How to Write a Business Plan - Massage Therapy Business
Successful businesses don’t happen overnight. They are created through careful and prudent planning. Writing a thorough and succinct business plan is your first effort towards a successful venture. If you’re embarking on a career as a massage therapist and want to go into business on your own, we’ve put together some recommendations from the Small Business Administration’s Web site on how best to compose your business plan.
- Write out a detailed description of your business and its goals. Some questions to consider: what types of massage will you offer? Where do you plan to conduct business?
- Outline the legal structure you’re choosing: sole proprietor, or other.
- List your experience and the skills you bring to the business. Where did you go to school? What training did you receive? How long have you been working in this field?
- List the advantages your business will offer over similar businesses and competitors. Will you make house calls? What else is unique and desirable about your company compared to others?
- Marketing plan:
- Outline your marketing plan for your first year. Will you give any free products or services away to attract customers?
- Identify the size and location of the market you plan to target. Where is the epicenter of that market and how far out will you deliver services to?
- What is your marketing plan? Do you plan to advertise on college campuses or restaurants? What about a referral bonus?
- Explain your pricing strategy: how much will you charge per hour or per session; will you offer massage session series for a lower cost? Will your prices go up after one year?
- Financial Plan
- Explain your initial source of equity to get your business off the ground. Is this from your savings or perhaps a loan from the bank? How long will this amount cover you for during your start-up phase?
- Develop a budgeting plan for your first year which includes expenses, supplies, equipment, office staff, etc. Don’t forget about things like utilities, travel, insurance, licensing, and laundry.
- Outline your expected return on your investment and when you expect to have monthly cash flow.
- Figure out who will operate your office, set up appointments, pay bills, maintain accounting records, and other various office related tasks.
- How will your business be managed day-to-day? Will you hire personnel?
Lastly, make a list of ‘What If’ questions and be able to answer them. Questions like: what if I get sick? What if I don’t meet my initial quota? What if I need to hire staff? What if I run out of money? While many of these questions may seem daunting, it is very important to plan ahead, then you’ll be better able to handle any situation when it arises.