Set Your Business Up for Success

Many therapists become sole practitioners once they’ve qualified. In addition to mastering the wellness industry, these therapists must also learn how to set up and run a successful business.

With so many factors involved in managing the daily operations of a business, it can be challenging to know where to start and what to prioritise. Mistakes can be costly, especially when you’re just starting out. However, once you find the right balance, you’ll discover that running your own business isn’t as daunting as it might initially seem.

For those of you looking to take this step in your careers, we’ve compiled a list of factors to consider before getting started:

Get Savvy with Your Equipment and Suppliers

It’s essential to know where to splurge and where to save before purchasing your equipment.

It may be worth investing more in items that you will buy once but use frequently, such as a massage table. However, therapists should also consider researching high-quality second-hand equipment, especially if you’re just starting out.

Items that need to be replenished, such as massage oils or treatment creams, should be affordable enough to repurchase as needed. There are budget-friendly brands available for most types of equipment, and it’s worth doing some research to find the best options for you.

To keep costs down, consider negotiating bulk discounts where possible and try to establish a relationship with suppliers. Like you, suppliers value loyal customers, and nurturing good relationships with them can lead to significant savings in the long run.

FHT’s members-only shop also offers a range of discounted items that are useful for therapists.

Setting the Right Prices

We all know that pricing can make or break a business, but establishing the perfect pricing structure is often much more challenging.

First, understand what typically influences pricing. Factors often include the length of a treatment, the cost of materials, whether you need to travel to a client, and your level of experience in a particular field of therapy.

Researching what others are charging for similar therapies in your area can provide a useful benchmark for what clients might expect to pay.

Consider the state of the economy and other external factors that could impact both your business expenses and your clients’ financial situations. In recent years, the cost-of-living crisis has affected many businesses, and therapists have had to adjust their pricing to reflect these changing circumstances. It’s important to stay aware of the broader economic environment and be prepared to adjust your prices as necessary.

Aim to find a balance between keeping your prices affordable for clients and ensuring that your business remains profitable.

Understand Your Numbers

It’s essential to understand the basic costs and projections for your business.

Calculate your break-even point—the point at which your costs and revenue are equal—and keep a record of it. Use this information to set weekly, fortnightly, or monthly goals for your business to help you track your progress.

Allocate time each week to review your financial figures. Handling finances in small but frequent intervals can make it more manageable. By staying on top of your numbers, you’ll be able to monitor whether you’re meeting your goals and plan effectively for the future.

Find the Right Marketing for You

Like many aspects of business, marketing is its own specialty, and many people find themselves overwhelmed when starting out.

Focus on the marketing practices that are most effective for your business, rather than trying to engage in every possible strategy at once.

To determine what works best for you, experiment with a few different options and analyse the results. Consider the costs associated with each method. Traditional and print forms of marketing can be expensive with higher upfront costs (FHT offers a range of affordable marketing leaflets in the members-only shop).

Digital marketing is a popular choice among small businesses. Building a strong online presence with a website and social media can enhance your practice’s credibility, allow clients to leave reviews, and make it easier for new clients to book with you.

However, remember that providing excellent service is always the most effective form of marketing. In the Summer 2023 edition of International Therapist, 82% of FHT members confirmed that word of mouth is the most valuable type of marketing. You can leverage this by encouraging clients to leave reviews or by running an ‘introduce a friend’ scheme.

Packages and Loyalty Schemes

Cost-effective packages and loyalty schemes are highly valued by clients.

Bundling services can be an excellent way to encourage clients to try different treatments at a slightly discounted rate while boosting your revenue.

Offering loyalty schemes or multi-session packages promotes repeat business, which helps to build a more dedicated client base.

In the pursuit of expanding your client base, don’t overlook the fact that loyal customers are more likely to recommend your services to others. Therefore, it’s wise to nurture these connections. When creating special offers, consider how they might benefit your current clients as well as attract new ones.

Always Be Looking

Like the therapy industry, the world of business is constantly evolving.

Take occasional time to evaluate whether new techniques or products have emerged that could benefit your business. It can also be advantageous to connect with other therapists to exchange tips and ideas (FHT supports Local Support Groups across the country to help like-minded individuals connect).

Keep a close watch on your regular business expenses and ensure you’re getting the best deals. Don’t hesitate to renegotiate contracts and subscriptions when they come up for renewal.

In Conclusion

As you can see, running a successful business doesn’t have to be a daunting task. There are many ways to set your business up for success. By combining these practical tips with the knowledge gained from your training, you can develop a business plan that aligns with your goals.

You can find more tips and advice in your Members’ Area.