Are you about starting a psychic service business? If YES, here is a complete sample psychic service business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a psychic service business. We also took it further by analyzing and drafting a sample psychic service marketing plan template backed up by actionable guerrilla marketing ideas for psychic service companies. So let’s proceed to the business planning section.
Why Start a Psychic Services Business?
Are you an astrologer or a psychic? Do you want to become your own boss? If you answered yes to these questions, then you should consider starting a psychic services business. When you want to start this sort of business, it is advisable to first look at the existing laws in the country or state you reside in.
This line of business is indeed profitable and reliable statistics has it that the Psychic Services industry in the United States of America generates roughly $2 billion annually. If you are qualified and well positioned, you can get your own fair share of the available market in the industry.
If you want to partake in this thriving industry, you would need to obtain all the necessary licenses and certifications. The truth is that the market is still pretty much open for new practitioners to come in. Although there are competitions at various levels in the industry, but if you are able to come up with a good business strategy, you are sure of breaking even.
So, if you have decided to start a psychic service in the United States, then you should make sure that you carry out thorough feasibility studies and market survey. Business plan is yet another very important business document that you should not take for granted when launching your business.
Below is a sample psychic service business plan template that will help you successfully write yours without much stress.
A Sample Psychic Services Business Plan Template
- Industry Overview
The Psychic Services industry is made up of establishments that offer psychic and fortune-telling services. Players in this industry usually provide services in the areas of astrology, aura reading, mediumship, tarot card reading and palmistry, among other metaphysical services.
Psychics are people whom some believe are able to perceive information hidden from the normal senses through extrasensory perception (ESP) or clairvoyance. Apart from ESP, psychics are trained to give clients information, often about their personal lives and future, using various tools ranging from physical cards to crystal balls.
For example, many psychics use tarot cards for guidance; tarot cards feature images that are meant to have specific meanings, and psychics attempt to interpret these images and connect them to clients and their lives. Psychic readings attempt to provide clients insight and advice. This advice often pertains to subjects that clients are anxious and curious about, such as love and death.
A report published by IBISWorld shows that the Psychic Services industry has grown steadily over the last five years thanks to the recovering economy and growing acceptance of industry services among consumers. The report shows that following a dip during the recession, rising disposable income levels have spurred demand for discretionary services like psychic readings.
In the coming years, improving economic conditions will continue to boost industry performance, as rising disposable income bolsters average customer spending on psychic services. Increased citywide regulations will likely accelerate during the next five years, which will result in slight industry consolidation and slow industry growth.
The Psychic Services industry is indeed a growing industry. Statistics has it that in the United States of America alone, there are about 83,380 registered psychic services businesses in this industry, employing about 86,334 people and the industry rakes in a whooping sum of $2 billion annually. The industry is projected to continue to grow at a 2.4 percent rate. It is important to state that there is no company with a dominant market share in the industry.
There are loads of players in this industry because the entry barriers for a psychic services business are low. As a matter of fact, the required startup cost for a new organization can be as low as the cost of acquiring an Ouija board, laptop and internet device without the need of employees, significant capital expenses or even an office facility.
Some of the factors that encourage entrepreneurs to start their own psychic service is the fact that the business has minimal regulation, it is a profitable business and it can be started with minimal capital and employees.
Lastly, as a psychic and astrologer, the key attributes needed to be able to make good success from the trade is patience, enthusiasm, passion and constant positivism. You are also expected to be highly proactive. It is one thing to have a skill and it is another thing to know how to help people solve their problems which is why you must constantly get feedbacks from your clients to be able to measure their progress and your performance.
Psychic Services Business Plan – Executive Summary
Enrique Hendrickson® Psychic Services, Inc. is a licensed psychic service establishment that offers psychic and fortune-telling services. Our business will be located between a well – populated residential estate and a business district in in Smethport – Pennsylvania, United States of America.
Enrique Hendrickson® Psychic Services, Inc. is a client-focused and result driven psychic service that provides services in the areas of astrology, aura reading, mediumship, tarot card reading and palmistry at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will ensure that we work hard to meet and surpass all our clients’ expectations when solving their problems.
At Enrique Hendrickson® Psychic Services, Inc., our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire certified psychics and astrologers with various skills who are passionate in helping our clients solve their problems.
Enrique Hendrickson® Psychic Services, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a private psychic service, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely.
Our overall business goal is to position our private psychic service to become the leading brand in the industry in the whole of Smethport – Pennsylvania, and also to be amongst the top 10 private psychic services in the United States of America within the first 5 years of operation.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Smethport is the right place to launch our business.
Enrique Hendrickson® Psychic Services, Inc. is founded by Dr. Enrique Hendrickson. Dr. Enrique Hendrickson is an American psychic cum mystic who possesses the ability to answer questions on subjects as varied as healing, reincarnation, wars, and future events while in a trance. He is also a medium, spiritual healer and spiritual teacher.
Dr. Enrique Hendrickson is a member of American Federation of Certified Psychics and Mediums, the IAPLT Certified Psychic Counselor, and he possess Psychic & Intuitive Certification – JVP School of Mystical Arts. He has over 20 years experience working in the field.
- Our Services Offering
Enrique Hendrickson® Psychic Services, Inc. is going to offer a variety of psychic services within the scope of the industry in the United States of America.
Our intention of starting our business is to help our clients overcome their challenges, achieve their personal goals, live the life they desire and of course to also make profits and we will do all that is permitted by the law in the US to achieve our aim. Our service offerings are listed below;
- Aura reading
- Tarot card reading
- Other metaphysical services.
Our Vision Statement
Our vision is to build a highly competitive and effective psychic service that will become the number one choice for people in Smethport – Pennsylvania and the United States of America.
- Our Mission Statement
Our mission is to provide affordable, professional and highly effective private psychic services to a wide range of clients. We want to position Enrique Hendrickson® Psychic Services, Inc. to become one of the leading private psychic service in the industry, and also to be amongst the top 10 psychic firms in the United States of America within the first 5 years of operation.
- Our Business Structure
Enrique Hendrickson® Psychic Services, Inc., intends starting small in Smethport – Pennsylvania, but hopes to grow big in order to compete favorably with leading firms in the industry. We are aware of the importance of building a solid business structure that can support the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operation.
We will ensure that we hire people that are qualified, hardworking, creative, passionate, result driven, customer centric and are ready to help us build a prosperous business. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Principal Partner/Chief Psychic
- Psychics, Astrologers and Counselors
- Office Administrator
- Marketing Executives
- Client Service Executive
Roles and Responsibilities
Principal Partner/Chief Executive Officer:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives and developing a climate for offering information and opinions
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Psychics, Astrologers and Counselor
- In charge of psychic services such as palmistry, cartomancy, mediumship, aura reading, astrology, lithomancy, numerology, psychometry, tarot card reading and other metaphysical services.
- Handles any other duty as assigned by the Principal Partner / Chief Psychic
- Responsible for overseeing the smooth running of HR and administrative tasks for Enrique Hendrickson® Psychic Services, Inc.
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily activities at Enrique Hendrickson® Psychic Services, Inc.
- Identifies, prioritizes, and reaches out to new business opportunities
- Identifies development opportunities; follows up on development leads and contacts
- Responsible for handling business research, market surveys and feasibility studies
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Helps to increase growth for Enrique Hendrickson® Psychic Services, Inc.
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for Enrique Hendrickson® Psychic Services, Inc.
- Serves as internal auditor for Enrique Hendrickson® Psychic Services, Inc.
Client Service Executive
- Welcomes clients and visitors by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s services
- Manages administrative duties assigned by the principal partners in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels/documents for Enrique Hendrickson® Psychic Services, Inc.
Enrique Hendrickson® Psychic Services, Inc. engaged the services of a professional in the area of business consulting and structuring to assist our organization in building a well – structured private psychic service that can favorably compete in the highly competitive industry in the United States.
Part of what the business consultant did was to work with the management of our organization in conducting a SWOT analysis for Enrique Hendrickson® Psychic Services, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Enrique Hendrickson® Psychic Services, Inc.;
Our core strength lies in our workforce. We have a team of experts in the industry, a team with excellent qualifications and experience in psychic services. Aside from the synergy that exists in our carefully selected team and our strong online presence, Enrique Hendrickson® Psychic Services, Inc. is well positioned in a community with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
As a new private psychic service in Smethport – Pennsylvania, it might take some time for our organization to break into the market and gain acceptance especially in the already saturated psychic industry; that is perhaps our major weakness.
No doubt, the opportunities in the industry is massive considering the number of individuals who would want to overcome their challenges and achieve their goals and live a life free from fears and bad omen. As a standard private psychic service, we are ready to take advantage of any opportunity that comes our way.
Every business faces both external and internal threats. This shows the importance of a business plan, because most threats or challenges can be anticipated and plans put in place to cushion their effect.
Some of the threats that we are likely going to face as a private psychic service operating in the United States of America are unfavorable government policies, bad press, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
Psychic Services Business Plan – MARKET ANALYSIS
- Market Trends
The trend in the psychic industry shows that in the last half a decade, the industry has grown consistently. The trend in the industry is such that if you want to be ahead of your competitors, you should be able to acquire as much certifications as possible and you should be able to have loads of testimonies from your clients.
The truth is that if your clients experience huge differences in their lives as a result of hiring your service, then they will be compelled to help promote your organization.
Another notable trend in this industry is the influence of technology; the advent of technology is responsible for the increase in income generated by private psychic services all over the world. With technology, it is now easier for psychic services to counsel clients that are thousands of kilometers away from them. Tools like video calling/Skype, YouTube, live chat and Webcast et al are being used by psychics to attend to clients in different parts of the world.
- Our Target Market
The target market for private psychic firms is all encompassing. Enrique Hendrickson® Psychic Services, Inc. is a professional psychic service that is specialized in helping her clients achieve their personal goals and improve their competence, capacity and productivity.
Our target market cuts across people from all walks of life. We are coming into the industry with a business concept that will enable us work with the clients from different background and status. Below is a list of the clients that we have specifically designed our private psychic services for;
- About to wed couples
- Married couples
- Working class adults/corporate executives
- Government officials
- Public figures
- School Leavers
- Sports men and women
- College students
- People undergoing depression
- People with mental challenges
Our Competitive Advantage
We are quite aware that to be highly competitive in the psychic industry means that you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference and improvement and you should be able to meet the expectations of your clients at all times.
Enrique Hendrickson® Psychic Services, Inc. might be a new private psychic firm in Smethport – Pennsylvania, but their management team are licensed and highly qualified psychics and astrologers that can successfully help their clients overcome their challenges. These are part of what will count as a competitive advantage for us.
Aside from our robust experience of our astrologers and counselors, we have access to niche markets, we have a good reputation and easy access for clients. We have a very strong online presence that will enable us counsel clients in different parts of the world.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and objectives.
Psychic Services Business Plan – SALES AND MARKETING STRATEGY
We are mindful of the fact that there are stiff competitions amongst private psychic firms in the United States of America; hence we have been able to hire some of the best marketing experts to handle our sales and marketing. Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets.
Our goal is to grow Enrique Hendrickson® Psychic Services, Inc. to become one of the top 10 private psychic services in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in Smethport – Pennsylvania but also in other cities in the United States.
Enrique Hendrickson® Psychic Services, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our private psychic services firm by sending introductory letters alongside our brochure to corporate organizations, households and key stakeholders in Smethport – Pennsylvania.
- Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our private psychic service
- Post information about our private psychic service on bulletin boards in places like schools, libraries, and local coffee shops.
- Place a small or classified advertisement in the newspaper, or local publication about our firm
- Advertise our firm in relevant educational magazines, newspapers, TV and radio stations
- Attend relevant educational expos, seminars, and business fairs et al
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients.
Sources of Income
Enrique Hendrickson® Psychic Services, Inc. is established with the aim of maximizing profits in the industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Enrique Hendrickson® Psychic Services, Inc. will generate income by offering the following private psychic services;
- Aura reading
- Tarot card reading
- Other metaphysical services.
One thing is certain, people will always need the services of psychics and astrologers to help them overcome their challenges and achieve their personal goals.
We are well positioned to take on the available market in Smethport – Pennsylvania and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow our business and clientele base.
Below is the sales projection for Enrique Hendrickson® Psychic Services, Inc., it is based on the location of our firm and of course the wide range of services that we will be offering.
- First Fiscal Year: $150,000
- Second Fiscal Year: $350,000
- Third Fiscal Year: $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Our Pricing Strategy
Generally psychic and related services are billed per hour and with flat fees on a weekly or monthly basis as it applies. As a result of this, Enrique Hendrickson® Psychic Services, Inc. will charge our clients flat fees except for few occasions where we may bill special clients hourly.
At Enrique Hendrickson® Psychic Services, Inc. we will keep our fees below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to all our clients at regular intervals.
- Payment Options
The payment policy adopted by Enrique Hendrickson® Psychic Services, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Enrique Hendrickson® Psychic Services, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via mobile money
- Payment via Point of Sales Machines
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our clients make payment for our services without any stress on their part.
Psychic Services Business Plan – Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. Below are the platforms we intend to leverage on to promote and advertise Enrique Hendrickson® Psychic Services, Inc.;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events
- Leverage on the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote our brand
- Install our billboards in strategic locations all around Smethport – Pennsylvania.
- Engage in roadshows from time to time in targeted neighborhoods
- Distribute our fliers and handbills in target areas
- Contact corporate organizations by calling them up and informing them of Enrique Hendrickson® Psychic Services, Inc. LLP and the services we offer
- List our private psychic services firm in local directories / yellow pages
- Advertise our firm in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members wear our branded shirts and all our vehicles are branded with our logo.
Psychic Services Business Plan – Financial Projections and Costing
In setting up a personal psychic service, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need more capital as you would need to ensure that your employees are taken care of.
This means that the start-up can either be low or high depending on your goals and vision for your business. The startup capital for a home based private psychic service without any overhead might fall between $500 and $2,000, while that of a medium and large scale would definitely be higher.
The materials and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. However, this is what it would cost us to start our own standard psychic service in the United States of America;
- Business incorporating fees in the United States of America will cost – $750.
- The budget for liability insurance, permits and license will cost – $3,500
- Acquiring an office space that will accommodate the number of employees we intend employing for at least 6 months (Re – Construction of the facility inclusive) will cost – $35,000.
- Equipping the office (Ouija board, crystal balls, computers, printers, projectors, markers, pens and pencils, furniture, telephones, filing cabinets, and electronics) will cost – $10,000
- The cost for accounting software, CRM software and Payroll Software – $3,000
- Other start-up expenses including stationery – $1000
- Phone and Utilities (gas, sewer, water and electric) deposits – ($3,500).
- Launching an official website will cost – $500
- Amount needed to pay bills and staff members for at least 2 to 3 months – $70,000
- Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
- Miscellaneous – $5,000
Going by the report from the market research and feasibility studies conducted, we will need about one hundred and fifty thousand (150,000) U.S. dollars to successfully set up a medium scale but standard private psychic service in the United States of America.
Generating Startup Capital for Enrique Hendrickson® Psychic Services, Inc.
Enrique Hendrickson® Psychic Services, Inc. is a private business that is owned by Dr. Enrique Hendrickson. He is the sole financier of the business which is why they decided to restrict the sourcing of the startup capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the startup capital from personal savings and sale of his stocks
- Generate part of the startup capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $50,000 (Personal savings $35,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
PSYCHIC SERVICES BUSINESS GROWTH: Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Enrique Hendrickson® Psychic Services, Inc. is to build a business that will survive off its cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our psychic and astrology services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Enrique Hendrickson® Psychic Services, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner of our business strategy.
We know that if these are put in place, we will be able to successfully hire and retain the best hands we can get in the industry and they will be more committed to help us build the business of our dreams.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing a standard office facility in a good location plus reconstruction: In progress
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founders: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of Logo for the school: Completed
- Printing of Packaging Marketing/Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the business: In Progress
- Creating awareness for the business in Smethport – Pennsylvania: In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in various industries: In Progress