05 Aug Setting Your Fees for Massage Therapy
Setting your fees can be a tricky part of your business plan if you are just starting out. You want to set your fees low enough to attract a steady stream of clients, but high enough to make a living and have a successful business. Your fees greatly depend on your location and the type of work you do. When the time comes to decide on prices that suit your business, consider the following fee-setting strategies.
1. High-end Rates
If your goal is to target a small, specific clientele, set your rates higher than the standard rate in your area. If the services you offer are in demand, have no competition, and are innovative and not offered elsewhere nearby, setting your rates higher may be the way to go.
2. Industry Standard Rates
Do some research regarding other massage businesses in your area and set your fees around the same price points.
3. Low-end Rates
To attract a larger client base, you may consider setting your rates lower than the standard rates in your area. If you choose to go this route, make sure that your rates aren’t too low – you still want to make enough to live and keep your business alive for the long-term.
4. Time-limited Introductory Rates
One way to attract new clients is to offer discounted introductory rates or package deals for a limited amount of time. This will bring in new clients who are interested in reduced start-up fees. This enables you to value your services at a standard rates, and not feel like you have to settle for lower end rates.
Before you decide on your final fees, take into account how much your business costs to run. Factor in things like rent, utilities, insurance and license costs, and all the time spent on business hours, record keeping, client follow-up, and more. Once you have an understanding of how much your business needs to succeed, you can set your fees accordingly. Also, keep in mind that what you set your fees at now, is not forever, with more experience, additional training or with other changes later you can adjust your fees as necessary.