Break Even Analysis - Raise Rates, Keep Clients, More Massage Therapist Income!
Break Even Analysis - Read this article so you can increase your massage therapist income by raising your rates while holding on to your existing loyal clients!
I've mentioned this before, the break even analysis, yet I'm going to bring it up again. I think it's very important as a successful massage therapist.
I'm going to show you why even if you did lose a few clients by raising your prices, your massage therapist income will still increase significantly.
Just for the sake of numbers, let's say that you're an independent therapist working out of your house. You currently charge $50 for an hour session. You do an average of about 20 hour long massage sessions a week. You'll be grossing $1,000 a week, right? Not bad...
However, using my break even analysis will really make you a successful massage therapist!
Let's assume that you raised your fee to $60 an hour and three clients stopped seeing you because it got a little to pricey for them. You'll still make out ahead because $60 X 17 = $1,020. You'll actually be making $20 more per week while working three less hours! That's three less massage sessions so you can give your aching hands a rest. Or you can do this...
You can replace those three lost clients by attracting new clients using smarter marketing techniques that will fill those time slots, if you choose to, and increase your massage therapist income $200 more a week doing the exact same amount of work. $60 X 20 = $1,200. For more massage marketing information in regards to attracting new clients, click on this link, Massage Therapist Income.
Another way to help minimize losing clients due to increased prices is by giving your clients added value.
Added value is the single most important thing you can do as a successful massage therapist. This is what seperates you from the pack of fellow massage therapists or anyone or anything that provides pain relief, relaxation, stress relief, etc., etc.
You must remember this: Massage is not the only solution to pain relief, relaxation, muscle tension, etc., etc. You have rub-on creams, pills prescribed by doctors, visits to the chiropractor, self-massing chairs, you name it! You must give your clients a reason to keep using your massage services! This is the #1 secret of successful massage therapists and those that wish to increase their massage therapist income.
You can do things like add hot packs at no extra charge, adding more night-time hours for their convenience, giving each client a bottle of water after each session, hand and foot parafin dips at no extra charge, referral programs, discounts if they schedule months in advance, etc. Try and think of different ways of adding more value within each target market to your massage sessions that will help offset increased prices.
If you would like me to e-mail you a quick excel spreadsheet on break even analysis, complete the contact form below and I'll E-mail it to you. (This spreadsheet is really short and simple, I swear!)
Las Vegas Massage Professional Kris Kelley
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