Top 10 Practices of Successful Medical Spas

Written by on January 31, 2014 in Features - No comments
NurseDoctorWEB

NurseDoctorWEBAs the baby boomers create an ever-increasing demand for minimally-invasive cosmetic services, the medical spa industry has become big business.  Many med spas are experiencing great success; just as many, however, are floundering.  What creates a successful medical spa and how can you ensure that your med spa thrives?

Here are ten “best practices” that will help ensure your med spa’s success.

1. Invest Sufficient Capital

Many med spa owners underestimate the amount of money it takes to start a medical spa. Significant capital is required to support your business in the early years as it makes its way to profitability. Under-capitalization is the number one reason medical spas fail.

 2. Have Both Medical and Business Experience

Medical spas are complicated businesses. As a med spa owner, you face the daunting task of combining the practice of medicine with a sophisticated service business.  You must stay on top of the latest aesthetic medical technologies and simultaneously understand how to successfully operate a service business.

3. Hire Professional Expertise

Physicians were not taught how to run a business in medical school.  Hire experienced, industry-specific, professional consultants to guide you.  This will be some of the best money you ever spend.

4. Understand the Importance of Sales and Marketing

Do not underestimate the importance of sales and marketing in your medical spa.  Your marketing program must be thought-out, well-executed, and consistent. Without enough emphasis on sales and marketing, your phones won’t ring and your treatment rooms will be empty.

5. Control your Overhead

Excessive overhead will ruin any business.  Understand the difference between fixed and variable costs and try to keep your fixed costs as low as possible.  When starting out, don’t overextend yourself by purchasing too many lasers or leasing too large a facility.

6. Have Persistence and Drive

Startup businesses require long hours of intense work and medical spas are no exception.  You must have an incredible drive to succeed and considerable persistence to overcome the many hurdles faced by startups.

7. Set Financial Goals and Review Regularly

Establish an annual budget for your business in which you project your revenues and expenses. Each month, sit down and compare your actual results to your budget projections.  Did you hit your targets? If not, why not?  When you evaluate your numbers every month, you can make adjustments quickly rather than waiting until the end of the year, when it may be too late.

8. Make it Easy for People to do Business with You

Businesses that flourish and grow make it easy to do business with them.  Strategies include: stay open during evening and weekend hours; offer payment plans such as CareCredit; make scheduling easy by offering online booking and/or ensuring your telephone is answered by the third ring.  If doing business with your medical spa is difficult, your clients will take their business elsewhere.

9. Ensure Quality Treatments

Of utmost importance, you must ensure the safety of your patients.  Because med spa treatments are “fun,” it is easy to forget that they are still medical treatments.  If you delegate procedures to ancillary staff, make sure these individuals have excellent training, experience and proper medical oversight. Don’t cut corners when it comes to quality.

10. Have Integrity in Business Practices

Be kind to your vendors, your staff, and your clients.  They are hard-working individuals just like you and deserve your respect. Your reputation is one of your most important assets and word travels quickly.  Remember – karma is a boomerang.

By Karen Albright 
Owner/Operator, BodyLase Skin Spa 
www.getbodylase.com

 

 

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