This company is both instructional and retail in many ways. You are assisting consumers in marketing the mystery of astrology as well as things relevant to their interest in astrology. Many of these establishments also provide psychic or tarot readings on the side.
Table of Contents
Follow these ten steps to start an astrological business:
Plan your Astrology Company
Create a legal entity for your astrology business.
Tax Registration for your Astrology Business
Create a Business Bank Account and a Credit Card
Create an accounting system for your astrology business.
Get the Permits and Licenses You Need for Your Astrology Business
Purchase Astrology Business Insurance
Establish your Astrology Business Brand
Create a website for your astrology business.
Configure your Business Phone System
Starting a company entails more than just registering it with the state. We’ve put up this short guide to getting started in the astrology industry. These stages will guarantee that your new company is well-planned, correctly registered, and legally compliant.
STEP 1: Make a business plan.
A well-thought-out strategy is vital for entrepreneur success. It will assist you in mapping out the intricacies of your organisation and uncovering some unknowns. Consider the following crucial topics:
What are the initial and continuing expenses?
Who is your intended audience?
How much money may you charge your customers?
Fortunately, we have done a lot of the legwork for you.
What are the expenses of starting an astrological business?
It costs around $65,834 to operate a modest retail store. This includes deposits for a business lease (security, first month, and triple net) ($4,589), building and furnishings expenditures ($7,500), and utility deposits and handyman fees ($450). A bespoke website, related consultancy, computer and phone equipment, and a retail point of sale system will cost around $6165. Marketing expenses, which include external and interior signage, legal services, logo creation, business cards, fliers, and coupons, total about $8900. A large public relations push for your grand opening (including food and media) will cost you around $1670. The total cost is $30,834. The specific cost of your retail stock may vary, but if you spend $35,000 on initial inventory, your total expenses will be $65,834.
What are the continuing costs of running an astrological business?
Your ongoing expenses will include your monthly rent (which will vary, but was $1,877 in our projections above), utilities (which will vary by region, but should be less than $1000 per month), and employee salaries (which will vary depending on the number of employees and their pay, but $5,000 is a good projection for a small team).
Who is the intended audience?
Obviously, your greatest customers are those who already believe in astrology’s mystic potential. In terms of demographics, college-aged students who are investigating changes in their worldview are often excellent consumers.
How can an astrological company generate revenue?
Your company earns money by selling astrology-related items and charging for psychic readings and tarot readings.
How much money may you charge your customers?
There is no genuine average price for things in this kind of retail operation. You may sell little stuff for less than $5 and more uncommon and exotic items for more than $100. Hourly rates for astrology or tarot readings may vary from $25 to more than $125.
What is the potential profit of an astrological business?
The precise amount of profit you will earn might vary substantially. Many retail enterprises end up having net profit margins ranging from 2% to 3%. However, if you have a unique product and a small workforce, you may enhance your margins and make a big impact in your community.
How can you increase the profitability of your company?
Consider giving online psychic counselling using mediums such as Skype as a twist on your sideline prospects. Consider arranging community activities such as informal lectures in which you explore astrology and its historical importance, as well as its connection to contemporary events. Finally, don’t be hesitant to ask consumers if they want to be included to a mailing list—you may create a newsletter that includes astrological facts as well as advertising material about your company. If done correctly, this may keep pleased consumers returning and bringing friends and family.
STEP 2: Establish a legal entity
Sole proprietorship, partnership, limited liability company (LLC), and corporation are the most frequent business structure forms.
If your astrological company is sued, forming a legitimate business organisation, like as an LLC or corporation, safeguards you from being held personally accountable.
STEP 3: File your taxes
Before you can begin for business, you must register for a number of state and federal taxes.
To register for taxes, you will need to get an EIN. It’s really simple and completely free!
Taxes on Small Businesses
Depending on the business form you choose, you may have multiple choices for how your company is taxed. Some LLCs, for example, may benefit from being taxed as a S company (S corp).
These guides will teach you more about small company taxes:
Taxes on LLCs
LLC vs. sole proprietorship
Corporation vs. LLC
S Corp vs. LLC
How to Form a S Corporation
S Corporation vs. C Corporation
There may be state taxes that apply to your company. In our state sales tax guides, you may learn more about state sales taxes and franchise taxes.
STEP 4: Establish a company bank account and credit card
Personal asset protection requires the use of distinct business banking and credit accounts.
When you combine your personal and business accounts, your personal assets (your house, vehicle, and other possessions) are at danger if your company is sued. This is known as penetrating your company veil in business law.
Furthermore, understanding how to develop corporate credit may help you get credit cards and other financing in your company’s name (rather than your own), lower interest rates, larger lines of credit, and other benefits.
Establish a business bank account.
Opening a business bank account is not only required when asking for business financing, but it also:
Separates your personal assets from the assets of your firm, which is required for personal asset protection.
It simplifies bookkeeping and tax reporting.
Create a net 30 account.
Net 30 accounts are used to develop and grow company credit while also increasing cash flow. Businesses use a net 30 account to purchase items and refund the whole debt within a 30-day period.
Many net 30 credit suppliers submit information to the main business credit agencies (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how firms establish business credit in order to get approved for credit cards and other lines of credit.
Apply for a business credit card.
Obtaining a business credit card benefits you in the following ways:
Put all of your company’s costs in one location to separate personal and business spending.
Build your company’s credit history, which will be important for raising funds in the future.
STEP 5: Establish business accounting
Recording your numerous costs and sources of revenue is crucial to assessing your company’s financial status. Keeping precise and thorough accounting also makes yearly tax filing much easier.
STEP 6: Obtain all required permissions and licences
Failure to get appropriate permissions and licences may result in significant penalties or possibly the closure of your firm.
Requirements for State and Local Business Licensing
To run an astrological business, certain state licences and licences may be required. Visit the SBA’s reference to state licences and permits to learn more about licencing requirements in your state.
For information on local licences and permissions, visit:
Check with the clerk’s office in your town, city, or county.
Contact one of the local organisations mentioned in the US Small Business Associations database of local business resources for help.
Occupancy Certificate
A storefront is often used to establish an astrological company. A Certificate of Occupancy is often required for businesses that operate from a physical site (CO). A certificate of occupancy certifies that all building rules, zoning laws, and government requirements have been satisfied.
If you intend to rent a space:
In most cases, it is the landlord’s obligation to get a CO.
Before leasing, ensure that your landlord has or can get a valid CO for an astrological company.
A new CO is often required after a big remodelling. If your location will be refurbished before opening, incorporate wording in your leasing agreement saying that lease payments would not begin until a valid CO is given.
If you intend to buy or create a location:
It is your responsibility to secure a valid CO from a local government entity.
Examine all building rules and zoning standards for your astrological business’s location to verify compliance and the ability to receive a CO.
STEP 7: Obtain commercial insurance.
Insurance, like licences and permits, is required for your company to operate safely and legally. In the case of a covered loss, business insurance protects your company’s financial well-being.
There are several sorts of insurance plans designed for various types of companies with varying risks. If you are unaware about the hazards that your company may encounter, start with General Liability Insurance. This is the most popular coverage required by small companies, so it’s a good place to start for yours.
Workers’ Compensation Insurance is another important insurance product that many companies need. If your company will have workers, your state may require you to purchase Workers’ Compensation insurance.
STEP 8: Establish your brand
Your company’s brand is what it stands for, as well as how the public perceives it. A strong brand will help your company stand out from the crowd.
How to Market and Promote an Astrology Business
It is worthwhile to spend in the previously stated “conventional” advertising, such as flyers and business cards. It is also worthwhile to give some radio advertising within your budget, particularly around your big opening. However, don’t overlook the internet part of advertising: in addition to your professionally-designed website, you should have social media profiles where you can share astrological details and goods discounts with interested buyers. Many of your greatest clients will be Millennials who prefer online contact to phone conversations, thus this is an excellent approach to create customer connections.
How to Keep Customers Returning
Consider the free exposure of providing psychic readings in public parks and college campuses, in addition to the ways described above. You may also print daily horoscopes and send them to nearby businesses, along with information about your company and current promotions. Finally, take advantage of seasonal possibilities, such as selling Halloween costume accessories in October. While it may not seem to be connected to astrology, it does assist to build positive word of mouth for your company.
STEP 9: Create your company’s website.
After you’ve defined your brand and designed your logo, the next step is to build a website for your company.
While developing a website is an important step, some may be concerned that it is out of their grasp due to a lack of website-building skills. While this was a fair concern in 2015, online technology has made significant advances in recent years, making the lives of small company owners considerably easier.
The following are the primary reasons why you should not put off developing your website:
Every genuine company has a website, period. When it comes to bringing your company online, it doesn’t matter what size or sector it is.
Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for your own business website.
STEP 10: Install your company phone system.
Getting a phone for your company is one of the finest methods to keep your personal and professional lives distinct and private. That isn’t the only advantage; it also helps you automate your company, provides it legitimacy, and makes it simpler for prospective clients to identify and contact you.