Medical Spa Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Medical Spa Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Medical Spa business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be immediately emailed to you after you make your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Medical spas have flourished over the past 15 years as more people within the United States have become concerned about their appearance. Many medical spas are operated either by dermatologists or medical professionals that have a specialty in cosmetic medicine. In some instances, these businesses are owned by private entrepreneurs that are either physicians themselves or hire a physician to work at the facility. Generally, a new medical spa costs about $100,000 to $400,000 to launch operations. A substantial amount of its capital is usually used for the development of the location as well as the acquisition of furniture, fixtures, and equipment. One of the nice things about these businesses is that they do not generally take insurance and the gross margins generated from services are much higher than a traditional medical practice. Of course, during times of economic recession these businesses do have a slight decline in their profitability given that people are less willing to pay a substantial amount of money for elective procedures. However, there are certain cosmetic procedures that are covered by insurance, and some medical spas will offer a limited number of services that relate to dealing with scars or other issues that were no fault of the patient. As such, these businesses can operate with a strong degree of flexibility as to the types of services they offer as well as the types of revenues generated. The gross margins generated from medical spa services is approximately 90% to 95%.
Given the professional background of the owner, most banks and financial institutions are willing to put up a significant amount of the capital in order to launch a new medical spa. This is especially true if the owner is also a physician. As with any capital raising activity – a business plan needs to be developed. For a medical spa business plan a three year profit and loss statement, cash flow analysis, balance sheet, and breakeven analysis should be included. Additionally, a thorough examination of the local demographics should also be included with a specific focus on the median household income, median household net worth, home values, and population density. Special attention to be paid to developing a demographic profile that specifically targets wealthier people in the area given that the use cosmetic procedures are not covered by insurance. Most people that go to a medical spa typically have a household income in excess of $75,000. Additionally, these individuals typically are willing to spend anywhere from $500 to $2,000 on specific medical spa procedures.
One of the most important things to develop outside the business plan is the medical spa marketing plan. This document should focus heavily on developing a proprietary website that showcases the previous work completed by the owner or staff physician. Additionally, many medical spas now use the power of social media in order to develop an expansive customer base. Most importantly, these social media platforms allow for review pages to be associated with an individual businesses profile page. Once a medical spa develops a strong reputation via its social marketing review pages – the ongoing marketing costs associated with these types of businesses can be substantially curtailed. Although it is a difficult upfront investment and takes time, the return on investment can be substantial if this is executed correctly. Most medical spas will hire a social media consultant or related firm to develop and maintain these pages. Marketing strategies including pay per click marketing and search engine optimization are also used to boost the visibility of the proprietary website.
Once the business plan and marketing plan have been developed, a medical spa SWOT analysis should also be created. As it relates the strengths, a medical spa is able to generate very high gross margins from it services and is relatively immune from negative changes in the economic climate. However, it is important to again note that most medical spas do have backup services they can offer in order to remain profitable during times of economic recession. For weaknesses, there really are not too many weaknesses associated with a medical spa outside the slightly expanded economic risk. As these are medical businesses they are able to remain profitable and cash flow positive in most economic climates especially in areas that have a significant number of wealthy people. Pertaining to opportunities – most medical spas can higher associate physicians or physicians’ assistants that can render cosmetic medical services to the general public. This is one of the quickest ways to expand the billing that is associated with these organizations on a day-to-day basis. For threats, there is really nothing that is facing these businesses that were change the way that they conduct their operations.
In closing, a medical spa business can be highly lucrative provided that it is owned either by a physician or by an experienced entrepreneur that has an understanding of cosmetic medicine. The low startup cost and high gross margins make this an extremely attractive investment that also carries very high barriers to entry. Investors and financial institutions are was always willing to provide a qualified individual with the capital they need in order to start this type of business.