When I first jumped into private practice as a fresh-faced, newly licensed massage therapist back in 2003, I had no idea I was signing up to be a business owner, too. Like, I just wanted to help people feel good, not run a whole operation. But anyone self-employed probably gets it—it’s not always about wanting to be your own boss, but it’s the way to do the work you love.
At the time, I was living in upstate New York, and honestly, massage therapy jobs were scarce. So, if I wanted to be doing what I was passionate about, I had to make it happen for myself.
The business side? Yeah, I ignored that for as long as possible. I didn’t really think of myself as an “entrepreneur” or even a business owner. It felt more like I worked for my clients directly. Instead of a boss paying me, my clients did. But now, looking back, I wonder how different things could’ve been if I’d just embraced being a business owner sooner.
It wasn’t until my late twenties that I started taking my financial situation seriously. I wanted to knock out debt, live on my own (no roommates, please!), and start saving for the future. When I moved from laid-back Boulder, CO, to the hustle of Brooklyn, NY, my finances had to level up—fast. NYC life is a different ballgame, and if I wanted to make it with my private practice, I had to get really cozy with numbers, especially since time is limited.
Here are some lessons I really wish I’d embraced sooner as a business owner:
1. Separate Your Personal and Business Finances (Trust me on this one)
Back in the day, the thought of having separate bank accounts for personal and business felt super overwhelming. I was like, “Ugh, that’s too much to keep track of,” so I just lumped everything into one personal account. Big mistake. This actually made things way more confusing because I had no clear picture of how much money my business was really making—or how much it was costing me.
If I’d separated my accounts earlier, I would've had a much clearer sense of what was coming in and what was going out. Plus, emotionally, it made a huge difference. I didn’t feel like I was constantly pulling from my own pockets to fund my business. Instead, I could see what the biz was generating and set aside what I needed for future growth. Seriously, game-changer.
2. Taxes Don’t Have to Be Scary (But You Do Need a System)
Let me tell you, tax season used to wreck me every year. Without any systems in place to track my income and expenses, it was always a nightmare. I had to comb through an entire year of mixed-up transactions just to figure out what was what.
And I know I’m not alone in this—tons of people come to Fully Funded for help with exactly this problem. It’s overwhelming, but once you get a system down? Life. Changing. Taxes don’t feel like a chaotic scramble anymore. I’m way more prepared, and the whole process is smoother.
3. Pay Those Quarterly Estimates (Your Future Self Will Thank You)
For the longest time, I had no clue I was supposed to be submitting estimated quarterly taxes. Who knew, right? I’d get hit with this massive tax bill every year and be completely stressed out. Then, I discovered the Profit First method, where you set aside a percentage of everything you earn for taxes. It made life so much easier.
Now, paying my quarterly taxes takes, like, 10 minutes. I just hop onto the IRS portal, do a quick bank transfer, and boom—done. No more panicking during tax season because I’ve already been paying throughout the year. It’s one of those things that seems scary at first but becomes super simple once you’ve got it down.
...stay tuned for Part 2!