Building a Profitable Massage Therapy Studio Is Simple.
Not to be confused with easy.
(But also kind of easy in the grand scheme of life)
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.
Building A Profitable Massage Therapy Studio Is Simple
So you’re a massage therapist thinking about going solo? That’s awesome!
And before you take the leap, you’ve googled how to set up a studio, and now you’re here? Well done!
Conversely, maybe you’ve taken the leap, and are learning as you go? Also Awesome!
Or, as we just today ended Tax Season for last year, you’ve realized you weren’t actually building a profitable studio and are hoping to start fresh? Amazing! No time like the present.
Either way, you’re here to learn about building a profitably massage therapy studio, so let’s get down to business.
To build a profitable massage business, you’ll need to do the following:
Go to Massage School, get licensed, and purchase your liability insurance.
Set up a business entity with your state
Find an office in the area you wish to work.
Get organized - set up your business bank accounts, your bookkeeping software, your scheduling software
Get specific about the kinds of services you want to offer, the clients you want to serve, and the prices you need to charge (*see step 10 for more)
Build relationships with adjacent professions like Chiropractors, Estheticians, OBGYNs etc that align with the clientele you want to reach.
Attend networking events, utilize social media, optimize your website, and consider referral reward programs to attract new clients.
Retain clients by giving exceptional service in a clean environment, addressing their needs, and rebooking them for ongoing sessions.
Streamline your day-to-day business tasks like scheduling and billing to cut costs while also keeping you free to give massages instead of answer emails
The Important One: Bring In More Revenue Than You Spend.
Now before you roll your eyes and click away…
Yes, I know this list feels like it should be common sense!! Especially # 10.
But believe me…after five years of the solopreneurial journey, I’ve realized it’s not so common.
Even if you bring in $150k/ year in revenue…if you spend more than that, you aren’t profitable. Go figure. ;)
So. A Step-by-Step Breakdown On How To Ensure You’re Profitable Going Forward.
Step 1. Massage business owners need to understand their Needs and Expenses ( ie Create An Accurate Budget) to set their Revenue Goal.
These include:
Monthly office rent,
Monthly massage supplies,
Yearly Insurance,
Yearly License,
Yearly CEUs,
Personal Pay you need to pay yourself,
Taxes you need to set aside,
Savings to set aside for sick days, snow closures, and slow seasons.
And more, depending on your business
Add all those up and you’ve got your Revenue Goal! Now go earn it (or more) by pricing your services appropriately.
Step 2: Set Your Prices
You figured out you’ll need to bring in $100k per year in revenue to pay yourself well and cover all your expenses based on the list above? Great!
How many sessions do you want to service in a year? 800? Awesome!
So $100k in revenue divided by 800 massages = $125 per session.
*Personally, I price up just a bit, so if I give fewer sessions due to an injury or etc, I’ll still be okay.
Step 3: Stick To Your Plan
As long as you follow steps 1-9 while staying true to your budget, you’ll be well on your way to a profitable massage therapy studio in no time!
*And remember that most businesses are not profitable for their first few years. The burden of up-front expenses combined with limited income while you build a clientele is sometimes unavoidable. Don’t fret. Stick to your goals and budget, and you’ll get there.
Did this article leave you feeling overwhelmed? That’s okay!
The Bodyworker’s Business Collective is here to help.
Check out our Bodyworkers Business Bootcamp for help getting your solo studio off the ground. We walk you through everything outlined above. Everything. 130 pages of guided exercises to get you organized and building momentum.
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.
