As the 2021 business calendar unfolds, it’s important to mark down dates and deadlines to sustain a successful massage practice
The start of a new year is the prime time to set goals not only for yourself but also your business.
With the 2021 business calendar unfolding, it’s important to mark down dates and deadlines to sustain and enhance a successful massage practice. To help get you started, here are six key calendar items for the coming 12 months.
1. Quarterly Tax Deadlines
Instead of paying a hefty amount to the IRS on an annual basis, many massage therapists choose to break their tax bill into four smaller sums. If you choose to go this route, be sure to mark down all four quarterly tax deadlines and prepare your files in advance. Last year, there were several tax deadline changes due to COVID-19, so keep an eye on the news for the most accurate due dates.
2. State License Renewal
Make sure you know the exact date your state license is set to expire so you’re prepared for renewal in plenty of time. The requirements to maintain a massage license differ depending on your location, so be sure to read the fine print and check all the necessary items off your list as early as possible. You may need to complete continuing education (CE) hours to renew and maintain your massage license.
3. CE Completion
If you live in a state that requires the completion of CE hours to maintain your massage license, you will need to mark the relevant dates on your calendar. Find out exactly how many CE hours you need and how often, as well as whether there are any specifications in terms of CE topics and providers. From there, you can begin to plan out when you would need to enroll in order to meet the next deadline for CE completion.
4. Liability Insurance Purchase or Renewal
Purchasing or renewing one’s liability insurance each year is a key step toward building and maintaining a strong business foundation. Liability insurance is an affordable safety net that will protect you in the unlikely case you are named in a lawsuit. If you don’t already have liability insurance, set a deadline for seeking it out. If you do have a current policy, make note of when it’s set to expire so you can be prepared to renew.
5. Business Budget Planning
Creating a dedicated time for business budget planning can help keep your practice organized and on track for financial success. Experts often cite October 1, which is the first day of the fourth quarter, as the best time to start thinking about the estimated revenues and expenses for the following year. Whether you choose to develop your business budget on your own or with the help of a financial professional, this is a task you’ll want to tackle annually.
6. Finalize Your Holiday Specials
Around the time you begin working on your budget for next year, you’ll also want to think about what holiday specials you’d like to offer as 2021 comes to a close. From gift certificates and product bundles to goods and services that have a holiday theme, there are plenty of ways to market your massage practice for the coming season. For optimal success, set a deadline of November 1 to announce and start marketing your holiday specials on all available platforms.
Lozelle Mathai, MBA, CFEI, contributed to this article.