Mind Your Money
Money: It's a force for both good and evil. Money, or the lack of it, can cause stress, joy, fear, and comfort. It's a loaded topic, especially for creative business owners, and is worthy of our mindfulness.
In our first column of the Mind Your Money 2020 series, we covered how to track the money coming into your massage business. Now that you’re feeling boss-like and powerful, seeing that income recorded in one place, the next logical step is to get familiar with the money flowing out of your business in the form of expenses.
We work as massage therapists because we love it, but at the same time we want to make money because we like to eat and put gas in the car and keep the lights on. Since many of us have questions about the actual take-home money part of business finances, let’s get real about paying ourselves in a massage business—starting with cash flow management.
You probably have a vague understanding of how tax stuff works: You make money, pay your business bills, pay taxes on the remainder, and take home what’s left.
By now, you’ve put in place a pretty strong financial foundation for your massage practice. You’re tracking money as it comes in. You’re tracking money as it goes out. You’re budgeting and paying yourself with intention. And you’re even getting tax savvy! So what now?