From injectable fillers to microdermabrasion, a medical spa offers many clinical-grade aesthetic services. The industry rakes in billions of dollars worldwide, so it’s not hard to see why you want to open one of your own. The big question lingers: where do you start?
Don’t know how to start a medical spa business? Making the right moves before you even get everything started ensures that you have your spa opening the right way from the get-go. Here are five tips for opening a medical spa that should help you avoid the pitfalls of many med spa startups.
1. Design Your Medical Spa Concept
When establishing a medical spa, remember that it is your business; hence, it must reflect your goals and ambitions. So, what should its identity be? Your concept should be well thought-out and presented to your partners.
The scope of your operations should be clear, too. Are you offering a general practice for your patients? Or will you specialize, such as providing non-invasive body sculpting treatments like EmSculpt or Coolsculpting? Whatever your specialization, make sure you understand and explain it in detail.
Describe what it looks and feels like to people whose opinion matters to you. Consider the size of the business you plan to start. Do you plan on starting with an entire staff of aestheticians, or do you want to start small?
Establish all your core ideas and values before starting your med spa. It’s vital to keep yourself agile and flexible to changing trends.
2. Crunch The Numbers To Ensure Profitability
Even with a foolproof business plan, it’s only smart to do some market research. Fortunately, you can do this online. Check other franchises in your area and the micro-types of medical spas similar to yours. Are there other successful ones in the area? Take note of how popular they are.
Then, take a look at how your competition is pricing their services. This will give you an idea of what your rate card should be. And, if a specific treatment or product seems unprofitable, you might avoid adding those items to your menu.
Assessing your finances is humbling. It forces you to address specific personal issues like your spending habits and where your money goes. Instead of throwing numbers at a wall, assess your financial health. From there, you can proceed to create a concrete financial plan.
3. Find The Right Location
Picking the location of your medical spa practice is quite a daunting task since it will determine your success. Don’t hesitate to visit other clinics to get a feel of their business.
Next, consider your target demographic and work around it strategically. If you are in a big city, you will likely cater to busy professionals. In this case, your clinic should be located in a commercial area. Alternatively, a more accessible location would be better if your target clients are direct consumers.
Does the street you chose have adequate parking? Are there other facilities nearby, such as cafes and restaurants? Are there other competitors near your prospective site? It would be great if there were none.
4. Don’t Skimp On Medical Spa Marketing
Invest in a marketing budget. This is money that is dedicated to advertising your new medical spa venture. Since starting from scratch, make sure to allot a considerable chunk of finances to your marketing.
Spreading the word about your new business will position you as a serious player in the aesthetics market. Giving people information about your new practice will reassure them about patronizing you. And, your chance to earn their loyalty will be stronger.
Using social media is a superb way to reach potential customers. The outreach of these platforms is extensive, allowing you to reach young and old alike. Facebook, Instagram, and Twitter are well-known social media platforms that should help you reach out to the right clientele.
5. Get Your Employees On Board
Before launching your medical spa services, ensure you have your “troops” ready, which means hiring and training your staff members. The happier your employees are, the better service you offer your customers.
Your employees should be skilled and courteous. More importantly, they must be responsible. They need to know how to manage equipment. So, invest in training and orientation for them.
Regarding staff, there are only two things to keep in mind: hiring and retention. Running a lean and perpetual team can keep your overhead low. A stellar employee puts the needs of the clients above all else.
Get Ready To Open A Medical Spa Today
Opening a medical spa is tough but rewarding. Remember, the success of your med spa depends on your preparation. If there’s one thing we know about the cosmetic surgery and aesthetics industry, it will always evolve. Prepare yourself and keep yourself updated.