How to Start a Tarot Reading Business

Start a tarot reading business by following these 10 steps:

1. Plan your Tarot Reading Business
2. Form your Tarot Reading Business into a Legal Entity
3. Register your Tarot Reading Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Tarot Reading Business
6. Get the Necessary Permits & Licenses for your Tarot Reading Business
7. Get Tarot Reading Business Insurance
8. Define your Tarot Reading Business Brand
9. Create your Tarot Reading Business Website
10. Set up your Business Phone System

We have put together this simple guide to starting your tarot reading business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas.

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 will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

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 Tarot Reading Business Name Generator

If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

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.

What are the costs involved in opening a tarot reading business?

Here's the good news! This is a business you can kickstart for very little capital. You will have years of experience under your belt. You will need a computer, phone, internet connection, a good deck of cards that speak to you, and a mobile tent/table set up for parties and fairs. You will also want a good web site. About $5,000 should get you going. If you end up expanding into hiring other readers, the costs related with a phone system will add a few thousand more to the setup.

What are the ongoing expenses for a tarot reading business?

Your largest costs will be marketing, some basic accounting and even travel. Your cards won't put a huge dent in your budget. You will want to update your website on a regular basis to keep it current and relevant.

Who is the target market?

Your best client will be the person who needs guidance on a consistent basis, so that they schedule weekly or monthly readings. Tarot parties can provide excellent income for a few short hours, but are difficult to line up. You will find clients from all walks of life and income levels. You simply need to find those with an open mind, ready to accept the wisdom provided to them.

How does a tarot reading business make money?

Reading at a fair or walk-ins are often offered at a flat rate for a small spread. More in-depth readings requiring multiple spreads will charge by the hour. Your reputation and your clientele will determine just how much or how little you are able to charge. There is very little overhead, so the more readings you do, the more money you will make.

How much can you charge customers?

You can earn a very respectable living if working full-time. A quick 15-minute reading that you do for walk-ins at the fair can earn $20 each. For more in-depth readings ordered by regular clients, you can charge $60 to $80 per hour. If you have broken into the wealthy clientele, some celebrities pay up to $500 per hour for their personal tarot reader.

How much profit can a tarot reading business make?

Your startup tarot business can see an income of about $25,000 the first year. As your client base grows, so will your profits. Some readers report six figure incomes, but those are the exception to the norm.

How can you make your business more profitable?

As time goes by, you will be able to stop doing those $20 quickie readings at the fair, opting for the more profitable in-depth ones paid for by wealthier clients.

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your tarot reading business is sued.

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

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!

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.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money 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 a tarot business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.

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.

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.

Is this Business Right For You?

If you have developed your experience and knowledge through years of reading cards for your friends and acquaintances, and spend lots of time studying tarot, it might be time to start charging for the readings that everybody is begging you to do.

What happens during a typical day at a tarot reading business?

If you are working at this business full-time, you might be:

• Completing readings for your scheduled clients
• Working your social media contacts to promote your business
• Marketing private tarot reading parties or line-up booths at psychic fairs
• Balancing your books
• Establishing and maintaining a website that accepts payment for remote readings
• Taking phone calls and complete readings for these pop-up clients
• Creating a Standard of Business that gives clients clearly defined expectations with regards to your readings

What are some skills and experiences that will help you build a successful tarot reading business?

Unlike many other product and even service based businesses, a tarot reading business relies heavily upon the charisma of the reader. Putting aside the pleasant demeanor, you will need to:

• Be fully fluent in the interpretation of the Tarot and be able to complete readings without consulting any kind of book
• Have a compassionate and instinctive nature
• Complete readings that allow the customer to walk away with new insight to a situation or confidence in themselves
• Knowledge of organic marketing techniques--word-of-mouth will be a major means of promotion
• Basic accounting skills
• Be able to turn away a customer that only brings negative vibes to the table

What is the growth potential for a tarot reading business?

Many readers run their business as a sideline. If you are able to cultivate a client base of wealthy and avid customers, you might be able to operate your business on a full-time basis. Should you have a knack for befriending other readers, it may be possible to expand into a Dial-a-Tarot business with multiple readers fulfilling requested readings over the phone.