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BUSINESS TIPS

Med Spa: An innovative business idea to invest in

Have you completed your physician or aesthetician degree? But, instead of working under any dermatologist or any private clinic, you want to provide people with the services that’ll help them relax and feel good about themselves. Do you dream about setting up your own business? Do you feel like you have the qualities (leadership, management skills, determination, etc.) required to be an entrepreneur?

If you are nodding your head, then opening the medspa business is an excellent option for you. Why? We want to answer this question with the following data.

According to the industrial report of the American Med Spa Association:

  • In 2016 the number of people visiting the spa was 155.8 million.
  • In 2018, the total number of medical spas were 5,431 (an increase of 50% in only two years).
  • The size of the industry has doubled in the past five years.
  • The average revenue of the industry in 2018 was $1,526,382.

According to the data of the medical aesthetics industry:

  • In 2018 around 16.7 billion dollars were spent on laser therapies.
  • The projected industrial growth is around 6 billion dollars (by 2022).
  • The demand for aesthetician services is on the rise.

So, by considering all these statistics, it is clear that the business of medical spas is quite profitable. Nonetheless, you must wonder why medical spa and not regular spa/salon (day spa)? The reason behind it is that a typical spa offers personal care services such as facial, massage, manicure/pedicure, and aromatherapy. They are not medically trained professions to provide the service of:

  • Laser hair removal,
  • Skin tightening,
  • Tattoo removal,
  • Acne scar reduction,
  • IPL, and many more.

However, Medspa is specialized in the medical skincare treatments mentioned above. That’s why the number of such spas is relatively less. That also implies less competition in the industry and high revenue. Impressive right?

Hang on! This isn’t it!

According to a recent survey, the medical laser industry size was approximately $4.37 billion with a 13.9% annual growth rate. Since 2017, there has been a significant upward trend in demand for laser treatments. So, by starting this business, you’ll be able to create your market without a lot of hassle and eventually earn huge profits. Now the question of concern is; requirements for commencement of this business. To learn its answer let’s dive right into the article.

How to set up a medspa business

First of all, don’t forget that under U.S. laws, you won’t be able to open the Medspa if you don’t have the legal doctrine (the corporate practice of medicine). So, you must have a valid license of being a physician, RNs, aesthetician, etc., to open the spa. Otherwise, you may face severe punishments for violating the state laws.

Word of caution: If your license is about to get expired anytime soon, kindly renew it.

Now, let’s get started!

Make a business plan

The very first step in setting up any business is to make a plan. It will act as a foundation for your business and help decide what actions you need to take. That’s why you must make a realistic plan. Besides, plans are usually flexible, so you’ll be able to modify them according to the progress in your business.

Remember that you need to include:

  • The aim of your business.
  • Services to be included.
  • Infrastructure and interior designing of premises.
  • Details about the mandatory qualifications while building your team.

Also, as Medspa provides specialized service, you need to decide in advance what unique service you’ll be offering to your customers.

Select the location

Once your plan has been finalized, you need to search for an appropriate location. And for that, it is advisable to conduct a competitor analysis and market research. Along with that, you should also understand the zoning laws of your area to know if you are permitted to open a medical spa or not.

Besides that, keep in mind the parking availability, demographics, safety, etc., of the location.

Hire qualified staff

The secret behind the success of this business is the qualified and experienced staff. Ensure that the staff you’ll be hiring includes RNs, aestheticians, dermatologists’ assistants, etc. It is also essential that they have completed their Laser courses and competencies from a reputed institute and have thorough knowledge about laser treatments.

And to make sure that you don’t miss out on any other qualification requirement, you can take the help of the plan you made in the very beginning.

Collect the right equipment

The service provided by your spa is what will make it lead the market. For that, you need to collect the quality laser equipment. Ensure that the equipment is prior tested and 100% approved for usage.

We understand that the tools and equipment are costly, and when you are starting a business, you need to focus on saving costs. However, it doesn’t mean that you need to compromise with inferior quality products. It may save you money initially. But in the long run, it will adversely affect your business.

Create a website and social media accounts

Did you know that most people search for the product or service they need on the internet and after that, they visit the place? But how will people know that there is a new service available for them if you won’t have a website? That’s why to start making money from your business. You need to create an easy-to-use and mobile-friendly website. It will help in brand awareness and will target the audience with all the information they need.

Wait!

Don’t forget to make social media accounts and post valuable information there.

Focus on marketing

At last, once everything has been set up, you need to focus on marketing. You can offer coupons and discounts for the first 5/10 visitors or free consultation service. Promote the business on social media platforms through influencer marketing, giveaways, and other techniques. You can also hire a social media manager to work with your management team.

Conclusion

To be an entrepreneur is an incredible feeling. However, to fully enjoy this feeling, you need to work hard and have the patience to learn something new every day. As a matter of fact, you must know about the latest trends in skincare and laser therapies so that you can plan the future course of action accordingly.

Bear in mind that the more trained and experienced you and your staff will be, the better services you’ll be able to provide to your customers.

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