Start an astrology business by following these 10 steps:
- Plan your Astrology Business
- Form your Astrology Business into a Legal Entity
- Register your Astrology Business for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Astrology Business
- Get the Necessary Permits & Licenses for your Astrology Business
- Get Astrology Business Insurance
- Define your Astrology Business Brand
- Create your Astrology Business Website
- Set up your Business Phone System
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your astrology business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
- How much can you charge customers?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening an astrology business?
To open a small retail shop, it costs approximately $65,834. This includes a the deposits (security, first month, and triple net) to rent a business lease ($4,589), construction and furniture costs ($7,500), and utility deposits and handyman costs ($450). Various IT expenses, including a custom website, relevant consulting, computer and phone equipment, and a retail point of sale system will come to about $6165. Marketing costs, including exterior and interior signs, legal services, logo design, business cards, and flyers and coupons comes to about $8900. A big public relations push for your grand opening (including catering and media) is about $1670. This brings the cost to $30,834. The exact cost of your retail stock will vary, but if you spend $35,000 to set up your initial inventory, it brings your costs to $65,834.
What are the ongoing expenses for an astrology business?
Your ongoing expenses will include your monthly rent (this will vary, but was $1,877 in our projections above), cost of utilities (varies by region, but should be less than $1000 a month), and salary of your employees (which will vary based on the amount of employees and their pay, but $5,000 is a good projection for a small team).
Who is the target market?
Obviously, your best clients are ones who already believe in the mystic potential of astrology. As far as demographics, college-aged students who are exploring changes to their view of the world typically make for good customers.
How does an astrology business make money?
Your business makes money by selling a variety of astrology-related products and charging money for psychic readings and tarot readings.
How much can you charge customers?
With this kind of retail business, there is no true average price for items. You may sell small items for under five dollars and sell more rare and exotic items for over $100. For things like astrological or tarot readings, your hourly cost may range anywhere from $25 to over $125.
How much profit can an astrology business make?
The exact profit you will make can vary greatly. Many retail businesses end up with a net profit margin between two percent and three percent. However, by having a niche product and a relatively small team, it is possible for you to increase your margins and make a large splash in your community.
How can you make your business more profitable?
Consider variations of your sideline opportunities, such as offering online psychic consulting through mediums such as Skype. Consider hosting community events such as informal seminars where you discuss astrology and its significance throughout history, or its relevance to current events. Finally, don't be afraid to ask customers if they want to be on a mailing list—you can establish a newsletter that is combined with astrological facts and promotional information about your business. If done well, this can keep satisfied customers coming back and also bringing friends and family.
What will you name your business?
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Astrology Business Name Generator
When registering a business name, we recommend researching your business name by checking:
- Your state's business records
- Federal and state trademark records
- Social media platforms
- Web domain availability.
It's very important to secure your domain name before someone else does.
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your astrology business is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
- This separates your personal assets from your company's assets, which is necessary for personal asset protection.
- It also makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more.
Open net-30 accounts
When it comes to establishing your business credit, net-30 vendors are considered the way to go. The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services.
Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
Besides establishing business relationships with vendors, net-30 credit accounts get reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our guide on the best net-30 vendors so you can start building business credit now, so you never have to worry about cash flow in the future. Keep in mind that poor cash flow is the #1 reason businesses fail!
Get a business credit card
- This helps you separate personal and business expenses by putting your business' expenses all in one place.
- It also builds your company's credit history, which can be useful to raise money and investment later on.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Make LLC accounting easy with our LLC Expenses Cheat Sheet.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
State & Local Business Licensing Requirements
Certain state permits and licenses may be needed to operate an astrology business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.
For information about local licenses and permits:
- Check with your town, city or county clerk’s office
- Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources.
Certificate of Occupancy
An astrology business is generally run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
- If you plan to lease a location:
- It is generally the landlord’s responsibility to obtain a CO.
- Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to an astrology business.
- After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
- If you plan to purchase or build a location:
- You will be responsible for obtaining a valid CO from a local government authority.
- Review all building codes and zoning requirements for your business’ location to ensure your astrology business will be in compliance and able to obtain a CO.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business.
If you already have a logo, you can also add it to a QR code with our Free QR Code Generator. Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.
How to promote & market an astrology business
It is worth investing in the “traditional” advertising mentioned above, including flyers and business cards. Within your budget, it is also worth it to offer some radio advertising, especially around your grand opening. However, don't neglect the online aspect of advertising: in addition to your professionally-designed website, you should maintain social media accounts that allow you to share astrology facts and merchandise deals with interested customers. Many of your best customers will be Millennials who prefer online interaction to talking over the phone, so this is a great way to build relationships with customers.
How to keep customers coming back
In addition to the advertising methods mentioned above, consider the free publicity of offering psychic readings in public parks and college campuses. You may also print out daily horoscopes and deliver them to local businesses, along with information about your store and your latest deals. Finally, make sure you embrace seasonal opportunities, such as selling accessories for Halloween costumes in October. While it may not seem astrology-related, it helps to promote solid word of mouth for your business.
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2022 to find the best phone service for your small business.
Recommended Business Phone Service: Nextiva
Nextiva is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.
Start An Astrology Business In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Is this Business Right For You?
Obviously, this business is great for those who have a deep love and passion for astrology. It is also good for a “people person,” as this job involves more personal interactions with customers than a typical retail job.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at an astrology business?
If you start an astrology business as a sideline business, some of your daily activities will include scheduling tarot and/or psychic readings and following up with these appointments via phone or email. Other than that, the business is like any other retail business, and activities include receiving shipments of supplies, stocking shelves, helping customers, and advertising your business.
What are some skills and experiences that will help you build a successful astrology business?
Existing knowledge of astrology is critical to build this business. Awareness of astrology software can also help make it easier to consult with customers. Finally, lots of personal experience in shops that sell similar merchandise will let you hit the ground running with products that are proven hits.
What is the growth potential for an astrology business?
The growth potential of this business is modest. The Bureau of Labor Statistics predicts retail as an industry to grow seven percent between 2014 and 2024. With your business holding a special niche and also offering things like psychic consulting, it may grow even more.
Take the Next Step
Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting an astrology business?
Consider the sideline opportunities mentioned above (such as psychic readings) as a way of building interest and buzz around your business. Be sure your store features some more eye-catching merchandise as a way of making astrology seem mysterious and intriguing. Also, try to network right away with local businesses: offering services such as astrological readings for business executives can be a big hit in the right area.
How and when to build a team
Unless you forsake sleep, you will likely need a small team right away to help work different shifts and to stay open as many days as possible.
You may want to create some basic astrology resources to share with your clients so they can have a deeper appreciation of what your business offers. Whether you choose to include it in your marketing materials or as a paid offer, many customers will want to know more about astrology basics, such as the difference between Vedic and Western astrology, or the 27 nakshatras. In addition, it may be helpful to learn more about Vedic science, which many view as the origin of astrology.