5 Steps To Financial Stability & Security As A Massage TherapistNov 01, 2018
There was a time when I seriously struggled with being a massage therapist. After working a full day giving massage, I’d have to put in another few hours of cleaning, washing and folding the endless pile of sheets, and managing the confusing mess of tallying income and tips. It was enough to make me want to hide under the covers the next morning and refuse to come out.
But for me (and I’ll bet for you too) , there’s no calling off or pretending we're sick. Sure we could ... but we’d have to deal with the aftermath of angry clients and lost income. And that's enough to send anyone headfirst into a nervous breakdown.
In the end what nearly did me in, wasn’t working with clients or all of the extra hours that I put in to managing the tedious "business side" of owning a massage practice. It was the fact that at the end of the day, I’d nothing to show for it. No money in the bank, no savings, no retirement, and sadly not even any health insurance. I was barely making it, living paycheck to paycheck.
Being a massage therapist means that you can charge (and get paid) substantially more than the average job. So why, once everything is all said and done, can you make about as much a Walmart employee without the benefits?
Last month, a poll of massage therapists revealed that I wasn’t the only one that had money issues. Seriously, out of hundreds of responses only 5 had anything over $1000 in the bank and the majority of MTs who answered had been practicing for 5 years or longer!
I knew it was time to put pen to paper and share with you the strategy that I used to start generating the income and creating a savings plan. Not only to put money away but also afford simple things like health care, dental insurance, a vacation fund, and other wonderful benefits that many employees get but somehow are often outside of budget for you, a self-employed massage therapist.
First, we need to take a close look at why it’s hard to save money in our profession.
Often we’d like to think that the reason we’re unable to have a decent wage is because
- Clients are driven by cost over quality
- Employers don’t pay well
- We have slow seasons
- It’s a bad economy
If you don’t have any money in the bank -
I'm sure that after reading this, you probably came up with several more reasons why outside forces are the cause of why you don’t have savings.
I want you to bear with me for a minute with the assumption that YOU might be reason that you are living paycheck to paycheck. Because that was the reality of my situation and it’s also the case for many, many other massage therapists.
The good news is - if this's as true for you as it was for me, there IS a way to have financial stability and security as a massage therapist.
And I’m going to tell you how to starting setting it up right now.
This's a fairly simple process and I’m going to break it down into some easy to follow steps -
1. You need to first write down what you need
This means all of your current bills and expenses
2. Next write down what you want
Include things that are currently outside of your budget like a vacation fund and savings that you’d like to have.
3. Write down what you are currently making
Want a worksheet that helps you see what you’re really making? This will help you with that. Financial Planner Worksheet
4. Map out how you are going to get from where you are to where you want to be
Simple subtraction works here, minus what you currently make from what you income needs to be for you to have a good quality of life.
5. Create an action plan around those goals
Write down at least two small actions that you can do consistently everyday that will get you to your ideal income.
That’s it, the process for setting financial goals for yourself. And consequently, where most of us fall short in the business planning department.
Because as deceptively simple as this process seems, it actually requires a lot of motivation, energy, willpower, and determination to identify and put it into action everything that you want and need from your massage practice.
After years of frustration with my lack of financial stability, I began with creating a formula for me to see what I desired and my motivations for those goals. Once I'd mapped out the process, I was able to get BIG results in my own practice. In fact, I put away $14,500 in 6 months after recently moving to another state and starting square 1 with a new massage job!
Pretty cool, huh?
I knew you could use this information, so I made it a priority to sit down and show you how to duplicate EXACTLY what I did so you can get the same results for your massage practice.
Are you ready to get the income that you deserve from your business?
Set aside some time to plan out your own success and make sure that you write it down so you can look at it EVERY SINGLE DAY. Believe me, it helps you get there. Science has proven you're 40% more likely to accomplish something if you write it down.
If this seems like a daunting task to you and you need something to help get you going, I created a free MT financial worksheet for you that you can get right here.
Want even more?
The financial aspect of your massage business is just one piece of the puzzle. There's a more detailed professional mentoring program starting early next year. In the course, you’ll learn how to establish EXACTLY what your ideal massage practice looks like and start taking actionable steps to getting there!
Much Metta (loving kindness),
Don't miss a beat!
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