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#28: The $1M Med Spa Formula: 5 Critical Systems That Drive Consistent Revenue Growth

Description

In this episode of Medical Millionaire, host Cameron Hemphill, founder of Growth99, dives deep into strategies for building a medical spa that thrives in the long run. Key Learnings:
  • Don’t put all your eggs in one basket: Diversify your lead generation channels (website, social media, referrals, etc.) to avoid relying on a single source.
  • Embrace technology: Streamline operations by integrating your CRM, EMR, appointment booking, and marketing automation systems.
  • Invest in your business: Prioritize investing in the right people, technology, and marketing strategies to ensure long-term success.
  • Think long-term: While celebrating short-term wins is important, always consider future trends and adapt your business accordingly.
  • Identify and eliminate inefficiencies: Regularly evaluate expenses and processes to optimize your workflow and maximize ROI.
This episode is perfect for medical spa owners and aspiring entrepreneurs looking to:
  • Increase profitability
  • Improve operational efficiency
  • Attract new clients
  • Stay ahead of the curve in the medical spa industry

Transcript:

Hey everybody.

Cameron Hemphill, here your host for Medical Millionaire. Hey, first off, thanks so much for taking the time to tune into our podcast. Our goal is to give incredible insight and value into the medical spa market. My team and I, we’ve consulted some of the top injectors, some of the top medical spa owners, people in the esthetics business for years all across the United States, powering over 600 plus medical spas at this point in time.

And we see folks that have a very thriving practice and know how to run it like a business. And we see other individuals and other business owners that are trying to figure it out and trying to figure out what the next steps are in the process, no matter where you’re at if you’re looking to scale. So throughout this journey together, our goal is to help you thrive.

And we throughout our engagement in chatting with individuals that own businesses in the space, we hear everything, and we internally put that into our ecosystem and our environment. We consume it. We talk about it. We have round table discussions about it, and the purpose of this podcast is to push that content out to give value. That’s all this is for.

And so what I want to get into today is how to build a business for tomorrow and not today, if you’re going to take the time to invest your resources, your energy, your effort, into building a business, you have to think long term. Obviously, you want to have quick wins, you want to have good sales, but you need to constantly be innovating and thinking about what’s coming tomorrow versus what’s already here today.

So I’ve talked about it in several other of my episodes, but it’s super important. If you pull yourself out of the day to day activities, you obviously, if you’re just listening to this now, and you’re and you’re heading to work, you have appointments throughout the day. You have employees. You have things that have to get done.

You have your task list, right? But if you can time block, and you pull out the basically the mundane tasks that you have to get accomplished, and look at your business from a bird’s eye view, and and look at, where are the holes, where are the gaps? Where are the inefficiencies? And where can you increase productivity? This is what’s going to put you in a position to see those gaps and reflect and put them on paper or put them on the whiteboard. Have discussions.

Talk with consultants, talk with your team, talk with your network, and figure out where you can improve, and if there’s certain areas that you just you can’t comprehend, you can’t figure out. Maybe you’re not great on social media, maybe you’re not you’re great with websites, maybe you’re not great with technology, maybe you’re not great with management. Wherever you realize you’re not great, just take ownership and accountability of it.

It’s totally fine, and figure out where you can put a resource in place that can own that accountability, that knows that specific area of the business very well, and then make them accountable you as the business owner, right? So, and that’s totally okay, but the only way that you’re going to be able to see this is stepping back, so you can step five feet forward. Okay, so I see it constantly where business is just moving, it’s moving, it’s moving, it’s moving, it’s moving, and then all of a sudden, something shifts.

You’re like, why are we losing market share, or what’s happening? Here we were, Instagram was fantastic. We were getting so much business from Instagram. Why are our sales down? Well, maybe Instagram changed their algorithm, and you’re getting less leads from that. Okay, so you can’t rely on one specific source of influx of leads. You can’t have all your eggs in one basket. Okay? You have to be in this specific example.

Let’s just say, like, let’s just say 80% of your business comes from Instagram, for example. Well, if that deflates by 50% you’re in trouble, right? Because if you run that. Based on sales and based on gross, gross margins and and everything when it comes down to the actual bottom line, like you’re in trouble.

So don’t always put your eggs in one basket. Make sure you have a website that’s producing leads. Make sure you have a landing page that’s producing leads. Make sure you pretty putting out content that’s also producing leads. Make sure you are getting referrals. Make sure you’re sending your emails, your newsletters like make sure you’re getting Google reviews. There’s, there’s so many ways. So never put your eggs in one basket. And again, the way to do this, sit back, reflect and see exactly where you can improve, right? So I had a consultant early on in my career.

Once that, he said, How you guys doing on we had a startup that we were doing, and it was going really well. And he said, How you guys doing on cash? And we said, we’re great. We don’t we don’t need money right now. And he said, Okay, now is the time when, when you need to go raise money. And I said, Well, we don’t really need money right now. Money is not our problem. We’re looking in other ways.

He says, no, no. What you don’t understand is it’s extremely easy to get money when you don’t need it, because you have money, you have good credit. And banks like to see that, and they’ll actually lend individuals at an easier, easier level, and business owners money if they see that you’re strong, right? If you have poor credit, you don’t have a strong balance sheet, you don’t have good P and L’s, it’s going to be harder to go get a bank to lend to you.

So that was something that I took as a nugget that I’ve actually carried with me forever, and something that not only implementing in that strategy, but also looking for, like, well, Instagram is great. We don’t need to work on that. Or our website’s great. We don’t need to work on that. No, no, it’s a good time to work on anything and figure out the inefficiencies and how you can improve.

Okay, so I want you to take the time today or this weekend or this week or whenever you whenever you would like to to unplug for a second look at your business. Where is our revenue coming from? What happens when someone hits our website? What databases are they going into? Do you have to copy and paste? Like, is somebody going to your website inquiring, then you’re putting
What databases are they going into?

Do you have to copy and paste. Like, is somebody going to your website inquiring, then you’re putting them into a booking system or a charting system, and then they come in, you put them into another system, like, that’s very inefficient. So although you may be stuck in these habits and they’re working, that’s fine, but you’re probably hiring somebody to do that when you could essentially go buy a technology or construct an integration that can remove that person from doing those activities and put them in a position that may also help grow the business in another direction.

Okay, so I see it all the time, like, hey, we have a website, but our booking system is different from our EMR system. Our EMR system is different from our reminder system. Our reminder system is different from our charting system. And I’m like, my head’s about to explode, and I said, you have a CRM.

What was, what’s a CRM? And so, like, the best way that you can run this is if you have, like, the point of entry from anywhere where somebody fills out a form, calls you, a chat bot, a DM through Instagram, anywhere, those data points should all feed into the system, and that system should have the appointment creation, the appointment reminders, the automation, the CRM, the EMR, the EHR, The charting, the billing, the POS system, and then all push back into, like a QuickBooks environment, so you obviously have, like everything your fingertips.

And by having that flow, it creates efficiencies, and then it creates KPIs very quickly, and knowing to where you can position yourself and what metrics. Are performing well and which ones are not. So you can move the needle. Okay, so I’m starting to get in this, this position and state of mind where, where I’m talking about how to run your practice like a business. I see a lot of people right now medical spas are popping up all over. I’ve seen it more lately than I ever have been.

And I think that has to do with like, the current state of where the economy is. It’s pretty easy to get money right now the economy is doing pretty well. And I’m talking today. I’m not talking what the outlook is in the future in this space is very attractive, right? And so you constantly see that, well, the ones that are going to survive, because there is a decent failure rate in this industry.

There’s a decent failure rate with any startup business, right? Like, I don’t know what the exact percentages are, and I don’t want to get into that, but, but they’re high, right? So the ones that will survive that that basically look at how to run their practice like a business. They network. They get advice from the ones that have done it. They seek out the consultants, they seek out the experts, and they invest okay.

And they basically, they state, they take sacrifices. So instead of, you know, having a good sales month and going and buying something, you know, fancy, or something that has basically the devalued of, like a depreciating asset, okay, instead of an appreciating asset. I’m a big fan of of taking a little bit of sacrifice and deferring those like goals and dreams, if you will, and sacrifice, because if you can position yourself to have that cash on hand and peel off a little bit of your profits to invest in your business, in in technology, in the right people, the right bodies, you will be the one that survives.

And when a lot of these med spas are taking taking current market share right now, and maybe they have a good formula to collect market share, and they’re and they’re growing, if they’re not taking the time to invest in other aspects of the business, there’s a good chance that they will fall off. So now is the time to reflect and implement solutions on how to build your business for longevity, and not just what’s working right now. Okay, look at what the future outlook is coming. Look at what’s working.

Worked historically. And if you’re band aiding anything, which is fine, you can Band Aid things for a certain period of time, but do not Band Aid it forever. Think of a long term solution, okay? That’s going to help sustain your business. If there’s high expenses. Like, it’s also a good time right now to look at, Okay, where am I spending money, and what is the ROI of that money?

Okay? And if it has to do with people, if it has to do with maybe you have multiple technologies that are doing the same thing, like, you have feature overlap, it’s time to look at that stuff. Where can you reduce this? We’re heading into the winter months. You have COVID that is kind of on the on the rise, like you see it in the news right now, right? And so there’s a little bit of, as I’ve been walking around, there’s there’s fear. You can feel it. Okay, school starting, the media is talking about it.

So I think it’s a good time to position yourself, to look at these areas of inefficiencies and thrive through this winter and this holiday months that we have coming up, right? So that’s what I wanted to leave with you today, is think long term. You know, today is great, but always look at future outlook and takes two steps back so you can take future steps forward.

All right, guys, thanks so much. That’s what I wanted to get into today again. Thank you for listening to medical millionaire again. This is Cameron Hemphill. If you found this content valuable, please share it. Keep the conversation going.

Head into iTunes, leave us a five star rating and review, and additionally, you can visit www.growth99.com to learn how we can assist you with your marketing coaching and all your technology needs until next time.

Happy injecting, you.

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Med Apas/Aesthetics

Wellness

Plastic Surgery

Dental

Dermatology

Laser Hair Removal

Salons

Other Specialties

Med Apas/Aesthetics

Wellness

Plastic Surgery

Dental

Dermatology

Laser Hair Removal

Salons

Other Specialties

Owner/Provider

Practice Manager

Front Office Manager

Franchise/Private Equity

Running Your Practice

All-in-one platform with customer relationship
management and marketing automation.

Marketing Your Practice

Data-driven marketing channels to boost your
practice's visibility and growth.

Engaging Your Clients

Strengthen client relationships with automated
communications and a variety of channels.

Website Development

Custom, beautiful, and conversion-focused websites
for aesthetic and elective wellness practices.

Marketing Services

Comprehensive marketing, from search engine
optimization to social media management.

LEARN

Resources Library

Unlock expert insights, dive into the latest blogs, and
discover ways to supercharge practice growth.

Success Stories

Discover how aesthetic and elective wellness
practices like yours have succeeded with Growth99.

Medical Millionaire Podcast

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from host Cameron Hemphill and guests.

Free Online Review Scan

Instantly assess your practice's online reputation and
uncover areas of improvement.

Free SEO Review Scan

Reveal untapped potential in your website's search
engine rankings and performance.

Customer Help Center

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maximize your Growth99 experience.

FEATURED PODCAST

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Elevate your practice to new heights with the Medical Millionaire podcast. Join host Cameron Hemphill and industry guests in uncovering the secrets to a successful practice.

Listen Now »

Client Relationship Management

Streamline your practice with our powerful
customer relationship management tools.

Online Appointment & Payments

Simplify scheduling and transactions with
seamless online booking and payment.

Client Messaging & Automation

Elevate your client communication with
messaging and marketing automation.

5-Star Review Generator

Boost your online reputation with our
innovative review generator.

Web Design & Hosting

Streamline your practice with our powerful
customer relationship management tools.

Digital Paid Advertising Management

Streamline your practice with our powerful
customer relationship management tools.

Search Engine Optimization

Streamline your practice with our powerful
customer relationship management tools.

Social Media Graphic Design

Streamline your practice with our powerful
customer relationship management tools.

Client Relationship Management

Streamline your practice with our powerful
customer relationship management tools.

Online Appointment & Payments

Simplify scheduling and transactions with
seamless online booking and payment.

Client Messaging & Automation

Elevate your client communication with
messaging and marketing automation.

5-Star Review Generator

Boost your online reputation with our
innovative review generator.