Are you running a medical spa but you’re not making enough? Indeed, the industry of medical spas generates millions of dollars but not many businesses will make it. The first thing you need to come at peace with is that being the best medical professional in the world is not a guarantee that you will run a profitable medspa.
In this article, you will learn how to turn your medical spa into a money-making machine without compromising the quality and credibility of your medical practice. By having these methods in mind, you are bound to succeed and turn your medspa into a 7-digit business in due time.
Bring Medical and Spa Together
You should strike a delicate balance between the medical aspects and the spa-like ambiance of your medspa. The medical side of things is a given. As you are most likely a practicing professional in the field of aesthetics, you have the right working skills and technical knowledge. Plenty of certifications and accreditations come with your name and reputation.
What is often neglected is how you make your medspa a place where your patients can enjoy the amenities. Just like any spa, your clients should feel a sense of comfort and relaxation. A few ways to bring out the spa ambiance is by having equipment and fixtures that aren’t worn out. A clean and well-kept medspa is another way to leave a good impression on your clients.
Calculate the Costs of Operations
To make a profit, you first need to recover the costs of running your business. These costs would include supplies, inventory, equipment maintenance, utilities, salaries, and wages. Especially if you’ve run your medspa for quite some time, you can go through your books and track your regular expenses.
Stay on Top of Your Finances
Other than calculating, it’s also helpful to check whether all your expenses are actually necessary. If you discover anything too lavish for your business, it’s something you need to do away with. By reducing your regular costs, you would have to recover less. Any revenue that you have which exceeds costs is already the profit of your business.
Don’t Undercharge Patients
You should know your worth. Undercharging your patients can actually hurt your finances if left going on for too long. If you are unsure of how to charge, you can check out competitor prices. You should also calculate how much a specific service would cost you. Other things you have to consider when setting your profit margin is that it should cover other expenses such as rent, utilities, and the wages of your team.
Of course, if you want to charge premium fees, you also have to make your patients feel like what they are paying for is worth every dime. The amenities have a huge role in this. Customers are willing to pay more if they enjoyed their time in your medspa. Furthermore, the way you market your medspa is also a factor in making others see your business as a premium one.
Don’t Spend Too Much Time on Low-Value Activities
Do you have services that cost you so much but earn you too little? If the answer is yes, you might as well do away with services. Low-value activities can be time-consuming and your efforts could have gone to other services that generate more revenue for your business.
Get People to Talk About Your Business
Being great at what you do can cause clients to leave positive and enthusiastic reviews. Having people rating your clinics highly can strengthen the image of trust and credibility. Not only will people hear about your medical spa, but they would also want to have a go with your services.
Grow Your Business
Growing your business can be in terms of opening up a new branch, expanding your services, and increasing your client base. You can do so by making the most of your resources and grabbing opportunities when they do arise. If you have established your medspa well, you would know that it’s time to open up a new branch when there is an untapped market in a specific area. Adding revenue-generating services in your arsenal can increase the chances of having more appointments booked. As for growing your client base, it takes robust marketing efforts using proven strategies.
Growth99 boasts its excellent business growth service. You can easily get in touch with a consultant who will learn all there is to know about the industry. You will also gain a better understanding of the needs of running and scaling your business. A team of experts will create a roadmap that is tailored for your business and circumstances. What do you get? It’s real growth you can measure.