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Once viewed as a passing trend in the medical sector, medical spas are now well established as profitable businesses. However, as with any business, the success of a medical spa begins with the research, planning, and preparation carried out in the very earliest stages of development.
The most minor of mistakes can be hugely costly in terms of both time and money, but running a medical spa that has been developed correctly will be hugely beneficial to patients and in terms of monetary gains. If you are considering starting a medical spa facility, this guide will take you through the key steps and factors to consider.
Create a strong brand and concept
Rather than spreading your medical spa too thinly and trying to provide services for everybody, choose an area to specialize in and focus on delivering the best possible treatment. It’s important to offer a range of services and treatments within your niche, and your spa should complement the medical side of the facility. A clear vision will enable you to create a strong branding concept that will be more recognizable.
Write a business plan with a financial plan
A business plan is essential whether you are trying to secure funding from investors or are financing the venture by other means. The plan needs to cover how the medical spa will operate, how it will attract patients, how it will make money, legal compliance, insurance, and financial projections for the first 3-5 years. Your business plan will focus your strategy and serve as a blueprint for all future decisions.
Choose the ideal location
While patients will often travel a considerable distance to see a particular doctor, a spa facility is different as it often needs to be in an accessible location where people will pass by regularly. When choosing a location, you should consider the demographics of the area, parking facilities, zoning laws in your area, and what competition is already established in the area.
Hire a specialist development team
When you have your premises, you will need to renovate and develop the site to ensure the facility is designed to suit your operation’s needs. This is a complex task and one which should involve professional developers with experience in this area. The facility should provide a safe, relaxing and accessible environment for both staff and patients.
Select high quality products and services
When creating your menu of spa services, you need to ensure that what you choose does not negatively impact a doctor’s integrity and which they are happy to be associated with. All products and treatments should be medically approved and backed by scientific evidence, i.e. it has been proven to work.
Devise your sales and marketing strategy
Unfortunately, patients and clients will not magically arrive on their own, so you need to invest in an effective medical spa marketing strategy. You need to have a website that is optimized for SEO, email marketing campaigns, social media presence, and appropriate advertising channels. Digital marketing is highly effective in the modern world, but there is still a place for more traditional flyers, business cards and print advertising in the right setting.
Get the right level of medical insurance
Medical spas require insurance to cover every aspect of the operation to protect the property as well as insurance against malpractice and general liability lawsuits. Consult a licensed insurance agent in your state to ensure you have the correct level of insurance.