Med spas and the services they offer have gotten progressively popular, as lots more people are loving the idea of getting non-invasive cosmetic treatments. While there’s no industry boom as of yet, it is not unfeasible to think that creating a med spa could be quite lucrative if you handle things well. There are lots of opportunities for expansion and profits, for both the medical workers and the medical spa owners.
Just how much money can a medical spa owner expect to make? Of course, while a lot of things can affect the final amount, the rough estimate according to the AMS Association is about $300K to $375K every year, which is a profit margin of a little over 20 percent. While multiple costs are involved in starting your med spa, you can be quite profitable by adhering to several crucial concepts.
Why Are Med Spas So Lucrative?
Med spas can be quite lucrative. There are many reasons why they have become so popular these days. By understanding the major factors, you can get a better picture of how to set up a med spa for the most profits.
1) Non-Invasive Cosmetic Therapies
Medical esthetics have evolved considerably in the last five years. Body contouring, dermal fillers, laser hair removal, and other kinds of cosmetic treatments have been launched in the market, eliminating the need to rely on uncomfortable treatments or getting plastic surgery to produce the top results.
Medical spa services now blend both medical practice treatments and the procedures you expect from a conventional spa – all with the guidance of a medical specialist. Any cosmetic procedure done at a medical spa can be performed twice as quickly with half the hassle of regular spa therapies, which boosts the number of prospective patients you can get.
2) Available Beauty Treatments
One thing that helps savvy medical spa owners get their treatments to a broader audience is medical spa marketing (whether it is social media marketing or general advertising). That is partly due to a general shift in esthetic medicine aimed at getting products to be more accessible. That means spreading awareness not only that these treatments or products are available but also that they are affordable.
3) Rising Interest in Med Spa Services
All the factors seen above mean that business owners can make the most of a flourishing medical spa market, one in which the medical spa industry works for customers and providers alike. That exclusive meeting of supply and demand signifies that a medical spa business has a fair possibility of earning a profit, particularly if you manage it correctly.
The interest is not restricted to prospective customers; medical specialists and even conventional cosmetic specialists such as plastic surgeons are becoming more involved in the medical spa business. That means there is a bigger pool of experts with whom a medical spa owner can team up – which, yet again, gets you lots more customers.
Ways to Increase What You Earn From a Med Spa
Exactly how can you ensure that you get the most earnings when you own a medical spa? Here are several things to do to ensure that your medical spa business does better than merely breaking even:
1) Make Buys Simpler
Customers have several med spa services to choose from. It is a little irrational to assume that they will go through each of the services individually to select what is needed. That is something they expect you, the provider, to understand best.
The best method for bridging the gap between that expectation and your profits is to bundle services. If you have a big choice of non-invasive cosmetic treatments, it will be easy to provide the services as a package at your med spa.
Possible ideas for bundling are:
· Micro-needling and laser hair removal (both provide rejuvenation of the skin)
· LED therapy and PRP therapy (both are non-invasive skin treatments)
· Botox and dermal filler injections (both are injectable therapies)
· Laser lip and CoolSculpting procedures (both are body contouring therapies)
· Any process with the correct cosmetic products (both provide results from the treatments)
Bundling eliminates your client’s problem of choosing and assists them in trusting you even more as a long-range partner to provide all the cosmetic procedures they need. Eventually, if you have a dedicated customer base, you will make more money.
2) Hire Licensed and Trained Specialists
It’s important to stay compliant, as state laws spell out what medical specialists are allowed to do. If you violate those rules, you could face huge fines. Also, your staff could lose their licenses and your med spa could get shut down.
Professionals you might need to hire include:
Nurse practitioners
Physician assistants
Plastic surgeons
Osteopathic doctors
Registered nurses
If you have those skilled experts as part of your crew, not only do you provide your med spa with the proper credentials to dispense treatments but you also improve your relationships with clients over the long term. That can lead to higher profits in time.
3) Spend Your Income Correctly
Between the various kinds of medical equipment, the number of medical supplies you need, as well as your staff’s salaries, it is vital to budget your funds competently so that you can make a profit while maintaining quality services.
Hiring a bookkeeper or utilizing management software will help you with the process. However, it is your total strategy that dictates how much you will succeed in managing your expenses. As the owner, you must have the correct mindset to make the long-range choices that will affect your operations – as well as your total profit.
A few things to remember are:
Offering frequent training for your team for superior service
Obtaining a dependable partner who can deliver supplies and equipment to your med spa
Finding services that perform/sell well along with expanding support for them
Making intelligent decisions about how you handle marketing so that you get top results
Combining medical services with non-medical ones to earn more income
The crucial thing is to not keep expenses low by any means possible. Instead, you must ensure that what you are investing pays out more than what you are spending. Undeniably, that takes a certain learning curve. However, if you pay close attention to what your medical spa is doing, as well as to the things your clients want and need, everything should go well.
4) Incentivize Long-Range Treatment Strategies
While a few procedures are done only once, most of today’s cosmetic treatments – particularly if they are non-invasive – must be obtained more than once to get top outcomes. Recurrent treatments mean you make more money. They also increase trust in your med spa and enhance your provided services.
You must carefully market long-range treatment plans to your clients. It is not sufficient to say that they must return to get the best outcomes. Instead, you must clearly explain that returning for additional treatments is the best method for maintaining the results they got from their initial treatment. Framing those services as maintenance will make it more likely that patients will include a visit to your clinic in their normal skincare habits.
Here are a few methods of incentivizing long-range treatments:
Devoting time to your customers who need long-range treatments as real-life case studies
Offering promotions and discounts to patients who get long-range cosmetic treatments
Bundling the services into your customer’s primary treatment plan
Working along with providers regarding the right method of marketing long-range treatments
Generating content that promotes the advantages of long-range treatments
By promoting long-range treatments, you will keep clients and obtain consistent profit margins that could increase as time goes on. You will also build trust in your medical spa and its ability to provide heightened standards of care for current and new patients.
Opening a med spa can be worth the trouble if you follow the steps that guarantee profits – although all medical spa owners must remember that it is the quality of care they provide that ultimately increases profit margins. By establishing a med spa that delivers top care, you will attract more customers while ensuring that your current customers stay with your clinic long-term.
__________________________________________________________________________________
All content on this blog and the entire site is for information purposes only. The information contained in the text should not be interpreted as professional, legal, medical, or financial advice.
