When was the last time you invested in your small-business success? Depending on where you are on your journey, that answer can vary wildly. At whatever point you are, investing in your business is critical to building a financially healthy, authority-based practice.
There are two popular myths regarding investing, so let’s go ahead and debunk those now. First, there is the myth that investing is only for new businesses or large companies.
The truth is that investing is for all businesses, regardless of size, age, revenue, and all other factors.
Second, there is the myth that investing is a large-scale project that happens infrequently. In truth, you don’t need to wait until your business needs a complete overhaul to invest in it. Investing should happen as often as possible.
Investing is for Everyone
Contrary to popular belief, investing in your small business doesn’t always mean pumping loads of money into it. In fact, it can—and should—take on many forms. In fact, because the topic of investing in business frequently focuses on newer business owners, I am going to do the opposite.
The investing landscape has changed drastically for therapists who have been in business for decades. Long gone are the days of forking out fistfuls of cash on ads in the Yellow Pages, radio or local newspaper, only to be left with more debt than the revenue generated. The purpose of investing has also changed from those early days in your practice.
Seasoned small-business owners are most often seeking opportunities to expand their presence, diversify their revenue, or move from standard positioning to being the standout in their community. (In contrast, those newer to business are likely seeking to attract new clients.) What does investing look like for therapists who are established long-timers?
Authority: Investing in intellectual property is one of the most effective methods of communicating your authority. Through consistent, authority-based content, you can make a massive impact in your community and assert your position as the go-to expert.
This type of content includes social media posts, emails, service descriptions, website content and videos. Best of all? Investing in content is free.
Awareness: A brand refresh is a quick and easy way to bring new life to your business. Canva is a great resource to help you create on-brand graphics and logos to make refreshing your brand quick and easy. Whether your goal is to create excitement around your new aesthetic or to leverage a complete transformation of your brand’s purpose, investing in a brand update is doable at any budget.
Expertise: Increasing your education is an excellent investment for everyone. Right after graduating from massage school and obtaining their license, fresh-to-the-industry therapists tend to take as many modality classes as they can afford, focusing on broadening their knowledge base.
For therapists with career longevity, investing in niched education will increase the results you can provide and strengthen your authority position. It will help you stand out as the go-to expert in your community and prime you to transition from standard to premium rates, increasing your income while allowing you to work fewer hours.
People: Investing in your clients is a fantastic way to grow your business and can be accomplished in many ways and on any budget.
Adding elements to your practice such as premium water and snacks, complimentary product samples and digital resources for home care, is easy and affordable. If you have a more robust budget, investing in a new massage table, high-quality linens, professional massage tools, and updated decor and furnishings can make a significant impact on the client experience.
Investing in your people will always increase revenue and help support premium pricing.
Community: Giving back to your local community allows you to network and connect with other business owners and potential clients. You can make a difference via a cause that’s close to your heart and show your community you’re there to support them.
Getting involved in community service projects, whether through personal service or financial contributions, will create a ripple effect throughout your community and back to your business.
Technology: A computer for your business, a website with an online booking option, software that takes care of appointment confirmations and reminders, tracks gift certificates and automatically connects with clients who haven’t been in in a while are investments that not only provide an excellent return for cost, but also give you peace of mind in knowing these time-consuming tasks are taking care of themselves.
No matter your budget, you can find options that fit the needs of your practice.
Experts: High-level coaching is an excellent investment for therapists who want to diversify their revenue and move into a premium price structure.
A results-focused business coach who understands the unique needs of the massage and wellness industry will help you discover untapped revenue potential in your current practice and will also guide you through the most appropriate options to diversify your revenue.
Expert coaching is typically the most costly investment yet offers the most significant return.
In addition to a business coach, consider hiring experts to help you write content, manage your social media accounts and assume other administrative tasks. Leveraging the knowledge and experience of subject matter experts will lighten the time it takes to run your business and can provide an excellent financial return on investment.
Invest for Small-Business Success
Begin exploring how you can leverage the power of investing in your business today to start harvesting the results tomorrow.
Whether you can afford to invest financially or need to begin with non-monetary investing options, improving your business will create immense personal satisfaction. Investing will also permeate your practice and your community—and lay the foundation for more practice success.
About the Author
Melinda Hastings, LMT, BCTMB, MTI, is a business coach for massage and beauty professionals who owns Inspired Therapist Seminars. She has practiced massage since 1996 and is an NCBTMB-Approved Continuing Education Provider.