6 Steps to a Successful Medical Spa Expansion
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.
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