I don’t agree with everything in here — it focuses heavily on fixing things with the power of your mind and I think you’ve got to engage your heart as well to make this level of change — but I think it’s worth reading to see if any of the limiting beliefs feel familiar.
Tax time can bring up all kinds of money issues for us. Here’s a healthy perspective on that.
“The first principle is that the business should be successful: that it should make money. There is a belief prevalent in America and other Western countries that being successful, making money, is somehow wrong for people who are trying to lead a spiritual life. In Buddhism though it is not the money which is in itself wrong; in fact, a person with greater resources can do much more good in the world than one without. The question rather is how we make money; whether we understand where it comes from and how to make it continue to come; and whether we keep a healthy attitude about the money.“
The whole point then is to make money in a clean and honest way, to understand clearly where it comes from so it doesn’t stop, and to maintain a healthy view toward it while we have it. As long as we do these things, making money is completely consistent with a spiritual way of life; in fact, it becomes part of a spiritual life.
“The second principle is that we should enjoy the money; that is, we should learn how to keep our minds and bodies in good health while we make the money. The activity of creating wealth should not exhaust us so much physically or mentally that we cannot enjoy the wealth. A business-person who ruins his health doing business is defeating the very purpose of business.“
The third principle is that you should be able to look back at your business, at the end, and honestly say that your years of doing business have had some meaning. The end of every business enterprise we engage in, and in fact the end of our lives, must come to every person who ever does business. And at the most important part of the business – at the end, when we are looking back on all we have achieved – we should see that we conducted ourselves and our business in a way that had some lasting meaning, that left some good mark in our world.”
The Diamond Cutter: The Buddha on Managing Your Business and Your Life
Geshe Michael Roach and Lama Christie McNally
If you want to explore your relationship to money, you want to read chapter 2 of The Accidental Business Owner.
When will you next raise your prices? What will trigger that decision? Will it be discomfort? Will it be a nagging sense that you should? Will it be your clients telling you to raise your rates (which means it’s way past time to raise your rates!)?What if you planned to raise your rates every xx years? When I had a robust practice that included office, seated, and outcall massages I raised my rates every year! Well, specifically, I raised one set of rates every year.
year 1: raise office rates
year 2: raise seated rates
year 3: raise outcall rates
year 4: raise office rates
That way each set of clients thought I only raised my rates every 3 years but in reality I was increasing some part of my rates every year.
At a minimum, you should visit the need to raise your rates every single year even if you decide not to raise them this year. Make it part of an annual review of your business.
I’ve been working my way through The Art Of Pricing, trying to translate it to a massage practice.
Recently, one bit of advice caught my eye: if there’s a product you can’t keep on the shelf, you need to raise the price.
What is something you “can’t keep on the shelf” in a massage practice? If you’re booked 2-3 months ahead, turning away clients, with a waiting list YOU are the thing you “can’t keep on the shelf”.
Maybe you don’t want to raise your prices the first time that happens. But if that’s been true for you for 6-12 months, seriously consider raising your prices. Your missing an opportunity to price your most popular product — your appointments — in a way that is consistent with market demand.
It’s not a way of “taking advantage” of your clients. It’s a way of honoring the value of your work and taking care of yourself financially.
Are you considering changing up your massage practice given what covid has done to all of us? Maybe going from working for someone else to working for yourself?
Or vice-versa: tired of running a practice by yourself, have you thought about working for someone else?
But how do you compare your earning potential in different settings? Well, you could read chapter 7 where I lay out the factors in great detail….
How do you price seated massage?
The days of a $1/minute are gone. It makes much more sense to offer a set price based on a 5-, 10-, or 15-minute massage. After all, who asks for a 4-minute or an 11-minute massage?
In central NC the going rate for an in-office massage is $90 – $100. Using that as a guideline, here’s how I price seated massage:
5 minutes: $7
10 minutes: $15
15 minutes: $22
20 minute: $30
How about you? When you raise your rates, do you also raise your seated rates?