Massage Business Experts Inc.

Management

Writing a book about business is one of the hardest things I have ever tried to do.  I am working on the management section today and I feel so overwhelmed.  I cant recall what management techniques I used.  I think it was the put out fires technique.  I pretty much rolled around putting out fires.  I kept the linen guy on track and I was held accountable for the accounting.  If money was missing I was the one to find it.  Sometimes this job alone could take half the day or more.  Going back over yesterdays sales and calling the front desk person to ask questions about transactions.  Whew what a nightmare.  Dealing with the people was the most time consuming.  Taking into consideration that the people who work for you have busy lives and lots of dramas going on you know how that can effect your everyday business.  Everyday there was some new drama I had to deal with and cover for or find someone to cover for.  It makes you really appreciate the days when everybody showed up on time and was ready to work.  I think I made some mistakes along the way but I did my best to keep everybody happy.  Confrontations are my weak point if there was a problem between two therapists or with the therapist and the front desk person I was put in the middle and that was always hard for me.  My face turns beet red and I start to sweat and I feel I am put on the hot seat.  I hate that with a passion.  Usually if there was a problem like that my business partner would try to step in and deal with the confrontation.  I would sit there and hold space as she referred to it.  That is one of the things I just cant do.  I was the fill in girl.  I was the one who covered for everybody.  I usually had to adjust my schedule to fill in the gaps.  As a business owner that is what has to be done when you are in a pinch.  SO good luck in your life as a business with employees.....

Meetings

Having productive meetings where everybody has some input is essential to keeping the group practice on the same page.  During my tenure as a group practice owner I required a mandatory meeting the last Saturday of the month.  I expected everybody to be there so we could discuss problems with clients, things that were broken, and how we were going to get more business.  What kind of advertising did you do in the last thirty days for yourself to bring in more business?  This is the question I usually started with so that each person could talk about things they had done to bring in business and the new people would get an idea of what they could do to build their business.  This would usually lead to the fact that some of the better paid massage therapists were dong nothing extra.  This would sometimes lead to well why should I do anything then?  I would try to remind the new therapists that the more they do for themselves the better their business would be.  I also reminded them that the longer you stay with something the bigger the pay off will be.  Some other things we would do in the meetings would be get volunteers for health fares and other functions people had called in wanting MT's to come out for and I would try to get them arranged.   Gift certificate sales are another big topic at meetings especially around the holidays.  Gift Certificate sales are what kept us going in the winter months.  We would try to come up with advertising ideas as a group.  This way every person in the group could help with marketing.  We also dealt with items that were broken.  Like wallpaper peeling, stools broken, faucet problems, CD players not working these were all things that we needed to keep the place looking nice and running well. Talking about problem clients was another meeting topic.  Sometimes we would have clients that would not show up or that were doing things like playing with themselves or in some other way making the therapist feel uncomfortable.  We would try not to rebook clients who made the therapists feel uncomfortable in any way.  As the owner I would get to speak to them and let them know why they would not be coming back to my business to get massage.  Confrontations are not one of my strong suits. Although, I am getting better.  My business was like my baby and the mother bear would come out if needed.

Different Business Structures

I will tell you the difference between sole proprietor, c-corp, and s-corp. 

The sole proprietor can do any kind of business they want to and take the income and claim it on their 1040 tax return schedule C.  The owner is responsible for all profits and losses of the company and also all debts and liabilities.  If the company can not pay for some reason the owner may have to come up with the money out of their personal assets.

An S-corp can have no more than 75 individual share holders and no non residents can be shareholders. They must hold shareholder meetings and keep the minutes in corporate book.  The profits and or losses of the business flow through to the owners personal tax return.    Owners are not responsible for debts and liabilities of the business.  S-corps cannot be owned by C-corps or LLC or partnerships and s-corps cannot own 80% or more of another corporations shares.

A C-corp is an entity that can have many shareholders including other c-corps. They must hold annual shareholder meetings and the business is taxed as a separate entity and the owners are taxed again on any monies taken from the business.  Owners are not personally responsible for losses or gains of the business.  Stocks can be sold without approval.

Limited liability corporation (LLC)

Owners not responsible for debts and liabilities of the company.  It is a pass through tax entity meaning its profits and losses generated by the business is reflected on the owners tax return.  Unlimited amount of owners are allowed including non residents s-corps and c-corps other LLC or partnership.  LLC's have a limited life span and a dissolution date must be given in incorporation articles. The interest in an LLC cannot be transferred.  LLC's are not required to hold annual meetings.

We are massage business experts writing a book and understanding business a little better...  You need to always consult an accountant or a lawyer before making tax decisions.  They will give you the best advice based on your situation and your state.