Foreseen Circumstances: Starting Your Own Psychic Business

“psychic” (CC BY 2.0) by Claire Winter

The idea of people having psychic or other mind-based abilities may seem outlandish to some, but the industry related to this fascinating and mysterious area is in rude health.

According to a study by US industry research firm IBISWorld, consumer acceptance of services such as palmistry, mediumship and aura readings has grown in recent times and revenues for the psychic industry were expected to reach an incredible $2.1 billion over the five years to 2016. However, it is not just a phenomenon which is linked to the US, with a study by Readers Digest Magazine back in 2006 revealing that 43 percent of adults polled in the UK believed they had read other people’s minds or been read themselves.

Some businesses have even embraced the trend, with many choosing to hire psychics to provide consultancy services. In addition, there are some who offer investment advice, with Mahendra Sharma, in particular, claiming to have a 90 percent accuracy rate when it comes to seeing the future prospects of financial services.

But just how do those who believe they have psychic abilities go about using their skills and, ultimately, making a business out of it?

One of the very first things to do is to consider just how you intend to offer your services by drafting up a business plan. Would your readings only really work in a face-to-face setting or could you offer them over the phone? Alternatively, would heading online be beneficial? Sites like The Circle have been designed to ensure those seeking psychic readings are able to quickly and easily get access to a credible service.

Once you have decided on your key ambitions, attempt some market research to see what offerings are currently out there and where you may fit in. Part of this should also be examining the general rates that services are being offered at, with a view to understanding how much you could and should charge.

“Talk to the Hand 02” (CC BY 2.0) by Tom Hilton

In addition, there will also be core business basics to take care of. For instance, whether you are registering a new business or simply going self-employed as a sole trader, you will need to get in touch with HM Revenue and Customs to let them know. You will also need to start from scratch with financial records and ensure you are fully prepared to pay tax when the time comes.

Don’t forget some basic marketing steps too, whether that be getting a website up and running or simply printing up some new business cards. You should also see if there are any networking opportunities or psychic conventions and events in your area which you may be able to promote your services at.

Starting out with a psychic business is undoubtedly an exciting thing to be involved in, but it is vital that you take steps to meet all of the responsibilities of a standard company. Considering these core basics should at least give you a strong start as you begin to build your organisation and offer quality services to your local community and beyond.