6 Steps to a Successful Medical Spa Expansion
With 12,000 Americans turning 50 every day, many doctors are expanding their existing practices with the addition of a Medical Spa. Since there is no shortage of Baby Boomers who want to stop aging and look fabulous, this is an excellent time to explore the Medical Spa industry.
Las Vegas, NV (PRWEB) January 18, 2005 –- 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.
About MedSpa Financing (Oakridge Healthcare)
MedSpaFinancing.com
is a division of Oakridge Healthcare, which provides turn-key healthcare
financing solutions to medical practices throughout North America (www.oakridgehealthcare.com). Through our network of financial
partners, we have the capacity to finance everything from a single treatment
machine to an entire $20 million Medical Spa facility. For additional
information, visit our website: www.medspafinancing.com.
MedSpa Financing is a Sustaining Member of the International Medical Spa
Association, and proud member of our local Chamber of Commerce.
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Source : http://www.prweb.com/releases/2005/1/prweb198696.htm