Dear Dangerously in Love with Finance,
How are you? Thank you so much for your column, as I have been following you for quite so time and decided to be brave and submit a question. So, here it goes…….
I’m a 34-year-old massage therapist who has worked in the industry for over seven years. I’ve always dreamed of owning my own day spa. Being able to set my own schedule, build a team of like-minded massage therapist professionals, and create a space where massages are part of people’s regular self-care routines. I’ve found the perfect spa location for sale. But I need to take out a loan to make this dream a reality.
But here’s the thing: I’m terrified. While I’m confident in my skills as a massage therapist, managing the financial side of a business feels overwhelming. I’ve never taken on this kind of debt before, and I’m worried about what will happen if I can’t keep up with the monthly payments—especially during the slow season.
I know starting a business is a risk, but I feel stuck between my fear of failure and the desire to create something meaningful. Do you have advice on how I can approach this new chapter wisely and ensure that I stay on top of my loan payments?
Sincerely,
Hopeful Spa Owner
Hey Hopeful Spa Owner,
I am doing amazing. It is a bit cold where I am, but I am surviving. Thank you for asking and thank you for submitting your question. As my intent is to help providers in the health and wellness industry, live their dream while putting money in their pockets….
So..let’s get stated, as time is money (LOL)…
To start, its very commendable to see you are making steps to turn this dream of yours into reality. The notion of establishing a spa focused on personal wellness is the perfect example of a passion that leads to successful business. Feeling nervous is completely understandable as well. Taking this step is significant, and with it comes its own set of challenges that are a reward in their own way.
The positive side? If you approach these in careful steps, you will never have to deal with them head on.
Let’s address your concerns and set you up for success by looking at this on a step by step basis.
Step 1: Understand the Reason Behind Why You Are Taking This Loan
Being specific with the total costs such as the purchase price, demand spending, supplies, and exchange values is crucial when opting to borrow funds for the initially buying cost of the spa. Make sure you build a budget or project cash flow along the lines that ensures ease in borrowing the right amount of money without going overboard. Focus on obtaining a loan that suits your lifestyle and cash flow calcs, reasonable terms, and fitting interest rates. Consider consulting with an accountant that specializes in massage therapist and day spas if you find yourself baffled by the numbers.
Step 2: Create a Financial Buffer
You are right to worry about slow season, usually summer months, which is bound to affect revenue. To remedy this, you should set aside funds to form an emergency account to cover three to six months of expenses while covering loan payments too. With this, you will have assurance for when things get slow.
There should be estimates for revenue during peak and off season in your business plan. This will help you plan for going months with low income while also calming your lenders that you have kept thought about the financial burden of operating a spa.
Step 3: Become Proficient in Finance 
You should remember that as a new business owner, you are responsible for keeping track on your finances. You should look into spa specific EMR and accounting software. They can help you track cash flow, or consider getting an accountant or a bookkeeper that specializes in massage therapy and day spas. This will free up your time allowing you to focus on business instead of paperwork.
By automating payments for your loan, you can easily avoid any late fees or missed deadlines. Making sure to treat loan repayment as a non-negotiable budget item is important, just like rent or payroll. Consider paying a fixed percentage of your income directly towards loan payments every month.
Step 4: Build Client Loyalty
Creating massages as a part of the well-being routine is something you are truly passionate about. That is an advantage you should use to build a loyal clientele. Offer membership packages or discounts to new clients and other promotional incentives to encourage them to come back, even during the slow periods. With some strategic thinking, a loyalty program can have clients coming in all year round and lessen your financial burden throughout the year.
Also, don’t forget to market your services to increase revenue. Showcase the relaxing nature of your spa, your expert tips on self-care, and foremost, your services on social media. This will help you attract more clients and maintain a busy schedule.
Step 5: Reach Out to Your Community
You pointed out that you want to create avenues for other massage therapists, and that’s a beautiful objective. Forming an effective system of employees will decrease the amount of work to be done and improve the overall mood. Think about bringing in personnel who relate to your goal and will help take the spa to greater levels.
Also, network with other massage therapist in your locality. They have probably gone through the same anxieties and difficulties, and their guidance will help you greatly. In a lot of places, there are small-business support groups and networking activities where community members learn from one another’s challenges.
Step 6: Accept the Fear
With all of this said, I believe it is very important to address the psychological aspect of this path. Taking out a loan is unsettling. Fear is an integral part of this growth process. Rather than letting fear block your way, let it move you.
Always remember the reason behind your goals. Your goals will allow you to have the liberty to create your own schedule, provide you with a chance for self healing, and give you an opportunity to make a difference in someone’s life.
Continue revisiting that vision, particularly on days when things don’t go well.
I hope this helps put your fear at bay, at least for the moment. If you have any additional questions, please do not hesitate to reach out..as this is what we do…
Much Love,
Mindful Financial Tips
Owning a massage or day spa will come with its challenges, but with the right financial strategies and a strong support system, you can build a business that thrives. Trust in your skills, keep learning as you go, and don’t hesitate to ask for help when you need it. You’ve already taken the first step by reaching out for advice, and that courage will serve you well in this next chapter.
You don’t have to do this alone. If you need guidance or just an accountability partner, please contact us for an introductory 30 minute conversation.
This article is designed to provide information only and should not be considered legal or tax advice. Because of the complexity of the law and the variables in your own personal tax and accounting situation, you can’t rely on our advice specifically related to your unique circumstances. In order to get the best tax savings and legal advice available to you, you should consult with your own accountant, attorney or advisor regarding your particular facts and circumstances. Healthy Bodies of Finance is an accounting firm that specializes in working with health and wellness providers. We provide monthly accounting & bookkeeping services and financial education. For more information on our specialized services for health and wellness providers please contact us at [email protected]