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How to start a business
I'm a recent massage school grad and I need some help on a few things.
1. If i were to rent space what does that mean? Do i need to be registered as an LLC and have my own web site, business cards and such. What do i do for taxes? Do i need to get an accountant or can H & R block help me. Any direction is appreciated. I am going to be taking classes at the small business assoc. in colorado but would like a head start on some things.
2. If i'm an independant contractor that means the person who hires me will provide me with a 1099 at the end or the year right.?
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Replies to This Discussion
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Permalink Reply by Jed Heneberry on
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ABMP offers members our Successful Business Handbook, which is a great resource for answering these types of questions.
If you're not a member, you could also read the Business Side column from some of our digital editions of Massage & Bodywork. You can get started with "Employee or Independent Contractor" here: http://www.massageandbodyworkdigital.com/i/70551/28
Good luck!
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Permalink Reply by Leslie A. Young on
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Hi Lisa! You're at an exciting stage in your career. Are you a member of a professional association? I work for Associated Bodywork & Massage Professionals (ABMP), but both ABMP and AMTA have startup resources for their members that can help answer your questions. Please feel free to peruse the digital editions of Massage & Bodywork online at ABMP.com. Each issue has a Business Side column and other features that will help answer your questions. And we publish an ABMP Successful Business Handbook that can help, too!
With respect to your 1099 question: it depends. If you're just renting space and your clients pay you directly, there's no 1099 involved. But if you're working for a clinic owner as an independent contractor, and your business associate compensates you, that individual should provide you with a 1099 at year end.
We're based in Colorado so you already have friends here! Let us know what else you need.Best wishes!
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Permalink Reply by Pete L Blanco II on
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1) Renting space means just that. You are renting space in which to conduct business (in this case massage). You would need to make sure you hold all relevant licenses and liability insurance. There are many ways to form your business (LLC, sole proprietor, partnerships, etc.) You're free to choose which one best suits you. As for marketing materials, you would certainly WANT (even NEED) to have things like business cards, web site etc. to help you develop and build your clientele. Rather than a national chain like H&R Block, I would recommend you find a local, independent tax preparer and/or CPA. As a small business owner, I think it's important that we support each other as much as we can.
2) There is more to being an independent contractor than just getting a 1099 at the end of the year. There is plenty of info online and the SBA instructors should be able to explain it to you. (It's way more than can be explained in an online forum.)
I would also recommend taking business and marketing classes - there's a lot more to running a successful business than just hanging a shingle outside your door. Learning how to market and manage a business is very important to your long term success.
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Permalink Reply by lisa on
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Thank you for all the advise. I found a small business association in colorado and signed up for a workshop on taxes and business start up basics. I can't wait to learn more. I am working on my website and i already registered my company name under an LLC. So i'm just taking the steps and hope to open by Jan 1 next year.. I want to learn more on how to market and i'm hoping the SBA can point me in te right direction.
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Permalink Reply by Adam Fluke on
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I am so glad to here that you are thinking of setting up your own practice. It surely isn't easy, but it's worth it. Along with some of the start-up things you will need to do, I suggest you spend some serious time thinking about your marketing strategy. I found that in the begging online marketing was the way to go, since the cost was much lower than print.
However, as with all things, there are pitfalls out there. You mentioned you are already setting up your website, yes? If so, does it have an online scheduler built in? Social Media integration? Html Newsletter? Have you an idea the kind of content you are planning on putting up, above the basic bio and menu? There are ofcoarse a hundred more questions you will need to answer to play the great game called massage marketing, but there are also allot of resources out there. A good place to start is Alyssa Haynes blog. Also, see 5 Sites Massage Therapists Need to Belong To, which is a quick and dirty guide to starting your online presence.
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Also think about connecting with some MT's on twitter, and asking questions there. You can find me at @afluke. ;-)
lisa said:Thank you for all the advise. I found a small business association in colorado and signed up for a workshop on taxes and business start up basics. I can't wait to learn more. I am working on my website and i already registered my company name under an LLC. So i'm just taking the steps and hope to open by Jan 1 next year.. I want to learn more on how to market and i'm hoping the SBA can point me in te right direction.
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Permalink Reply by Carrie Patrick on
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Good luck with the new business! About the taxes and so on, the small business association will be a great start on learning about how to handle the financial side of things, but one simple thing you should start doing right away is to SAVE YOUR RECEIPTS. Any time you buy anything, keep the receipt and throw it in a drawer (if it isn't obvious on the receipt what the purchase was, write it on the back as a reminder). After you get more specific advice and knowledge about how you'll be doing your taxes as a business owner, you can just save the receipts from things that you know will be directly relevant, but until then, save ALL of them - not just obvious purchases for your massage business, but everything. Groceries, clothes, gas, whatever. This is because, depending on how you end up setting up your company, you may be able to deduct a lot of things as "business expenses" and until you are a bit further along, you probably won't know exactly what things will count.
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The web site i went with is http://www.bodysitebuilder.com/pricing.php. It has a built in scheduler it's for massage therapist. I will do some planning this winter i just wanted the site up and running so i could make changes as they cam up. I will have to do some research on twitter as well. The website can accept payments from paypal and it has a blog option that i can write as well.
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