With the global spa market expected to grow by over $22 billion from 2021 to 2025, there’s never been a better time to start a medical spa business.[*] So, where do you start? The answer is with a well-thought-out business plan.

Why do you need a medical spa business plan?

If you’re looking for potential investors, they’ll need to review your business plan before investing their money in your venture. Even if you’re not looking for investors, having a well-written medical spa business plan ensures that everyone who reads the plan is on the same page, from your interior designer to your spa manager.

1. Nail down your mission and vision

Creating a clear vision and mission is the foundation of your medical spa business blueprint. To craft your mission statement, think about unresolved problems your customers face and then come up with how your spa will address those problems.

Your vision statement should reflect your spa’s long-term goals, providing a defining path you can work towards. Ask yourself this question: “What do I see my spa achieving in the next five years?”

2. Analyze the market

To succeed, you need to understand what your clients like and need. To do this, conduct online research, conduct a community survey, or ask people you know what their cosmetic insecurities or needs are. Once you have a good understanding of your target market’s needs, determine how your spa will cater to these needs.

Researching current medical spa trends is equally important. Offering services based on your customers’ needs plus current trends is a formula for success.

Also, don’t forget to analyze your competitors. You can gain helpful insight by looking at your competitors’ offerings, marketing approach, and service costs.

3. Determine which services you’ll offer

Once you’ve done your research, consider what services you’ll offer and what equipment you’ll need. If you need some expert guidance, reach out to The Spa Butler. We specialize in aesthetic machine sales and have the know-how and resources to save you tremendous time and money.

4. Determine key marketing tactics

Your target clients are unlikely to find you without a well-planned marketing strategy. Here are the top aspects to consider:

• Website: Your website should introduce your business and showcase your offerings.
• Google: Be sure to list your business and business details on Google to ensure potential clients can find you.
• Social media: Social media platforms like Instagram and Facebook can be used to actively promote your business and engage with current and future clients.
• Discounts/offers: When just starting out, consider offering a “first-service discount” to get people in the door.

5. Create an executive summary

After you’ve spent time defining the above aspects of your business, it’s time to create your executive summary. This is essentially a birds-eye view of your entire medical spa. It should include:

• An overview of your spa: How did your spa come into existence? What are your short-term and long-term goals? Where are you located?
• Value proposition: What sets your medical spa business apart from your competitors? Why should potential customers choose you? How do your services address your customers’ problems?
• Target market: Who is your target demographic? What are their top needs and desires?
• Your team: Who is managing your spa? What is each team member responsible for? What is your hiring plan?
• Finances: What are the operating costs of your spa? This should include expenses related to equipment, staff, rent, electricity, etc. How much do your services cost? What is your forecasted profit margin?

Ready to start your medical spa business on the right foot? Reach out to The Spa Butler to speak with one of our expert consultants.