According to the American Society for Aesthetic Plastic Surgery, since 1997, nonsurgical procedures have increased by 471 percent. Jeff Russell, CEO of MedSpa Financing, comments "Medical Spas are a natural progression of medical practice expansion, having a medical doctor run them gives them the credibility and public confidence needed for their success."
Before you jump into the Medical Spa industry; keep the following 6 steps in mind:
1. Start with a Road Map
A business plan is critical for business success, and it is especially important when starting a Medical Spa. Not only is it necessary if you are going to require financing, but it will act as a blueprint for building a successful MedSpa practice.
You should have a clear strategy of what services, procedures and products you will offer. Don't try to be everything to everyone. A Medical Spa typically combines medical and aesthetic procedures along with complementary skin care products.
2. Know your Financing Options
Do not underestimate the costs associated with opening a Medical Spa. Are you simply adding hair removal equipment to your existing location or building a new facility? You will need to carefully consider your financing options ? this will often be reality check time.
You will have a number of options, including: leasing, working capital, and/or finance loans. Equipment leasing is the best way to go if you want to pay for your equipment as you use it, while preserving your capital and bank lines. Under-capitalization is one of the main reasons businesses fail; make sure you are prepared.
3. Product, Equipment, Service
By completing your business plan, you will have a clear idea of how many treatment rooms you will need. Don't forget about calculating the amount of retail space you will also need to support the MediSpa.
When choosing your skin care products, choose the ones you really believe in. Otherwise, you are really missing a huge profit opportunity. You may even want to go private label.
4. Location, Location, Location
By now, you know your target customer, the next step is to be where they are. You should have good traffic flow and be in an area with sufficient commercial and residential density.
5. Building your Dream Team
Since you will not want to be tied down to the day to day operations of the MedSpa, you will need to choose a MedSpa Director very carefully. This person needs to have exceptional customer service values, and be talented enough to choose and develop the right team for your MedSpa.
6. Marketing and Promotion
First of all you need to let all your current patients know about your new Medical Spa, but do not think this is enough! You will need to have a comprehensive marketing plan prior to your grand opening. You may want to offer free informational sessions on popular topics (i.e. wellness) or a special promotional treatment package.
In summary, Russell commented, "Do not underestimate the time, skills, or money needed to open and operate a MedSpa." According to Dunn and Bradstreet, 96 percent of businesses in America that fail, fail because of what is called managerial incompetence. "If you do not have the business skills or time; you must hire someone who does, or use experienced Medical Spa consultants," Russell says.
Jeff Russell is the President and CEO of the Oakridge Financial Group, which includes the healthcare financing divisions: Oakridge Healthcare and MedSpa Financing. MedSpa Financing specializes in providing turn-key financing options for doctors wishing to expand their practice with a Medical Spa. Jeff Russell has over 18 years finance and hospitality experience working for world class organizations, including: Fairmont Hotels, Club Med, and the Allianz Group. MedSpa Financing is a member of the International Medical Spa Association.
For more information please visit our website: http://www.medspafinancing.com, call 1-800-485-5759, or http://www.medspafinancing.com
Chicago limo Skokie ..Washing the exterior of a truck. Sounds easy right? Well,... Read More
What could Seinfeld possibly have to do with marketing a... Read More
We all know that a building has to have a... Read More
There are no "rules of thumb" in the pursuit of... Read More
Business owners rarely go into business to deal with the... Read More
One of the biggest fears people have about starting a... Read More
Are you responsible for your results?What comes to mind when... Read More
When working from home, it is usual to find that... Read More
Do you know what your genius work is? It's the... Read More
Expanding your business requires you to take a good hard... Read More
Commonly folks have asked me what the technical difference is... Read More
Franchising has made the world look really small. The well... Read More
There's no question that hard work and a little luck... Read More
There are both fixed and mobile detailers. Consumers often will... Read More
Many mobile car wash operators would like to add de-ionized... Read More
How do you find the best business partners?Finding a good... Read More
As you reflect on this year and prepare for next... Read More
Did you ever have one of those days or weeks... Read More
Managing cash flow is every small business owner's most important... Read More
To maximum potential profits and dollars in a mobile washing... Read More
Paper Shredding Business Opportunities are blossoming up everywhere because in... Read More
As a specialist in getting restaurants open, it is surprising... Read More
One of the biggest excuses franchisees of home based and... Read More
Small business success is very similar to learning to walk,... Read More
Do you own a franchised business? Over 400,000 franchised businesses... Read More
limo O'Hare Bonfield ..As a home business proprietor, you may already realize why... Read More
1. Leadership Is Learned ? While many people appear to... Read More
Should your business have a toll free number for customers... Read More
Ongoing support for a franchise system is omnipotent. A major... Read More
CONSIDERATIONS FOR YOUR INTERN: Specify the number of hours the... Read More
If you are in the professional car care business you... Read More
$elling $elling $ellingWhat makes a great sales person? Well, the... Read More
If you're serious about wanting to start a business, the... Read More
There is much competition in the mobile auto detailing business.... Read More
Many ventures are faced with the challenging task of raising... Read More
Here are seven ways for owners of small businesses to... Read More
Contrary to popular belief, small businesses can survive a crazy... Read More
Office support services can range from basic data entry to... Read More
It's Monday morning and Connie the Consultant sits in her... Read More
Many businesses offer small business franchise opportunities. There are many... Read More
There is a continual trend we are seeing which I... Read More
It's the dream of every person who starts a business... Read More
Maximum efficiency in the cleaning industry is a key to... Read More
We all know that a building has to have a... Read More
Do you spend every waking minute in your business? Do... Read More
Today is a Red Letter Day! It's special because today... Read More
Seems as though there are a lot of business closings... Read More
With all the cabinet refacing business opportunities out there, you... Read More
Why are Chambers a good launching pad?Chambers provide you with... Read More
Sexual Harassment is a disturbing part of employment life in... Read More
Small Business |