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Start a stress management training business by following these 9 steps:
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 step guide to starting your stress management training 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 long it will take you to break even?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a stress management training business?
Overhead costs may be somewhat low to start, especially if you already have the advanced education. You don’t necessarily need an official office space, or formal equipment. Most of your clients should be able to provide the audio/visual devices you need to illustrate your points.
What are the ongoing expenses for a stress management training business?
Ongoing expenses can be minimal, especially if you do the majority of your training as one-on-one or in intimate settings. Depending on the nature of the business, you may have the following expenses:
- Presentation software
- Handouts/booklets for employees
- Ongoing stress-management education for you and employees
- Employee salaries
- Refreshments (tea, coffee, etc.)
- Website maintenance
Who is the target market?
Small, tight-knit companies typically won’t need these services. Stress management training is normally reserved for large companies with a variety of departments who may or may not all get along.
How does a stress management training business make money?
Owners make money by charging a set fee for their services to clients. This fee should cover all materials and time spent to provide training.
How much can you charge customers?
Stress management counselors can charge a lot for their services, and major corporations will not necessarily cringe at the fees — especially if they think they’re getting more worker productivity in return. It’s not unreasonable for established companies to charge up to $2,000 a day to counsel a group of around 20 people.
How much profit can a stress management training business make?
There are plenty of ways that a training business can keep their overhead down to increase their profit. Potentially, you’re looking at 80 to 90% pure profit, depending on the resources you use. If you work five days a week at $2,000 a day, then you can conceivably make around $8,000 a week.
How can you make your business more profitable?
Counselors who understand employee behavior can branch out into time-management counseling as well (which will follow a similar format as stress management training.) There are also positive psychology workshops you can offer to increase worker outlook on their jobs and their lives.
What will you name your business?
Choosing the right name is very important. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.
After registering a domain name, consider setting up a professional email account (@yourcompany.com). Google's G Suite offers a business email service that comes with other useful tools, including word processing, spreadsheets, and more. Try it for free
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC prevents you from being personally liable if your stress management training business is sued. There are many business structures to choose from including: Corporations, LLC's, and DBA's.
You should also consider using a registered agent service to help protect your privacy and stay compliant.
For most small businesses forming an LLC is a great option, and it's easy enough to form by yourself, or check out the top business formation services.
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?.
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.
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: You can get $200 when you open a Chase business checking account with qualifying activities. Learn more.
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.
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 a stress management training 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.
Stress management training businesses should require clients to sign a services agreement before starting a new project. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership. Here is an example of a consulting agreement similar to one that a stress management service might draw up.
STEP 7: Get Business Insurance
Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.
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.
How to promote & market a stress management training business
There are many concrete examples you can give of how stress can cost a company money to sway decision makers into signing up for a seminar or even to conduct ongoing sessions over several months. Owners should have a variety of plans available for businesses of different sizes and needs.
Remind employers what can happen if stress isn’t addressed and handled in a healthy way. When employees are stressed, they may make major mistakes that are difficult for the business to recover from.
You will get most of your business from networking and referrals. You will need a professional website where people can learn more about what you do and request an appointment. Market the company as flexible enough to handle any request, from a one-time solution to ongoing treatment.
How to keep customers coming back
A stress management training company will need to show rather than tell when it comes to attraction and retention. Companies will need to see their quality scores going up when it comes to employee satisfaction, customer satisfaction, and overall productivity. The more you can show that what you do has the ability to turn disgruntled workers into happy, healthy employees, the more your services will be valued.
You may want to offer a short seminar for free to the CEO or the president of a company to give them an idea of what you can really do.
STEP 9: Establish your Web Presence
A business website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new clients or customers.
Start A Stress Management Training 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?
Those who have a deep understanding of human behavior will do well in this business. It’s recommended that you have some type of advanced degree in psychology before striking out. While you don’t need a graduate degree, you cannot practice as a licensed counselor without it.
What happens during a typical day at a stress management training business?
Owners may need to complete the following tasks on any given day.
- Market to clients who need your services
- Conduct training seminars to employees
- Prepare contracts for clients
- Hire employees to assist with conducting seminars
- Prepare reports about employee stress levels
- Prepare employee hand-outs or instructional booklets about stress management
- Provide detailed recommendations to clients to ensure successes
What are some skills and experiences that will help you build a successful stress management training business?
Those giving the training need to inspire while providing concrete advice about stress. An owner needs to be detail-oriented to understand the needs of each business, and they’ll also need a certain amount of intuition when handling large groups of employees who likely just want to go back to their regularly scheduled working day.
An owner will also need to have some type of sales skills in order to succeed, as new clients may be initially hesitant to compromise their budget on this type of non-essential service.
What is the growth potential for a stress management training business?
Growth will be dependent upon the need for these services in any given area. However, companies that increase their client base may be able to expand to other parts of the state or even country. As a stress management training company grows, owners will need to hire a team while continuing to ensure quality in the seminars and lessons the company provides.
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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.
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 a stress management training business?
Your business will be dependent on how well you can help other businesses, but this can be difficult to do. It’s not easy to change the mindset of employees after just one day (even if it’s an incredibly good seminar).
Thankfully, the numbers are on your side. More than half of employees suffer from moderate to severe stress, and 66% of employees have a difficult time concentrating when they feel stressed. The total impact on productivity costs hundreds of thousand and potentially millions of dollars to companies who need alert and clearheaded employees to do their jobs.
How and when to build a team
It may be difficult to find employees who can do this type of job well, as it’s a very specialized set of skills. While it may seem as easy as just reading from a PowerPoint presentation, counselors must do far more than that. They will need to adapt to a variety of office settings.
For example, a tech company will have very different stressors than a retail company. Owners of a stress management training company may want to start off alone, and then add employees as the client base grows. This also gives an owner the chance to further narrow down exactly what they need from an employee for success.