Is A Massage Therapy Business Profitable?
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It can be gratifying to run your own business, whether you're a qualified therapist or on the way to becoming one. As well as the satisfaction that comes from being your boss, there are other advantages too, like having the freedom to choose when and where to work.
Opening your own massage business can be a rewarding experience, but you need to be prepared and willing to do the research into your financial health, projections, and stability.
As you plan to open your own massage therapy business, there are a few elements you must consider. What kind of brand will you have? What kind of therapy room will it have? What about health and safety guidelines, marketing, and customer satisfaction?
Today, we will explore the profitability of operating a massage therapy business.
So, let's jump right in!
3 factors that will influence profitability
To be profitable, massage therapists must understand how to increase revenue and decrease costs. Some factors will help drive profits up while others can cause a downward spiral in your business.
To understand profitability, it's important to know what affects it. Three major factors are labour costs, supply costs, and revenue per client.
Labour Costs: In addition to paying your therapists, you must also pay for their training and ongoing training. You must also budget for rent and any bills that need to be paid. These are all direct labour costs that must be paid regardless of how many clients you see each month.
Supply Costs: Your supply costs include items such as lotions, oils, and towels as well as other supplies like toilet paper rolls or napkins for your waiting room. If you provide services such as manicures or pedicures, you may also need to purchase tools like nail files or clippers.
Revenue Per Client: Revenue per client is influenced by several factors including price point (what you charge for each), the volume of sales, and the number of clients.
How much does a massage therapist earn?
We’ve explored the factors that will influence profitability but the question we need to ask is, how much does a massage therapist make?
The average hourly pay for a massage therapist in Australia according to PayScale is $28.40- $50K to $60k per year working full-time. However, that number can rise to $101K a year depending on experience.
However, it should be noted, that your location can also determine your hourly fee, for example, a massage therapist for a spa may have a different hourly rate from one who’s in a doctor's office.
What needs to be considered
So how do you know if the time is right to start a business and more importantly, will it be profitable? The answer lies in one word – research.
However, as with any business, when you work for yourself as a Massage Therapist, you'll be responsible for finding your clients and making sure they're available to see you.
This can cause extra stress in having to find your income compared to being employed with a salary. But there is plenty of pros and cons for both! You will need to weigh up your choices and determine which is more important to you.
There has never been a better time to open your own business. Good luck!
Business Insurance For Massage Therapists
If you're thinking of starting your own massage therapy business you're probably going to look at buying some form of business insurance. Check out our instant quote generator to get an estimate on market-leading business insurance for massage therapists in seconds! Simply enter your expected revenue to get started.