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. Jeff Russell is the President and CEO of the Oakridge Financial Group, which includes the healthcare financing divisions: Oakridge Healthcare and MedSpa Financing. MedSpa Financing specializes in providing turn-key financing options for doctors wishing to expand their practice with a Medical Spa. Jeff Russell has over 18 years finance and hospitality experience working for world class organizations, including: Fairmont Hotels, Club Med, and the Allianz Group. MedSpa Financing is a member of the International Medical Spa Association. For more information please visit our website: http://www.medspafinancing.com, call 1-800-485-5759, or jeff@medspafinancing.com
Inexpensive Shopping on Small Business Resources:
Ebooks & Digital Products On Small Business Resources:
Live Small Business Resources Auctions On Ebay Now:
Brand Name Deals & Coupons On Small Business Resources:
Ezine Articles & Information On Small Business Resources: Half.com deals on Small Business Resources: mashups On tag small business @ amazon:
|
 |
RELATED ARTICLES
How To Create A Business Note That Is More Attractive To A Note Investor
You are selling your small business (business value under $1 million for this article).
You would like the buyer of your business to come in with an all-cash offer, or be
able to qualify for an SBA guaranteed loan.
Encouraging Your Customers to Pay On Time
Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them.
Pressure Washing; How to Bid Concrete Cleaning Jobs
Remember the cleaning business is all about time ratio to money. You want to be making at least a $1 a minute when doing concrete work at a minimum and aim for $100 to $200 per hour if you can get it.
Advertising - For Small Businesses (Part 2)
How to do itPeople skim through newspapers and magazines and they aren't
necessarily looking for information on products or services
(unless they're reading the classifieds) It's therefore
absolutely vital that your advertisement grabs their
attention and encourages them to read more. Many ads are
designed merely to create awareness of a product or service,
however, small to medium size businesses need a result.
Expand Your Professional Organizer Business
Grow your Professional Organizer business by branching out into related areas. If you have been doing the same old thing for a while, and are comfortable with it, it may be time to stretch your capabilities and offer something new.
Small Business CRM Is Here To Stay
If you ask most small business owners what priority CRM has in their short-term business plans, chances are you'll get more than one blank stare. The fact is that most small business owners don't even know what CRM is not to mention how significantly it can benefit their growing company.
Q and A: Personalized Birthday Cards from Paul Leonard
Paul Leonard's BirthdayCards2Go.com paid greeting card service offers convenience when you're rushing to send birthday wishes.
Financial Fundamentals - What Every Small Business Owner Should Know!
Business owners rarely go into business to deal with the financial aspects of running a business. It's easy to understand why! You are passionate about the products or services you provide and want to focus your time there.
Dispute Resolution of Territory for Mobile Franchised Companies
Franchisors of home based and mobile businesses need to carefully watch their franchisees who innately try to hunt in their fellow franchisees territories. The most important advice a franchisor should give the franchised outlets in this case is to work it out themselves.
Creative Metrification - A Technique to Improve
Some things in business are relatively easy to measure - these are the "hard" metrics such as sales volume and profit, production per man-hour, time without an accident, shipments without error, number of customers served, on-time delivery, etc. Other, "soft" metrics, are more difficult to quantify, but with a little creativity, measurement can be made of just about anything.
Environmental Boat Washing and Detailing
Some marine biologists feel that the concentration of dead marine growth on boats and in boat harbors can create hypoxic zones or a lack of oxygen. This causes a decline in the water quality and may at times cause adverse effects on living marine life such as salmon in the case of the State of Washington.
Five Quick Ways to Speed Up Cash Flow
At one point or another, almost every business runs short of cash. Whether due to normal fluctuations in demand or an unexpected decline in sales, cash shortfalls are the bane of every company, and are responsible for sleepless nights for many business owners.
How to Use Graphs and Charts in Your Business Plan
Many people ask how many graphs or charts they should have in their business plans. As with most other business planning questions, the answer is "it depends.
Never Burn a Bridge
Why should you always maintain a good report
with a business even when you are parting ways?It is human nature to get mad and then rant and rave about what is not going well at work. Many of us spend time gossiping and socializing with the main topic of what the problems are and who is responsible.
Self-Employment: Do you know the Difference between Rates and Wages
The difference between rates and wages is not always clear to newly self-employed people and their wage-earning clients.Both look similar on the surface; both are expressed in dollars and cents per hour.
Challenging the Gospel of Growth -- Must Business Grow to Survive?
A cherished business doctrine is that growth must be a primary business purpose: "grow or perish" is a mostly unquestioned truth. At South Mountain we favor certain kinds of growth, but not expansion for its own sake, which author Edward Abbey described as "the ideology of the cancer cell.
Asphalt Paving: Striping Your Parking Lot
As you may already know, asphalt paved parking lots do need maintenance from time to time. One known asphalt paving maintenance technique is to have your parking lot re-striped to add a nicer look to existing asphalt paving properties.
What is your Motto?
Company mottos can easily be printed on a business card.Sometimes you wonder if a company motto is remembered by anyone in the company.
Increase the Wealth in Your Community
Many of us have noticed how some nearby communities seem to be "wealthier" than other nearby communities. They seem to have more shopping markets, more restaurants, more choices; items often cost more in these communities than they do in surrounding areas, yet the affluence remains where the prices are high; people are drawn to these communities, bringing even more resources and more wealth.
The Perilous Franchise Agreement: What Did You Sign?
Purchasing a franchise has become one of the most popular avenues for individuals looking to escape the rigid work day of a 9 to 5 job and take the leap into the world of independent business owner. After all, who doesn't dream of being their own boss and controlling the limits of their own financial future? For anyone looking to act on their entrepreneurial spirit, franchising can indeed offer many attractive qualities that can provide excellent growth and earning potential, as well as satisfy that longing for independence.
|
![QuickBooks Premier Nonprofit Edition 2008 [OLD VERSION]](http://ecx.images-amazon.com/images/I/514a2J9HxkL._SL160_SS160_.jpg)
