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Accounting for Masseurs & Wellness Centres
As you know, running a massage therapy business or wellness centre can be challenging. Because of the personal nature of the treatments, privacy and confidentiality are paramount in the client’s minds.
Having an accountant who understands your industry can mean the difference between simply surviving and potentially thriving. Over the past decade, Linda McGowan and her team of accountants have mentored dozens of massage therapists 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 hurdles to jump when opening a massage therapy business or wellness centre. As a business start-up specialist 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 break down your anticipated costs 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 like MYOB and QuickBooks. In most cases, these programs are beyond their business needs and level of accounting skill so we end up with a ‘computerised shoebox’ that simply creates unnecessary 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, 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. The marketing process begins with your branding and we can help you build a brand that resonates with your ideal type of client. We have worked through the branding process with dozens of business owners over the years and helped them create their trading name, logo and slogan. A website is your 21st century business card and we can offer you advice regarding your website’s colour scheme, functionality and content. Using our team of affiliates including a graphic artist and website developer we can build you an inexpensive but quality website and help you harness the power of social media to win more referrals.
If you need help with the development of your corporate brochure, signage or client newsletter you can draw on our knowledge and extensive marketing experience. If you need guidance on the launch of your massage business or wellness centre we are here to help. One of your most valuable business assets is your customer database and we can show you how to create an information-rich database so you can automatically send out birthday greetings and appointment reminders to clients to minimize missed appointments.
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 the 4 Ways 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 Business Accelerator Process is all about fast tracking your business success and the team of specialists at Linda McGowan Pty Ltd 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 Projection
- 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 of your Menu of 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
Here at Linda McGowan Pty Ltd we are so much more than just tax accountants. We are ‘business and profit builders’ who provide strategies and solutions for business owners. We truly care about your success and work with a number of masseurs and wellness centres.
If you’re looking to get your massage business or wellness centre off to a flying start or want to boost the results in your current business, contact us today.
