Befriend a Better Banker
because independent massage therapists deserve a bank that’s in their corner.
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.
Befriend A Better Banker
When you run an independent massage therapy studio, or any kind of business, really…you need a bank that does more than just meet the bare minimum requirements of a user friendly app with agreeable fees and credit cards that fit your needs.
You deserve a business banker you know by name.
(And who knows yours, too).
My business banker is named Odane.
He is with First Citizens Bank. He manages the branch five minutes down the road from my studio. And he is a salaried employee…so no, he doesn’t get commissions for pushing me to sign up for the latest and greatest credit card…
Now, am I saying this because I think you should go find Odane and sign up with him? No! Unless you’re local to this area, and the accounts offered by Odane’s bank make sense for your business…then that would just be silly. (But! If you are an MT in the Denver metro area, maybe consider it. He’s been a Godsend. )
My banking story:
When the pandemic started and lockdown hit, Odane and I sat down and made a plan to ensure my business could financially survive the season.
When I wanted to invest in an electric-lift table but didn’t have the cash up front, Odane did the busy work to get me set up with a business credit card (with a 15mo interest-free period, to boot!)
When I wasn’t sure what the PPP was, or whether I qualified for it, Odane walked me through each step of the process. He also helped me apply for and secure a EIDL loan from the SBA.
When I wanted to move into a larger building and get started on my goal of building a co-op massage community, Odane helped me secure a line of credit for the renovations.
What I’m getting at is that, over the years, Odane has found tens of thousands of dollars for my business that I would not have otherwise known how to access.
On top of helping me find money in places I didn’t know to look, he has helped me outline a simple and sustainable repayment plan any time I took out loans or credits that needed to be repaid.
The bank I worked with before I met Odane? They were nothing but hassles and extra fees.
If you are a solopreneur, you deserve an Odane.
If your current bank is anything less that a 5 star experience, take this as permission to start shopping.
Shop for banks that prioritize relationships, and want to understand your business and your needs
Shop for banks that offer minimal fees
Shop for banks that offer business credit cards with interest free periods
Shop for banks that offer business credit cards with rewards incentives (hello, Hawaii!)
Shop for banks that are willing to sit down and talk with you one-to-one
What bank/banker have you found that helps support your journey as a small business owner?
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 Six Figure Studios, Queen Street Marketplace, and The Techy MT to learn more.
