Are you searching for information on opening a medical spa business and making it profitable within your first year? Are you thinking about buying an existing medical spa or selling one?
In this video series, we showed our social media audience how to succeed in their business journey.
The strategies we’re sharing have been used to grow aesthetic medical practices to seven-figure sales and beyond.
Write A Business Plan
There are different reasons to write a business plan but we’re going to focus on the most important reasons to have a business plan in place.
- Clarify your financial goals
- Clarify your marketing goals
- Clarify your operational goals
Taking the time to plan your business is just as important as getting started. If you take the time to clarify your revenue goals, clarify your market position, and analyze a SWOT analysis it will be the guide that leads your whole business towards the goal of success.
Step 1: Financial Goals
Look at realistic financial goals, not necessarily what you get from a laser sales rep, because they are excited about their equipment and they do show you what’s possible, but you need some realistic sales goals, keeping your marketing budget in mind.
Start by handpicking a selection of services that are not necessarily the most expensive service but the ones that will get your clients through the door and that will build trust overtime.
In the business plan, I like to list month by month what you’re going to do in terms of fillers, toxins, microderm, microneedling, retail sales and I like to build it slowly.
Pro tip: In the financial area, I like to project sales, project marketing, look at the labor, and look at the multiple that that staff member will create. Then, I like to get into the expense benchmarking and the margins, as far as the most profitable services and how you’re going to utilize those. Those are the top five that I look at as I create the financial pro formas and the marketing ROI sheets.
Step 2: Marketing & Marketing Position
Marketing is for one reason, to get the conversation started.
Ask yourself what your signature service will be in your business. Is it CoolSculpting? Maybe it’s Evolve or EmSculpt. Either way, think about combining your service with something else to make it unique and set you apart from your competitors such as a diet program or a body cleanse program.
What else can we do to get people’s attention with dramatic results and a higher price point so that we can get profitable right away? With your market position, you really want to look around you. If you are new, you do probably want to invest in one or two pieces of equipment that aren’t as known or that are really addressing a lot of the needs in the market.
There are exclusive types of services that are really going to get people into you based on the results that you can post on your Instagram and on your website. Highlight the right equipment and services that have a low disposable cost and the wow factor so that they come back and treat another area and they send their friends.
The digital marketing and marketing for this industry is very specific as to how it works. The ages 25 to 65 makes up most of the market, so keep that in mind as you select the services you will offer.
Understand that paid social media can build a list of people to market to with the right opt-in setup, and contests that direct you to a landing page, which then leads to conversion. If you want some consulting on that or want someone to take that off your hands, let us know, we have an incredible team of social media experts. Social media is not just social, it’s driven by algorithms and it’s very scientific so make sure you are putting that it in the hands of an expert.
Another thing that is essential, is a conversion-based website that is mobile-enabled! Do you want them to call you, or do you want them to book online? If you want them to book online, make sure they can successfully book online!
Step 3: Operations
Having clear job descriptions, a clear consultation process, including patient follow-up and upselling and retail goals will help set you and your staff up for success!
When you negotiate salaries, it’s easy to explain how to get a raise, it’s based on production. Yay! These are industry averages and should not hurt anybody’s feelings.
Finally, brainstorm event ideas and monthly specials that will give a sense of urgency and a call to action to your patient base. This will provide cash injections quarterly, and it gets you away from discounting!
Summary
We implement these tricks with medical spas and plastic surgery offices all around the nation, and we know it works.
There is a lot of information out there and you can save yourself a lot of heartache, time, and post traumatic trauma after spending a lot of money on this and not getting the result you’re looking for. Please let us help you get it done right, turn it around, or do it right the first time. Reach out for a complimentary consultation and we are happy to help. We are here to create a more profitable business for you.
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