5 Tips for Operating a High-Performing Med Spa

5 Tips for Operating a High-Performing Medical Aesthetics Practice

Medical aesthetics has attracted many new entrants. The appeal may be the growth of the industry or the exciting innovations that are transforming lives.  Regardless of the reason, the industry continues to grow at an impressive pace.

With rapid growth can also come rapid failure. This can occur for many reasons. Mostly due to a lack of awareness and knowledge about the industry and what is required to succeed. For those entering the industry for the first time, assumptions can be made that success in one industry translates to another. Do not make that mistake. This is not the case in medicine. Success as a business owner in food and beverage or fitness does not equate to success in medical aesthetics.

If you are looking to launch a business in the medical aesthetics industry, be it a full-blown med spa or a single practitioner studio, there are a few things you can do from the start that will set you up for success.

For those of you who have already launched a practice but need a little boost, we offer a few nuggets that you may find helpful for taking your practice from average to above average to high performing.

Each step will require some level of commitment, focus, discipline, courage, and grit. This is because you will likely need to change existing behaviors and with change comes resistance and the natural tendency to slide back to old ways. Old ways lead to old results. New ways lead to new results. The key is to make sure the new way is the right way and not a new way of doing things the old way.

1. Don't underestimate resource requirements and the importance of planning. Starting a medical aesthetics practice requires more than just capital. However, the capital required is going to be more than you might think.  Proper planning and understanding of basic business principles are essential as well. If you are not business savvy, you need to become business savvy. A big heart, passion, and luck will not lead to great business success without good business sense.

2. Prioritize client experience. Excellent service, prompt communication, and attention to detail are crucial for maintaining client satisfaction and ensuring the longevity of your practice. People do business with people they love to do business with. Never forget that and make sure your team never forgets that.

3. Stand out from the competition. Differentiate your practice by highlighting unique aspects, marketing your skills effectively, and clearly communicating the advantages you offer to clients. Slashing prices will make you standout. However, it will eventually lead to closed doors as well. Businesses known for slashing prices rarely withstand the test of time. This is not to say you should not offer a fair price. You should. However, value is what people look for from a business. What value beyond a fair price will you add?

4. Set goals and track key performance indicators (KPIs). Establish clear KPIs that reflect the success of your practice, such as total appointments, repeat clients, new clients, revenue per hour, schedule utilization, gross income per month, etc. The list is endless. The “key” to KPIs is to choose those that will help you make good decisions about the true performance of your business. A P&L is not a good KPI tool. KPIs are leading indicators. A P&L is a trailing indicator. You need to regularly monitor leading indicator metrics to gauge progress and change behavior before it is too late. Give your team their own KPIs as well. Have them monitor their data and report to you their progress regularly.

5. Be adaptable and embrace change. Stay agile in response to market shifts, customer needs, and emerging trends. Embrace new technologies, engage with social media platforms, and continuously improve your services to stay ahead in a competitive landscape. Do not become stagnant. When you get comfortable you relax. When you relax things slip and blow up. All one must do is look to NASA and the Space Shuttle program for an example of what happens when a culture slides. Leaking “O” rings and shedding foam were not a part of the design. However, nothing bad happened by ignoring them, until it did. Pay attention, stay diligent, change when change is needed and adapt.

As many owners have learned, opening a medical aesthetics practice is one way to gain more control over your work, your life, and your time. However, it can also be a way to lose control if you are not business savvy and smart about how you approach the opening and ongoing operations of the practice. It is not rocket science, but running an effective business is a science. However, it is a science you can master.

💌 Are you ready to take on an investment partner to help you grow your medical aesthetics practice? If so, we are here to partner with you every step of the way. Fill out the contact form or send us an email at info@baraesthetics.com and we will schedule a call to discuss the possibilities.

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