What You Need To Know When Owning A Med Spa
- Posted on: Mar 19 2012
2,000 Americans will turn 50 every day for the next 20 years. Their buying power will exceed $2 trillion, and most of these aging Americans will want to look young. Skin treatments, hair treatments, wrinkle removal… all of these procedures will be in demand, and all of them are offered by medical spas. The client base has grown up, started careers, and has money to burn. This is the perfect time to start your own medical spa, but where do you begin? Like opening any other business, there are a few things you should know when owning a med spa.
Seek Professional Guidance
While the word spa may conjure images of pampered, massage receiving individuals in a relaxing, steamy atmosphere, a medical spa is a place where medical procedures are performed. On one hand they are a physician-owned medical practice, but on the other they are a business that must be marketed. Mixing the worlds of medicine and business can be a daunting task, so it is important to know both ends of the spectrum. Getting to know someone with experience in the field, such as a medical spa professional or attorney, is a must. There is a small army of “medical spa consultants” flying around that may call themselves gurus in the field. They will have charts and smiles, mention names but have few phone numbers. Only trust the successful ones, as most will be all talk. Call up a few successful medical spas and see who they recommend, if any.
Know Your Market
You can’t sell meat to a vegetarian, and you can’t open a medical spa business where there is no market. They always say that location, location, location is the most important thing when opening a business, and that assessment still rings true today. Knowing what kind of services your clients will demand, their economic background, and whether or not your spa will even be needed are all important things to consider when opening your spa. Check out the areas you are considering thoroughly.
On a related note, knowing your competition is just as important as knowing your clientele. Are there any other medical spas in the area you wish to open in? What are their services? How much do they charge? Peek at their website—is it any good? How is their online presence? A vast majority of sales start online these days, so having a phone app and internet presence is a must. Hiring a search engine optimization (SEO) company may be your ticket to generating both online and foot traffic to your location. If you know your competition, you can outmaneuver them.
After researching what your client base needs and what your competition offers, you can determine what kind of treatments your spa will offer. Will your clientele want laser hair removal? Skin treatments? Facial peels? Make sure all of your rooms can do all of the things you will need. Versatile rooms are much easier to work with and may save your business the hassle of premature expansion.
Now that you know what kind of professionals you will need, you can start hiring. This can be the most enjoyable part of owning your own business, as you can essentially hire your dream team that are fun and get the job done. Make sure all of your staff is knowledgeable in all aspects of your spa—a receptionist who knows nothing about any of the procedures your spa practices will be a major turn off to clients and a major loss of money in your pocket. While knowledgeable, they must not offer medical advice—that is for the licensed professionals to handle.
Enjoy the Fruits of Your Labor
Watching your business grow and prosper can be an incredibly rewarding experience. Identify problems as they come and solve them before they grow out of hand. One of the thrills of owning your own business is that no two days are exactly alike, and you are in charge. Enjoy, medical spa owner!
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