Start a stress management training business by following these 10 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 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.
Check out our How to Start a Business page.
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 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 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 Stress Management Training 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 stress management training 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.
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.
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.
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
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.
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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: 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.
Recommended: Find the best phone system for your business; check out our review of the Best Business Phone Systems 2021.
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.
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 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.