So, I just finished reading the article Tips to Improve Your Finances in the Massage & Bodywork magazine. You can find the article here. I was shocked to find that ONLY 3% of massage therapist make $75k or more a year and only 7% make $50k – $70k. Seriously blew my mind because I thought those numbers would for sure be higher. Then there were all kinds of other statistics that jumped out at me that you can read about on your own but for this post, I’m solely focusing of how to get rich as a massage therapist. I’ll define rich as making more than $50k/year as a massage therapist. However, this recipe for richness has no limits.
The magic formula
Let’s say you want to make $100k per year. Here’s how the formula works.
$100k / 12 months = $8300 month ← This is how much you need to make a month.
$8300 / 4 weeks = $2075 per week ← This is how much you need to make per week.
$2075 / 5 – 7 days working per week = $415 – $296 ← This is how much you need to make per day respectively.
A simple way to set your prices
Decide how many people you’d like to see a week. Let’s see what the average cost per session would be at 25 weekly sessions.
$2075 per week / 25 people = $83 / average per session
Keep in mind this number is scalable depending on how many sessions you are doing per week. It’s also dependent on what your pricing scale is for 60 minute, 90 minute, 120 minute and specialty massages. I would recommend from experience that this figure be your 60 minute session price. This is the minimum price you would need to make for you to reach your goal. Everything else is extra or contributes to you reaching your goal faster.
Setting goals work
Setting goals is the number one driver to you achieving financial success. Goals need to be broken down into smaller short-term ones. Shorter goals makes it seem reachable. The more short term successes we have, the more confidence we build and the more motivated we are to continue building our success.
Regardless of where you are in your career, I recommend setting weekly goals until you get a better picture of how your business operates. When I first started this journey, I did this for the first 2 years. It became a routine. I got to see and understand in real time how holidays, marketing, weather, schools, client personalities effected my business. These things matter. They dictate things like visits, no shows, cancellations, how to utilize a wait list. Basically things that effect the financial growth of your practice.
Putting in the time
If you want the prize, you gotta put in the time. You may look at the 25 sessions per week and say that’s a lot. If you have high goals then you have to work for it. As your business, brand, reputation grows you can reevaluate some of these things. You can raise prices, give more options for your services, sell more gift cards, etc. In theory, the older more established your business becomes the more you will earn and the less you will work.
Try it out for yourself and let me know how it goes.