Setting up a successful massage therapy business is one of the most challenging parts of becoming a massage therapist. Nonetheless, it is still a relatively simple and inexpensive business to start. Expenses you'll need to cover include tools of the trade such as a massage table or chair, lotions, and blankets. You'll need to cover business expenses like a clinic or spa space, marketing through traditional or online channels, business cards, and professional insurance. Keeping your license current through annual fees and continuing education classes will also add up. These types of expenses can be covered by a small business loan.
Instructions
Plan and Apply
1. Create a business plan. Include estimates of the costs you'll be paying with the loan, and earnings you'll make that will allow you to make your payments. Describe who your customers are, such as "professional women over 35 who work in the downtown area," or "occupational injury patients who work in heavy labor industries." State how you will reach these customers with your marketing message. This will allow you to precisely market to your audience, and will reassure your banker that you have specific plans for grow your business.
2. Decide how much money you're going to borrow, and what terms and interest rate you require. This may be based on your ability to make monthly payments. You might discover that an available interest rate higher than a certain amount would lead you to consider several options for funding your business, such as a business credit card.
3. Make a list of lenders available to you. Your bank may participate in Small Business Association lending, in which the government guarantees up to 90 percent of the loan amount. Local credit unions may offer more favorable terms and interest rates. If you have no collateral or credit rating or are otherwise excluded from traditional loans, you may qualify for micro-lending programs such as CASH in Washington State or Kiva Loans through Accion.
4. Speak with a banker in person to fill out an application, or apply online. Provide the lender with your credit rating information as well as your business plan and any other supporting documentation they require.
