from massage oils to monthly rent and utilities - then making sure your monthly income can cover those expenses (by pricing your services to outpace your expenses) If you’re unsure where to start on that, consider checking out our guide here: Guidebook to Pricing Your Services
Read and adopt a budgeting system that works for you. Many solo studios prefer The Profit First system. It’s not my style, but here’s the link: Profit First
Set up your accounts to automatically pay credit card balances, set money aside for savings and taxes, and even pay your own salary, so you don’t have to stress over it each and every month.
Really, I’m not here to tell you how to manage your budget. Everyone has their own taste when it comes to setting up their finances. Some people prefer High Yield Savings Accounts, some max out their Roth IRAs every year, and some choose to stuff spare cash into their mattresses…you do you, boo. (Except please don’t do that third one…there are better options)
Today is more about reminding you of expense items business owners frequently forget to budget for.
Items that most remember to account for:
Rent
Utilities
Internet
Laundry Service fees
Personal Pay
Items that tend to be forgotten:
Software Memberships: website fees, domain fees, scheduling software, music membership
License fees
Liability Insurance
Insurance on the building
Massage supplies: oil, sheets, aromatherapy, lotion, stones, cups.
Laundry Detergent
Office supplies: pens, paper, water cups, water filter, tea, toilet paper, paper towels, hand soap.
Taxes
Professional services: bookkeeper, tax preparer, etc
CEU fund
Rainy Day Savings
What other expenses can you think of?
Make sure your budget accounts for every one of those items because that is the bare minimum goal for your business’s income…less than that and you run the risk of running out of money. Not exactly a long term plan for success!
Alternatively, it is SO much fun to watch your savings grown when your budget is well-outlined (and you stick to it) - I can’t wait to see what you accomplish with yours!
Thanks for stopping by!
As always, we’d love to hear how our content has helped you improve either your studio, your mindset, or your revenue as a self-employed massage therapist.
Rachel Martin, LMT, is an independent massage therapist living in Denver Colorado. Having built her solo massage studio to capacity, she now spends her free time helping other massage therapists do the same. Check out The Bodyworkers Business Collective, Queen Street Marketplace, and The Techy MT to learn more.
