As the demand for self-improvement and beauty therapies grows around the globe, medical spas are gaining more popularity. It’s expected that this will result in more market growth opportunities. The rising demand for medical spas can be attributed to an increase in the geriatric population, minimally invasive procedures, technological advancements, and the high usage of skincare solutions. Setting up a medical spa can create several revenue streams by merging spa services with medical treatments.
Unlike traditional spa services, medical spa procedures usually have a higher profit margin because they need advanced medical expertise and equipment. Since medical spas offer wellness and cosmetic services, they attract a wider clientele, making them a great venture to consider. Outlined below is how to start a medical spa.
1. Make a medical spa business plan
Developing a comprehensive business plan is critical when opening a medical spa. It details your practices’ day-to-day operations and financial structure. A business plan shows a realistic success roadmap based on well-thought-out ideas on how to build and manage the business. Prepare this document comes with multiple benefits, including:
- Helping achieve your business goals
- Letting you be proactive
- Acting as a tool for communicating your business objectives to investors, lenders, and others
- Providing a competitive edge
- Creating a roadmap for an exit strategy
With the help of a business plan template such as Yocale’s business plan template for a medical spa, you can establish an in-depth, customized plan that resonates with your vision.
2. Determine how much money you need and look for financing
Raising capital for a medical spa isn’t easy. The startup costs plus financing options differ based on the:
- Aesthetic services you’ll be offering
- The medical spa equipment you need
- Whether you decide to lease or buy new equipment
The average medical spa startup cost is around $19,267 before equipment leasing or purchase. Your budget should include processing and legal fees, insurance, permits, and licensing. Don’t forget to factor in ongoing and recurring expenses. Upon determining how much money you require, it’s time to look at your financing options, including personal savings, medical spa loans, and grants.
3. Acquire business permits and licensing
Permits and licenses are a legal requirement every business should meet. Running a medical spa without the necessary permits and licensing can lead to fines, penalties, or even business closure. Licensing is critical to ensuring industry standards are met and maintained while guaranteeing patient confidence. With the right permits and licenses, your medical spa business can safeguard itself against legal liability by offering safe, responsible care.
Licensing helps ensure your med spa adheres to particular safety and health standards, including proper medical supplies and equipment handling, and sanitation practices. While business insurance and professional and business licenses are among the common permits you’ll need, checking with your local authorities can help you determine all the licensing requirements you must meet to run a medical spa.
4. Find a medical spa location
Location is essential for your medical spa’s success and growth. The best spot for your med spa business should be:
- Easy to access
- Have great visibility
- A place where your target clientele regularly hangs around
The right med spa location should have excellent public transport links and ample parking.
Endnote
While a med spa business brings multiple rewards, setting it the right way can be challenging. Consider following this guide when starting your medical spa business to ease things up.
