Medical spa
Business Plan
average $500,000 in annual revenue
For any business, a business plan is a crucial document to have. It not only tells your seriousness but also helps you in various phases during the business operations. But what exactly a medical spa business plan is, and how do you write it?
Read the article to know the answer!
What Is a Business Plan and Why You Need It?
Have you ever heard of a business plan? Is it essential for a business? What’s its significance? Let’s answer these questions!
A business plan is a document that tells about your business goals and objectives and ways that you’ll use to reach those goals. It has different sections and sub-sections; for instance, the first section is the executive summary, then a company analysis, industry analysis, competitors’ analysis, and so on. In short, a med spa business plan gives the reader an idea of how you’ll operate your medical spa.
Now, let’s see why having a medical spa business plan is essential. Well! Here are the reasons:
- A med spa business plan acts as a guide for your business plan.
- As you set goals, it motivates you and also provides a trajectory to achieve those goals.
- A solid business plan helps you attract more investors, leading to more funding.
- The chances of a business becoming successful increase by 30 percent when run on proper planning.
- You can confidently make significant business decisions because you have already done the background research.
All these and a lot more benefits make it necessary to have a business plan.
Where Do The Fundings For a Medical Spa Come From?
If you are planning to run a spa business, the first and primary sources of funding will be your
savings. The other sources include
- Loans from bank
- Angel investors
But first, you have to convince them with a solid medical spa business plan that your business will grow over time and you can repay the loan or profit on the investment.
Let’s Write a Business Plan For a Medical Spa
If you are just starting a med spa business or already have one, you still need a business plan to excel. But the question is, how will you write a medical spa business plan?
Well! Here’s a medical spa business plan template for you. Read it out to craft a solid business plan!
Section# 1 The Executive Summary of Your Med Spa Business Plan
As the name indicates, summarize your business plan in this section to grab the client’s/ reader’s attention. It briefly overviews the type of spa business you are operating, your industry, company, competitor’s analysis, marketing, financial, and operations plans, and a few other things.
Moreover, it’s one page long, and you must write it after compiling the whole business plan.
Section# 2 Analysis Of Your Company
In this section, the first thing to state is the type of your medical spa. For instance, you must be operating any of the following spas:
- Medical Services Providing Spas
In addition to traditional spa services, these spas provide services that need medical supervision.
- Medical Spas
Medical spas provide only medical services that a doctor or a medical professional supervises.
- Medical Spas Offering Plastic Surgeries
Such businesses mainly offer cosmetic surgeries and non-surgical aesthetic services such as dermaplaning.
Specify your business type. Now, move towards the business background by answering the following questions:
- What milestones have you achieved so far?
- What’s your business’s legal structure?
- When did you start the business?
- Why did you do so?
Answer these questions to provide a solid business background.
Section# 3 Provide Industry Analysis
This section provides an overview of the medical spa industry in general. Here’s why industrial analysis is essential:
- It improves your marketing strategy.
- The industry analysis helps you in understanding the market trends.
- With knowledge of the industry, you present yourself as an industry expert.
Also, address these questions in this section:
- What’s the market size of the medical spa industry?
- Is the market expanding or contracting with time?
- Who are your competitors and the key suppliers?
- What are the trends affecting the industry?
- What’s the industry’s growth forecast?
Section# 4 Customer Analysis Comes Next!
The customer analysis section tells about your ideal customers, for instance, if they are millennials, GenX, or baby boomers. Besides, it has two sub-sections.
- Demographic Profile
The demographic profile specifies your ideal customers’ ages, locations, genders, and income levels. In the case of a medical spa, finding this information is effortless because most of them serve people nearby.
- Psychographic Profile
The psychographic profile tells about your customer’s needs and wants. Try to understand their needs to attract and retain them.
Section# 5 Analyze Your Competitors
In this section, you have to analyze your direct and indirect competitors. Your direct competitors are other medical spas, whereas indirect competitors include traditional spas or home treatments. Analyze their strengths and weaknesses and compare them with your business. You can do so by asking yourself the following questions.
- Who are their customers?
- What types of services do they offer?
- What are their rates for each service?
- What are their weaknesses and strengths?
Put your critical thinking to work while answering these questions.
Once done, you have to end the discussion with your unique selling points. For instance, answer the following questions:
- How will you improve billing?
- Will you expand your services?
- Will you provide any unique technique that your competitor doesn’t offer?
And a lot more questions.
Section# 6 Create a Medical Spa Marketing Plan
You need a lot of research and time to create a marketing plan. Do it yourself or hire a market research service provider, but it’s necessary!
In the plan, you will cover the 4 Ps of marketing, which are
- Product
Talk about your medical spa business type and the services you offer.
- Price
In the price sub-section, provide details about your products and their prices.
- Place
Document your location and its role in your business’s success.
- Promotions
In this sub-section, open up about the tactics you plan to use to grab customers’ attention. These include online and offline advertisements, flyers, social media marketing, etc.
Section# 7 Talk About Your Operations Plan
In this section, mention your short-term and long-term business goals. Short-term goals include routine tasks like ordering treatment inputs, consultations, marketing, etc. On the other hand, long-term goals are the milestones you have set to achieve your bigger goals. For instance, a long-term goal can be generating $X a year, opening outlets in different locations, etc.
Section# 8 Tell About Your Management Team
Any medical spa business can’t reach its peak without a management team. In this section, highlight your team members and tell how they have contributed to your spa’s success.
Besides, also create an advisory board with 2 to 8 individuals with field experience. In this way, you will have expert guidance to take help from.
Section# 9 Disclose Your Financial Plan
In the financial planning section of your medical spa business plan, create a financial statement for the next 5 years and break it into monthly or quarterly sections for the first year only and then annually. It will include the following:
- An Income Statement telling about your business’s profit and loss.
- Balance sheets displaying your business’s assets and liabilities.
- A cash flow statement indicating your expenditure. It also ensures you never run out of money.
While developing these documents, consider the following factors:
- Location, design, or construction fees of your spa
- Equipment and treatment input costs
- Legal expenses
- Salaries
- Permits
- Taxes
Section# 10 Appendix
Attach all other documents in this section, for instance, treatment list, location lease, etc.
Besides, You can also hire a professional for the medical spa business plan writing service.
Summary
Writing a medical spa business plan is worth it as it gives you a blueprint to grow and achieve the business goals. It helps you understand and work on even the minute details that people usually consider unnecessary and ensures you execute the right strategies to grow a successful medical spa.