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Accounting for Masseurs & Wellness Centres
While your clients might find their massage or yoga session relaxing, running a wellness centre or massage therapy business can be quite the opposite.
The personal nature of the treatments brings its own pressure plus you also have to deal with hygeine issues and health and safety regulations. You also have licensing and permit requirements plus you might also need to source qualified staff to deliver reiki and acupuncture treatments as well as instructors to run yoga, nutrition, detox or meditation classes.
Of course, as a business owner you also have to deal with the usual small business compliance issues of GST, BAS, PAYG and superannuation. Being in a personal services industry you probably operate extended evening and weekend hours, have seasonal trade and rely heavily on referrals for new business.
Having an accountant who understands your industry can mean the difference between simply surviving and potentially thriving. Over the years, our team of accountants have mentored dozens of massage therapists and wellness centre operators through the various stages of their business life cycle from start up right through to sale. We offer you experience, technical knowledge and most importantly, an intimate understanding of the massage therapy and wellness industries.
Thinking of Opening a Massage Therapy Salon or Wellness Centre?
There are numerous steps involved when setting up a massage therapy business or wellness centre. As business start-up specialists we can assist you with your site selection, your retail lease and your marketing. One of the first things we provide you with is a comprehensive checklist of start-up expenses that lets you list your anticipated costs broken down into categories including leasehold improvements, IT costs, marketing and equipment. These figures then automatically feed through to an integrated cash flow budget to help you identify any finance requirements.
We’ll advise you on the most appropriate tax structure for your business taking into account tax considerations, asset protection and future discount capital gains tax concessions. Next, we will help you select the most appropriate software for your business and factor in your business needs (inventory, payroll, bookkeeping etc.) and level of accounting skill. Too many masseurs and wellness centres start their business and make the mistake of buying sophisticated ‘double entry’ accounting programs that are beyond their business needs and level of accounting skill. Unfortunately this can often result in records that resemble a ‘computerised shoebox’ that leads to additional accounting costs. Our brief includes helping you minimise the cost of compliance and it all starts with the right accounting software.
For start-ups we can even help you locate suitable funding to finance your new equipment, sauna, shop fit out or motor vehicle. From there we can assist you to negotiate your retail lease because occupancy costs are often the second highest expense after wages in your industry. Retail leases can be a minefield but we can help you and even liaise with your solicitor if required.
Marketing Your Massage Business or Wellness Centre
For a masseur or wellness centre, the difference between success and failure can be your marketing. One of our biggest points of difference compared to traditional accounting firms is our marketing expertise. We can assist you with your branding (business name, logo and slogan) and where required, we can also help you create a corporate brochure and harness the power of social media to win more business.
Unfortunately a lot of masseurs and wellness centres have a website that is nothing more than an electronic billboard that simply lists the who, what and where of the business. On the other hand, over the past few years we have worked with dozens of clients to help them create affordable, lead generation websites. If you need advice and direction with your website content including videos, contact us today.
We'll introduce you to strategies like re-marketing, social media advertising and search engine optimization that can drive more visitors to your website. We'll make sure your website is responsive to mobile devices (click here to check your current website) and we strive to give you a serious competitive edge in your industry. The fact is, if you aren’t using some of these marketing tools and techniques then your business probably won't reach its full profit potential.
Grow Your Profits
That’s just the beginning because as accountants we can prepare some ‘what if’ scenarios so you know your business’ best and worst case financial scenarios. We can help you prepare a cash flow budget and project your first year’s profit and loss statement. On an operational level we’ll help you price your services and identify your break even point so you know how many massages or treatments you need to do each week to cover your fixed costs.
As a business owner we believe you really want to grow your business, your profits and your wealth. For that reason we strive to help you ‘know your numbers’ and that includes understanding how to grow your business. Once you understand the key profit drivers in your business we can talk you through profit improvement strategies. Not only that, we can quantify the profit improvement potential in your business using some intelligent software programs. We also use industry benchmarks to analyse the performance of your business and compare it against your competitors so you understand what is working in the business and what needs working on.
Our unique approach is all about fast tracking your business success and the team of specialists at Fusion Financial Group offer masseurs and wellness centre owners a range of accounting, taxation and business coaching services including:
- Start-Up Business Advice
- Advice and Establishment of Your Business Structure
- Advice & Assistance with the Purchase and Sale of your Business
- Spreadsheets and Tools including a Start Up Expense Checklist and Pricing Calculator
- Tax Registrations for your ABN, TFN, GST, WorkCover etc.
- Preparation of a Business Plan, Cash Flow Forecast and Profit Projections
- Accounting Software Selection and Training – Bookkeeping, Payroll etc.
- Preparation of Finance Applications for the Bank
- Site Location and Advice Regarding your Retail Tenancy Lease
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Advice with your branding, brochures, website and social media strategies
- Advice and Assistance with the Development, Content and Website SEO
- Wealth Creation Strategies and Financial Planning Services
- Vehicle & Equipment Finance (Treatment Tables, Equipment and Shop Fit Out)
- Monitoring and Controlling Labour Costs
- Advice & Assistance with Pricing your Services
- Advice regarding Claiming Motor Vehicle Costs
- Recession Survival Strategies
- Advice regarding Contract Therapists
- Advice regarding Employee Relations and Workplace Laws
- Business & Risk Insurances
- Business Succession Planning
We are more than just tax accountants, we are business and profit builders who genuinely care about your business success. In fact, we are passionate about your business success and strive to deliver practical, cost effective advice and marketing strategies to help you grow your business and your profits. We service the accounting and taxation needs of a number of masseurs and wellness centres and understand your industry.
Some of our breakthrough marketing strategies could give your business a serious competitive advantage and if you’re looking to get your business off to a flying start or want to book your business in for a 'massage' contact us today. You can take advantage of our FREE, one hour introductory consultation to discuss your business needs. You'll get an hour of practical business, tax, marketing and financial advice that could have a profound effect on your future business profits.
To book a time, call us today on (07) 3812 1745 or complete your details in the box at the top of this page.