Maintaining very clear financial records is one of the most important things a Massage Therapist has to do in addition to treating clients. When you read this sentence, I am sure that many of you chuckle and see the humor...most MT's do not want to spend their time focusing on money, budgeting, balancing the checkbook, etc. However, that can be the downfall of a MT's practice.
It is important to have a well thought out financial plan. I recommend planning monthly. At the beginning of each month, look at your financial situation. Look back at your average monthly income and at this particular month in years past. Then, check your supplies and look at the cost of your utilities. Budget the appropriate amounts needed to run your practice. At this point, it is important to remember to budget your paycheck! As therapists, we are often passionate about our practice and overlook planning for our own needs. Next, you can implement whatever marketing strategy you would like for the month on a strictly budgeted amount.
If you begin a monthly routine similar to this, it will be easy to stay financially aware. Setting aside time to financially plan for the month is not a waste of time...it may actually make you money!
Good advice!
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