Ever wanted to start your own medspa business? Now is the optimal time, especially if you take advantage of these tips.
“Don’t be afraid to give up the good to go for the great.”
— John D. Rockefeller, oil tycoon, and philanthropist
If you are ready to go for the great, it might be time to pursue your entrepreneurial dreams and open a Medical Spa. The medspa industry is a hotbed right now, which makes it the perfect time to start. It is expected to grow by 20% in the next 5 years, so if you want in, now is the time. Learn more about why medical esthetics is booming here. Starting a new business can be overwhelming, and your passion must be met with equal parts determination. Opening a medspa is no different. medspas intersect business and medical care, meaning they are highly regulated. You MUST know your state laws and regulations BEFORE starting your business. Read on if you are looking for a beginner guide to start your own medspa.
1) Create a Business Plan
This is the fun part (if you like planning)! A medspa is distinct from a traditional spa because it offers a combination of aesthetic and medical services administered and supervised by a licensed physician. Medical spas typically offer a variety of cosmetic treatments and non-surgical procedures geared toward beauty and appearance. Consider what services your medspa will offer, what equipment and technology you’ll need, and who will provide the services.
2) Hire a Lawyer and Establish Your Business Entity
When starting any business, especially a medspa, it is crucial to understand the laws. You are probably not a lawyer, and no one expects you to be! That is why you should hire a lawyer to help you navigate federal, state, and local laws as you proceed. Before you start, you should know that different States have regulations dictating who can and cannot own a medspa. In New York, any licensed physician, physician group practice, and nurse practitioner with the required certification and training can own a medspa. Read more about state regulations here.
3) Create a Compensation Plan
When starting a new business, planning will SAVE you. Create a plan to pay for your expenses (staff, rent, equipment, etc.) in the event of an unexpected complication and to compensate for fee-splitting1 Ensuring you are prepared for anything and everything will protect you from legal and financial hits when you encounter speed bumps.
4) Create a Marketing and Strategy Plan
Back to the fun part! You’ve hired an attorney, your books are in order, and your business entity has been established; now, you can share your business with the world. Determine your target client and create a marketing plan based on them. Consider the answers to questions like: “Who is your target client?” “What motivates your client?” “What makes your business special or different from others?” “Why should your client choose you?” Let the answers to these questions serve as guidance for your strategic plan.
5) Establish Your Website and Social media
A website and social media presence are part of any good marketing and strategy plan. Now you follow through on that plan! Secure your website and social media domains as soon as possible. It is a good idea to create an easy and accessible website where clients can find all the information they need. We pay for convenience, after all. Establish a frequent social media presence and use these free platforms to get your business name out there.
6) Invest in Yourself and Your Staff
Once your business is up and running, don’t forget the importance of investing in yourself and your staff by staying up to date on services and training. Medical esthetics is a quickly evolving industry to keep your medspa relative and competitive. You’ll need to keep up.
Starting your own medspa may look like a lot of work. That’s because it is. Like any entrepreneurial venture, opening your medspa will be a labor of love and dedication. If you have a knack for beauty services, you enjoy perfecting customer service, and you have some experience in the industry, opening a medspa may be the opportunity you’ve been searching for. If you are new to medical esthetics, you should consider participating in the training for medical esthetic equipment and services you’ll one day offer in your medspa. Learn more about the Swedish Institute of Medical Esthetics and the available trainings here.
- According to Law Insider, Fee splitting means the acceptance of remuneration by a licensee for referring a patient to another provider of health care or a health care facility or the provision of remuneration by a licensee for a referral to the business of the licensee. [↩]