When I graduated from massage school and opened my own practice, I had very little knowledge of running a successful business: I simply hired an accountant and opened my doors. One of the first things my accountant told me was to set aside 30 percent of my income in a separate account so I could pay taxes, which took me aback but wasnt enough to undermine my determination. Soon, I purchased medical insurance for myself, and set up a savings account and retirement plan. I began to take care of expenses such as rent, supplies, laundry, liability and disability insurance, as well as continuing education costs. My savings account became an expense account, and I began to realize my expectations of earning $70 per hour were a tad unrealistic. My gross income looked wonderful, but my take-home pay was significantly less. When my business started to grow, I made the decision to hire a therapist(s) rather than cut back on the number of new clients I could see. Adding someone else to the mix further complicated my finances. I didnt fully understand how renting a larger space, increasing my liability insurance and taxes would financially affect my business. My clinic specializes in injury treatment, so I spent countless hours building relationships with medical doctors in my area and creating a strong referral program. Therapists working for me step into a busy schedule and instant credibility, two things many people just starting out have to work hard to develop. Although these things dont translate into cash in the massage therapists pocket, they do go a long way in helping them build a successful— and secure—future. Often, business owners are envied their success and thought to have a lot of money in the bank, when, in reality, they may be tightening their own purse strings and staring at an empty bank account. I often think how lovely it would be to just walk into the office, do my job and then go home, but, as a business owner, I have to worry about taxes, billing, bookkeeping, payroll, as well as anything else that needs my attention. Over the years, my clinic has evolved, and I know what my limits are and what I can and cannot do for my staff. My practice is successful, and every once in awhile I feel guilty about my success, until I remember all the risk I took, the trials and tribulation I faced and overcame.
Posted on: Mon, 06 Oct 2014 00:10:04 +0000
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