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Written by: Carolyn Young
Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Published on March 5, 2022
Investment range
$3,050 - $8,100
Revenue potential
$40,000 - $90,000 p.a.
Time to build
0 - 3 months
Profit potential
$35,000 - $82,000 p.a.
Industry trend
Growing
Commitment
Flexible
Pay attention to these important factors as you establish your tarot reading business:
Starting a tarot reading business has pros and cons to consider before deciding if it’s right for you.
Trends in the tarot reading industry include:
Challenges in the tarot reading industry include:
Startup costs for a tarot reading business range from $3,000 to $8,000. Costs include a tent and table, and a computer with a camera for online tarot reading.
You can take various tarot reading classes online for free at Biddy Tarot or for about $20 on Udemy.
You’ll need a handful of items to successfully launch your tarot reading business, including:
| Start-up Costs | Ballpark Range | Average |
|---|---|---|
| Setting up a business name and corporation | $150 - $200 | $175 |
| Business licenses and permits | $100 - $300 | $200 |
| Insurance | $100-$300 | $200 |
| Business cards and brochures | $200 - $300 | $250 |
| Website setup | $1,000 - $3,000 | $2,000 |
| Tarot cards, tent, table, sign | $500 - $1,000 | $750 |
| Computer with camera | $1,000 - $3,000 | $2,000 |
| Total | $3,050 - $8,100 | $5,575 |
The average price of a tarot reading is $50. Your profit margin should be about 90%.
In your first year or two, you could work from home and do 15 readings a week, bringing in about $40,000 in annual revenue. This would mean $35,000 in profit, assuming that 90% margin. As your brand gains recognition and you get repeat customers, sales could climb to 35 readings a week. With annual revenue of $90,000, you’d make a tidy profit of $82,000.
There are a few barriers to entry for a tarot reading business. Your biggest challenges will be:
Now that you know what’s involved in starting a tarot reading business, it’s a good idea to hone your concept in preparation to enter a competitive market.
Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.
Research tarot reading businesses in your area and online to examine their services, price points, and customer reviews. You’re looking for a market gap to fill. For instance, maybe the local market is missing a tarot reading business that does virtual readings and in-person readings.
You might consider targeting a niche market by specializing in a certain aspect of your industry, such as tarot readings to improve mental health and reduce anxiety.
This could jumpstart your word-of-mouth marketing and attract clients right away.
In addition to tarot readings, you could also sell spiritual items such as crystals and crystal jewelry, incense, sage packets, and dream catchers.
The average tarot reading costs $50. Your ongoing expenses will be very low, so you should aim for a profit margin of 90%.
Once you know your costs, you can use our profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
Your target market may tend to be younger people, so you should probably focus your marketing on sites like TikTok and Instagram.
In the early stages, you may want to run your business from home to keep costs low. But as your business grows, you might want to rent out a shop. Find commercial space to rent in your area on sites such as Craigslist, Crexi, and Instant Offices.
When choosing a commercial space, you may want to follow these rules of thumb:
Here are some ideas for brainstorming your business name:
Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these.
Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that sets your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.
Here are the key components of a business plan:
If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.
Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.
Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business!
Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you’re planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to tarot reading businesses.
If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state.
Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your tarot reading business will shape your taxes, personal liability, and business registration requirements, so choose wisely.
Here are the main options:
We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization, and answer any questions you might have.
Choose Your State
The final step before you’re able to pay taxes is getting an Employer Identification Number, or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN.
Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.
The IRS website also offers a tax-payers checklist, and taxes can be filed online.
It is important to consult an accountant or other professional to help you with your taxes to ensure you’re completing them correctly.
Securing financing is your next step and there are plenty of ways to raise capital:
Bank and SBA loans are probably the best option, other than friends and family, for funding a tarot reading business. You might also try crowdfunding if you have an innovative concept.
Starting a tarot reading business requires obtaining a number of licenses and permits from local, state, and federal governments.
Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration (OSHA), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits.
You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more.
You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package. They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.
This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.
If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.
Before you start making money, you’ll need a place to keep it, and that requires opening a bank account.
Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your tarot reading business as a sole proprietorship. Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.
Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account.
Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.
Here are some types of insurance to consider:
As opening day nears, prepare for launch by reviewing and improving some key elements of your business.
Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.
You may want to use industry-specific software, such as DigiPay, HoneyBook, or SimplyBook, to manage your bookings, schedule, and payments.
Developing a website for your tarot reading business is a crucial step in establishing your online presence and reaching a wider audience. You have two main options: using a website builder or hiring a professional developer. Website builders like Wix, Squarespace, or WordPress are cost-effective and user-friendly, offering customizable templates that you can tailor to reflect the unique spirit of your tarot services.
Alternatively, hiring a professional can provide a more bespoke and potentially more sophisticated website, tailored precisely to your business needs. Regardless of the method, your website should be visually appealing and intuitive, with clear calls to action – such as booking a reading, signing up for newsletters, or following your social media.
Embarking on a tarot reading business is an exciting venture, and implementing effective marketing strategies is key to attracting and retaining clients. Here are some specific strategies to consider:
Unique selling propositions, or USPs, are the characteristics of a product or service that sets it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your tarot reading business meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire.
Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your tarot reading business could be:
You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a tarot business, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in tarot reading for years and can offer invaluable insight and industry connections.
The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in tarot reading. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.
If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a tarot reading business include:
At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need.
Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed, Glassdoor, or ZipRecruiter. Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent.
Starting a tarot reading business is straightforward and inexpensive. You just need to learn to read the cards, get a good computer, build a website, and you’re good to go. It’s a surprisingly large industry and has grown fast during the pandemic. You can make good money and give people peace of mind at the same time.
Now that you’re stacked with knowledge, it’s time to finalize your plans and dive into your entrepreneurial future!
Sure! You can make about $50 per reading which can add up nicely. You just need to provide an excellent service to your customers and the money will follow.
Anyone can learn to be a tarot card reader with dedication, practice, and study of the tarot system. However, developing intuition and understanding symbolism is essential for providing insightful readings.
There are several famous tarot card readers, and one notable example is Pamela Colman Smith, the artist behind the iconic Rider-Waite Tarot deck.
The most valuable card in tarot is subjective and can vary depending on the context and personal interpretation. Each card holds its own significance and value within a reading.
To provide accurate and insightful tarot readings, it is important to study and understand the symbolism and meaning of the tarot cards. Developing intuition, practicing meditation or grounding techniques, and honing active listening skills can enhance the depth and accuracy of readings. Maintaining a professional and empathetic approach while providing guidance based on the cards is also crucial.
Yes, you can start a tarot business from home. Many tarot readers offer their services remotely through online platforms or phone consultations. Ensure that you familiarize yourself with local regulations and legal requirements, such as obtaining any necessary licenses or permits, and consider establishing a professional website or online presence to promote your services.
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