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Business Owner vs. Renting Space. . .

I am looking for some input. I've been working in a medi-spa for a little over a year (been an LMT for 8) and have built a decent clientele here. Currently set up as commission (70/30). There are problems with reception (things not being confirmed, phones not being answered at all, no clean linens, etc) and at the end of the month I'm writing some pretty hefty checks. Have any of you ventured out to open your own massage only practice? Pros/Cons?

Thanks in advance!

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Permalink Reply by Therese Schwartz on April 19, 2015 at 8:22pm

Hey Monica! I have my own practice; I work out of my home. Here are some of my thoughts:

Pros: More flexible schedule. I schedule 30 minutes between clients. I control the atmosphere. Actually, I control everything about the business! :-) I choose my own continuing education classes; I'm not being dictated to about what I have to do. Complete freedom to buy what equipment and oils I want.

Cons: TAXES - you need a competent CPA on your team or taxes will eat your lunch. You have to do all the scheduling - this can be time consuming and frustrating. You have to do your own laundry - but at least you know it's clean, and you can choose what detergents get used!

Those are some quick thoughts; I'm sure I have more but that's at least a start. I wouldn't trade having my own practice - I love it!

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Permalink Reply by Jenae Jeffers on June 2, 2015 at 4:34am

I assume you are receiving 70%. That's a pretty generous cut. What are you writing checks for? I'd think they collect payment and write YOU a check for your 70%.

OK, to address YOUR question. I've worked from an office space in a professional building and now from a storefront.

Working in the office building was simple and had very little overhead expense because all I had to pay was rent and supplies, and of course the expense of doing all that laundry at home. The con of an office building is that no one knows you are there so it can be difficult to build a clientele. You don't have to deal with other people not doing their job, but that's because it's ALL your job unless you pay someone else to do it. People hang up when they get voicemail and move to the next person in the listing so you end up missing out on new clients because they call when you are in session, driving, shopping, etc. I pay an answering service to answer the phone and make appointments when I can't.

I now work from a storefront so it's easier to bring in clientele, but the expense is much much higher with rent, utilities, pest control, maintenance, janitorial, and internet (most commercial leases make you responsible for building repairs). Having other therapists work for me helps, but it takes the simplicity out of it. Now I deal with contracts, more bookkeeping, more bills, hiring (and even worse, firing), and once people start working for you, you are no longer in complete control of the service your client receives and someone else could ruin your reputation. On the big plus side, I can't perform massage forever, so with an established business and practices I can cut down the number of massages I personally perform as needed until eventually I can just manage the business and even someday retire with income.

A word of caution. Storefronts require longer leases, so you really need to consider if you will be able to bring in the clientele or perform the administrative work. Take some classes if you need to. Talk to people who own their own business even if it isn't massage. Renting a storefront is a big commitment and expensive to furnish.