How to create an aesthetics business plan - Hamilton Fraser
The aesthetics sector has been deeply affected by the coronavirus pandemic, reliant as it is on close face to face contact. Arguably, practitioners have experienced some of the most severe financial and practical impacts of all businesses. Aesthetics practices and clinics have been forced to close their doors completely for significant periods of time with very little notice. Operating only sporadically and at much reduced capacity, while offering a limited range of procedures with extensive restrictions in place has put immense pressure on individual businesses in the aesthetics sector.
The new variant of coronavirus has dealt a further blow to the industry, and many practitioners are understandably fearful as to whether they will be able to recover. Yet, although the current situation may be disheartening, now is the perfect time to think about business planning for the future.
By being proactive you are also more likely to find yourself shifting into an increasingly positive state of mind. This will be beneficial to making good decisions and motivating those around you – as Ron Myers, Director of The Consulting Room Group, explains.
At Hamilton Fraser Cosmetic Insurance, we have closely followed the challenges faced by the sector throughout the pandemic, with practitioners sharing their insights through our regular surveys.
Although practitioners have shown flexibility, swiftly adapting their businesses to cope with the changing requirements, legislation and hygiene practices, our first survey, carried out in March 2020 at the start of the pandemic, revealed that 72 per cent of practitioners did not have a contingency plan in place should they not be able to carry out cosmetic procedures.
Whether you are just starting out or have been running your aesthetics practice for a while, business planning is key to establishing a sustainable, profitable and successful business. A business plan provides a flexible structure and a framework to refer back to as your business grows. Invest time in creating your own business plan to ensure that you are fully committed to your goals and the strategies through which you are aiming to achieve them.
In this guide, we take an in depth look at how to go about creating an aesthetics business plan. We’ll explore some of the key considerations you need to be aware of when thinking about your business planning. And in our linked video, Eddie Hooker, CEO of Hamilton Fraser and Owen Woods, Head of Marketing at Hamilton Fraser, offer their tips and advice, ranging from where to start with your business planning, to why you might need it for funding and what to do if your goals change.
Why do you need a business plan?
Creating a business plan helps to clarify your business idea, spot potential problems, set out your goals and strategies and measure your progress. It should also inform potential stakeholders of your plans, for example by convincing customers, suppliers and potential employees to support you. Crucially, it is instrumental in securing investment or a loan from the bank. This is of course particularly relevant if you want to take advantage of any government business support schemes or loans which are available to businesses to help sustain them through the coronavirus pandemic.
Where should you begin?
Writing a business plan from scratch can seem daunting, but it doesn’t have to be. Following a clear structure will help you to visualise your goals and objectives.
A standard business plan usually includes the following elements:
- Executive summary
- Mission statement
- Competitor analysis
- Marketing strategy
The content of each section should be concise and specific, providing a short overview of the main points you want to get across in a clear and professional tone. Save the detail for the operational and marketing plans.
It is advisable to review your plan regularly to ensure you stay on track. Business requirements will most likely shift as your business grows and you may choose to adapt your plan, or as we have seen in recent times, be forced to adapt due to unforeseen circumstances. Who’d have predicted that so many practitioners would return to the NHS to use their skills to help in the fight against COVID-19?
Remember, a business plan is a continuously evolving document that is tailored to your business, so keep it in a format that is easy to locate and simple to amend.
Key factors to consider when writing your aesthetics business plan
1. executive summary.
An executive summary is a brief section at the beginning of the business plan that provides an overview – a synopsis – of the main points of the plan. Lead with a compelling statement explaining the rationale for your business idea; whether it is a growing interest in non-surgical interventions to enhance the skin, shifting societal views on cosmetic procedures or something specific to your location such as the need for a mobile practitioner providing botulinum toxin out of office hours.
Outline the ‘problem’, your proposed solution, the opportunity you have identified and your competitive advantage. This section should be no more than two pages long. You may find it easier to write it at the end, once you have drafted the more detailed sections of your business plan.
2. Mission statement
Your mission statement defines and communicates the purpose of your business. It should illustrate what success means to you in three to four sentences that capture your goals and purpose. Research the mission statements of other aesthetic professionals and organisations for inspiration, but focus on what success looks like for your own aesthetic business. Are you, for example, offering state of the art treatments in a luxurious environment, or catering to the needs of busy professionals who require flexible appointments?
Include a little background on the aesthetics sector, highlighting any relevant industry trends and provide a short summary of how your business fits within the industry in your geographical area.
You can also include information here about your own background and training in aesthetics . As a business owner it is important to convey that you have expertise in your field and demonstrate your commitment to continuous professional development as your business grows.
It is also vital to ensure that you are up to speed with developments in the rapidly evolving aesthetics industry. This can be achieved by carrying out research online and via social media, as well as by attending exhibitions and conferences , many of which are now available virtually, which enable you to learn, to ask questions and network with fellow aesthetic professionals.
Whether you plan to trade as a company or a sole trader, building a network of peer support around you will provide you with an invaluable resource of ongoing guidance to help with both the running of your business and any complication management issues that may arise. You will meet practitioners experiencing similar challenges to you at training courses, exhibitions and conferences. Networking with others in the industry will help inform your business decisions and direction.
4. Competitor analysis
Identifying your unique selling point and client demographic at the outset of your business planning is critical. Carrying out a thorough analysis of potential customers and competitors within your area is key to this process.
The demand for aesthetic treatments continues to grow, in large part due to the prevalence of social media and its enormous impact on the aesthetics industry in raising awareness of aesthetic procedures and how people perceive and project themselves. COVID-19 has of course had an impact on the way aesthetic businesses operate, but there is also evidence that it has heightened peoples’ awareness of their appearance, with many practitioners seeing a rise in demand, which some attribute to the ‘Zoom effect’.
While social media has made people more comfortable and interested in visiting aesthetic clinics, it is important to be aware that aesthetic businesses do operate in a fairly saturated market. A thorough competitor analysis is therefore important to help you to identify your unique selling point so that you can stand out from competitors.
You also need to consider the patient demographic that you will be targeting so that you can tailor your offering when it comes to your marketing strategy.
5. Marketing strategy
Successful marketing will be key to establishing yourself with potential customers and building your business’ reputation. Your business plan should provide a high level overview of your marketing strategy, but you will also need to create a separate, more detailed marketing plan.
In this section of your business plan you should refer back to your unique selling point and explain how you intend to take it to market. This will involve defining your target market and summarising how your sales and marketing strategy will cater to their needs. It should include information about the products and services you will offer, your plans for pricing and promotion activities and the premises that you will operate out of.
Identify the products and services that your business will be offering, along with their benefits. Explain why you have opted for the specific treatments you have chosen. As well as including the benefits it is also advisable to acknowledge any potential disadvantages or risks. Identifying these early on can help to produce a well-rounded plan that can be adapted to adjust to challenges along the way.
Your pricing will vary depending on where your business is located in the country. For example, if you are based in London or another major city, it is likely that the local price of treatments will be higher than in a smaller suburban town. It is therefore crucial that you research what other clinics and salons are offering in order to make sure you are competitive.
You should also include information about your plans for promotion . For example, will you offer promotions and discounts to entice new customers? There is nothing wrong with this approach, but when advertising a promotion it is important to be aware of the parameters that exist and ensure that you comply with them by referring to the Advertising Standards Agency (ASA). The aesthetics industry is particularly active on social media platforms such as Facebook , Instagram and Snapchat so don’t forget to include a social media plan in your digital marketing strategy and marketing plan and reference it in this section of your business plan.
If you are planning on opening your own premises then an effective way to raise awareness of your business in the local community could be to hold an open day or evening, inviting potential clients and local media to see the premises and the range of treatments you will be offering. If you are renting a room within a clinic, salon or leisure centre, then you should focus on identifying ways in which you can tap into their existing client base (mindful of course of any GDPR implications).
In aesthetics, there are a number of options available to you when it comes to the physical location of your business – you may intend to work from your own home, as a mobile practitioner visiting patient’s homes, renting rooms within existing clinics or setting up your own clinic. Your physical location may evolve as your business grows, for example you may begin by renting a room in a salon/clinic to keep costs to a minimum while you build up your own reputation. You may then plan to expand into your own premises once you are more established. Although your strategy may change as your business grows, it is important to mention your intentions in your business plan, so that stakeholders have a clear idea of your aspirations and you can ensure that you are working towards your ultimate goal.
The marketing component of your business plan can also touch on your processes , for example you may decide that your processes should be customer focused. In which case you might prioritise building rapport with potential clients during the consulting process , or focusing on incorporating patient wellness services in your practice in order to establish a reputation for good customer service and to benefit patients overall wellbeing. You may also consider offering video consultations as standard, now that these have become the norm as a result of COVID-19, and offer greater flexibility. This should help you to attract and retain customers but will also require you to allow more time for consultations.
This section of your business plan should cover any details concerning your day to day operations, such as hours of business, equipment you will require and how you will keep track of inventory. Additionally, if you are intending to employ staff you should summarise how they will be recruited and managed here.
You should also highlight any internal procedures that you anticipate you will need to implement when the business is up and running. These are not set in stone and will most likely evolve, but it is a good idea to note them in your business plan in order to maximise transparency and ensure that you have everything covered. Such procedures include your consulting and consenting process , your approach to patient selection , how you will deal with complaints , your appointment booking, payment and record keeping systems, stock and waste management. It is also important to consider your obligations in relation to GDPR compliance as you will be holding confidential client information.
Don’t forget to display your Terms & Conditions clearly – it is important to be transparent with your clients at all times. This is also crucial in the event that there are any subsequent issues relating to payments for treatments/services.
Building a support network, both online through social media and offline at industry events , can help with ongoing guidance and networking, as well as facilitating the exchange of best operational practice between peers in the aesthetics industry.
Last but certainly not least, you must include a financial section in your business plan. This component should provide facts and figures showing how fast you expect your business to grow and how you plan to fund that growth. You also need to demonstrate how you will monitor and report on the finances.
If you are starting out, you should include an assumption of startup costs, taking into account the purchase cost of any equipment or fixtures, wages, benefits, lease and utility costs, insurance and other
expenses such as membership of a professional body. In addition, you should include an estimate of earnings based on your market research and likely market share for the first three to five years.
The financial section of a standard business plan includes four key financial statements:
1. Cash flow statement
The cash flow statement shows how much cash you will need to meet your obligations, when that cash is going to be required and from where it will come. It shows a schedule of the money coming into the business and expenses that need to be paid. These figures go into a profit and loss (P&L) statement, which is generated on a monthly, quarterly or yearly basis.
2. Break-even analysis
A break-even analysis is a composition of costs and sales revenue. Costs are broken down into variable costs and fixed costs. Variable costs fluctuate from month to month and include the products you will need to perform treatments, utility costs, operating expenses, equipment and employee wages. Variable costs can be direct or indirect. Direct costs are those which are directly attributed to production such as wages and products like botulinum toxin. Indirect costs are not directly attributable to production, such as the maintenance of any equipment.
3. Balance sheet
The balance sheet outlines a business’ assets, liabilities and equity. Assets include cash, inventory, accounts receivable, and equipment and fixtures owned by the business. Liabilities include any loans, or outstanding bills. Equity is the amount of worth a business obtains by amortising loans and the worth of company issued shares or stock. Assets must be equal or balanced to the company’s liability and owner’s equity.
4. Income statement
An income statement is a scorecard based on the financial performance of your business that reflects a balance between sales and expenses. It is calculated by combining earnings, business expenses, capital, and inventory and raw material costs. Using these financial categories, an income statement will show a net profit or net loss, usually over a company’s fiscal year.
The key points to remember when putting together your business plan are:
- Be concise – potential investors should be able to understand what your business is about from your plan
- Be specific – explain how you are going to deliver your plan
- Know your market – show that you understand your target audience and competitors
- Be clear about how you are going to make a profit
Your plan will be useful when it comes to securing loans or investment, but it is also provides a useful framework to help you understand your objectives and how you are going to deliver them.
At some point, hopefully in the not too distant future, the world will transition to the next ‘new normal’. Many consumers will be looking to spend on services they’ve gone without, and this will likely include aesthetic treatments, as people are gradually able to start mixing again in person. There is therefore no time like the present to plan for the future success of your aesthetics business.
"Creating a business plan helps to clarify your business idea, spot potential problems, set out your goals and strategies and measure your progress. It should also inform potential stakeholders of your plans, for example by convincing customers, suppliers and potential employees to support you. Crucially, it is instrumental in securing investment or a loan from the bank."
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New Download – Free 20 Point Business Plan
Create your aesthetics business plan.
Putting together a business plan can be daunting, whether it’s your first time or tenth!
It includes extensive information on what to consider, together with helpful examples:
- Defining your proposition
- Customer profiling/targeting
- Selling points
- Pricing and payment options
- Setup purchases and costs
- Ongoing purchases and costs
- SWOT analysis
You’ll then find a section which you can complete yourself, to create your own ’20 point business plan’ for your new Aesthetics Business.
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How to Start an Aesthetics Business: 7 Tips to Get Started
- July 17, 2021
Starting an aesthetics business is exciting, challenging and really rewarding. But if you’re new to the industry, or running your own business, then it can also be nerve-wracking and stressful. If you’ve previously worked in the NHS then it can be a very different experience (in a good way)…
The best advice we can give for anyone thinking about moving into the aesthetics business is to start as you mean to go on. It’s always better putting the work in to set up properly than having to unpick mistakes later.
7 Tips to Start Your Aesthetics Business
Here are our 7 top tips to get your career in the aesthetics business off to the best start:
- Get the Right Training
There are a lot of trainers and courses out there, and not enough legislation and regulation. You want training that covers the practical aspects and lets you get hands-on whilst still teaching you the correct theory about anatomy and product usage. You should look for trainers who have significant expertise in their industry, and who offer accredited training by a recognised awarding body. Our Level 7 Diploma is the gold standard in the industry and will ensure that you’re beginning your aesthetics journey with the right professional skills, knowledge and experience to thrive.
It’s likely (and necessary) that the industry will become more regulated, so it makes sense to future-proof your training so that you don’t have to re-train later. Good training is unlikely to be the cheapest option but you do get what you pay for, especially when it comes to specialist techniques and knowledge. Your reputation and skill as an aesthetics practitioner can make or break your career.
- Understand the Legal Side
Take the time to understand the legislation, regulation and financial requirements around every part of your business. From setting up your business through to choosing an aesthetics business name, patient aftercare, insurance, premises and marketing, starting a business can feel very different to being employed. There are lots of new rules and regulations to be aware of, so familiarise yourself with it all (or get some advice on it from qualified professionals).
- Write a Business Plan
If you’re excited and eager to start your career, you might decide to just jump in and work it out along the way. While there’ll always be an element of risk and learning as you go with a new business venture, it’s much easier if you have a plan in place. This ensures that you’re starting with the right budget, understand your target audience and have some structure, goals and guidance. Your business plan will evolve as your business does, and as new opportunities present themselves but having that framework in place can be the make-or-break for any new business.
- Set Aside a Marketing Budget
As part of your business planning, you’ll identify your target audience and how you’re going to reach them. Who your target audience is will depend on where you reach them (think about this carefully when you’re developing your branding and sales channels), but wherever that is the likelihood is that you’ll need to speculate to accumulate. Spending time and money promoting your business to the right audience is especially important when you’re starting out. The more established you get, and the more clients that are out there showcasing the work you’ve done for them, the faster your client base will grow.
- Decide on Products and Services
This will definitely evolve depending on your experience, training and client demand but make sure you do your research (and have the right aesthetics training) for the services that you provide. Not all products are created equally and a product that you use religiously as a lip filler may not be the right one to use for your clients who want tear trough filler. Using the right brands and having a verified supply chain for this can be the difference between clients coming back and recommending you to others.
- Set your Pricing
This fits with your business planning, budgeting and knowing your audience. You need to ensure that you’re making a profit on the treatments that you provide, after taking all of your overheads into account. You might think as long as you’re covering product costs and paying yourself then that’s it? That’s not the case. Running a business is different and comes with different tax implications, overheads and costs than being employed, and you need to take these into account.
- Keep Your Skills Up To Date
The aesthetics industry is always changing and you’ll need to keep your skills up to date alongside it. It definitely isn’t an industry that you can do your initial training in and that’s it forever. Clients will want new treatments, trends will come and go, new techniques will be developed and new products will come onto the market. It’s up to you to keep those skills up to date and invest in yourself, your team and your practice. Growing the treatments you offer is key to growing your business too.
If you want to start an aesthetics clinic that’s successful along with a career that you’ll enjoy, getting the foundations right is essential. One of the great things about a course with us is that you’ll learn from experienced aesthetics professionals who provide invaluable advice and guidance on how to start an aesthetics business as a registered nurse, doctor or dentist.
Our Level 7 Diploma provides mentorship, peer support, a full portfolio and partnerships with leading aesthetics brands to set you apart from the rest when you begin your journey. We even offer One to One private tuition. Take a look at our reviews from past delegates to see the difference the right training can make to your business. Get in touch with our team to discover more about our award-winning aesthetics training, available throughout the UK, and start your aesthetics business with the knowledge and skills you need for industry success.
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6 Steps To Starting Your Own Aesthetics Business
If you’re considering starting your own aesthetics business then it’s more than likely that you’ll be feeling a heady mix of nerves, excitement and worry.
Setting up your own business is one of the most rewarding yet stressful things you can do and, if you have spent your career in the NHS, it can extremely daunting.
There is so much to think about before you even start treating clients and your success will depend on much more than good fortune and exceptional customer care.
That’s why we’ve compiled our 6 steps to success to help you get adequately prepared for your new venture.
1. Get Qualified
As a healthcare professional you’re perfectly placed to transition into the aesthetics industry, even if you know nothing of the procedures involved, thanks to the variety of Botox training , advanced dermal filler training and advanced Botox Training courses available.
Attaining a good level of knowledge and practical training in the safe administration of treatments such as Botulinum toxin and dermal fillers ensures you can maintain professional standards and deliver an exceptional level of care to your patients.
You’ll be able to access cosmetic courses training no matter what level you’re at, from complete beginner to more experienced. And remember that it’s always worth checking out just how much hands on training you will receive on the course and whether you will have to provide your own model.
Also check if the academy offers any ongoing support or mentorship, this can be a tremendous help and a source of invaluable support and guidance throughout your new career.
2. Determine Your Target Client
Spending time working out who your dream client is, is the next most important step.
Do you want to attract the more exclusive, society set with money to burn and lots of connections or is your passion making aesthetics accessible for everyone so want to aim at the more everyday client?
There’s no right and wrong answer here, you need to make the decision based on who you are and where you want to be in the industry.
Do you want to work from your own practice, with a rented seat in a clinic or salon or will you be mobile or working from home?
All of these questions will help you decide who you will be marketing to, where you’ll do your marketing, who your potential clients are and will also guide you when it comes to how you charge.
3. Set Your Pricing
Once you have worked out who your target clients are, you’re ready to start thinking of how much you want to charge.
Do your market research and remember to work out how much the procedure will cost you in terms of the aesthetic product and emergency kit, your time and your travel – if you’re mobile. If you’ll be practice or salon based, then factor in your overheads such as rent and utilities.
While your price is important, try not to make the price your main selling point.
You want a loyal client base who will keep coming back and refer their friends because of the quality of your products and the level of care you deliver, not because you’re the cheapest.
Concentrate on adding value for your patients, give them a great experience and deliver consistently outstanding results and they will feel you are well worth the money they paid.
4. Build Your Business
You know your client base, you’re fully trained and know what you want to charge; congratulations!
Now the hard work really begins…here in the UK, it is advised that you register as self-employed and gain appropriate insurance, sufficient for your needs and practice.
There are a number of insurance providers, such as Hamilton Fraser and Enhance Insurance, who offer cover specifically for the aesthetics industry.
You can also register as a Limited Company and we highly advise you speak to your fellow industry practitioners as well as an accountant to work out which would be best for you and your situation.
Depending on how you’ll run your business (mobile or clinic based) will determine the equipment, supplies and consumables that you’ll need to run your aesthetics business.
Make sure you conduct thorough research into the aesthetic products available on the market, though you should also gain an insight into this within your Dr Hennessy Academy Foundation training via supplied industry insights and direct practice using the products.
Next up is ensuring you have a reliable booking system, payment system, terms and conditions and the ability to collate and store necessary patient data, whilst adhering to GDPR.
It will also be imperative to have the correct documentation so you can carry deliver a safe service to each of your patients – this portfolio should include comprehensive consenting protocol, consultation documents, treatment forms, and aftercare advice.
5. Brand Awareness
All the building blocks for your new Botox and filler business are in place so it’s time to get your name out there and start earning money and building your reputation.
We’ve covered more on how to successfully market your aesthetic business in another blog but for now focus on the look of your business – the importance of having a clear brand that reflects your target market and embraces your values can’t be underestimated.
Having a consistent brand which is easily recognisable can help businesses turn over up to 23% more in terms of revenue!
When considering branding, think about the feel and atmosphere you want for your aesthetics space. Or if you will be a mobile aesthetics practitioner then what about a branded vehicle, uniforms and sales literature such as business cards, appointments cards and a website – along with your social media channels of course!
Social proofing is everything, and your potential patients will check out every one of your digital platforms before they decide to enquire with you.
Simply having social media accounts isn’t enough – you need to be informative, responsive and engaged on all your active platforms will help people to build trust.
Ensure you also remain up to date with the CAP Code and ASA regulations surrounding advertisement and promotion of your aesthetic services.
Your clients are also a great source of more work; not just in terms of their repeat business but by telling their friends and family about you and leaving you reviews. Nothing is more powerful than word of mouth advertising!
If you have a particular area of expertise, then seek out opportunities to submit articles or research papers on your chosen subject to industry publications, given time this will help position as a thought leader within the aesthetics industry.
6. Personal & Professional Development
Our foundation level training will give you a solid base from where you can start and develop your own Botox and dermal filler business.
In order to grow your client base and increase your turnover you will need to keep learning, keep developing, keep showcasing your work and keep on growing the number of aesthetic treatments you offer.
Advanced training for aesthetics will give you a greater depth of understanding of a wider range of treatments, and there are also a number of specialist classes for specific skill areas if you have a particular treatment or technique you wish to improve on such as cannula work.
Many available courses are CPD certified which means they can count towards your evidence of continued professional development.
If you’re unsure which area you would like to move into then a simple (and free) way to do some market research is to ask your existing client base. Doing this will not only give you the confidence that the need is there but also gives you an element of assurance that you will have the clients needed to make the new services successful – helping offset the training costs.
The aesthetics industry is a very rewarding and lucrative one and, hopefully, armed with this knowledge, you’ll be ready to take the first step towards self-employment and a new future.
To learn more about how the Dr Hennessy Academy Courses can help you on your journey, please don’t hesitate to get in touch.
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We always always here to help our delegates and for any further business information after you have completed one of our Botox courses , lip filler courses or our facial aesthetics course you can always call us on 01704 567557
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5 dos and don’ts of starting a new business in aesthetics
For anyone starting a new business, it’s a heady and exciting time. But amidst all the excitement, there are important things to do – and things to avoid.
Here are our top 5 dos and don’ts when starting a new business in aesthetics.
- 1. Learn the ropes by working in an aesthetic practice.
Working in a practice will help you learn the necessary processes before taking the plunge for yourself. Think of it as a risk-free crash course. Seeing it from the inside will also help you confirm that it’s really what you want to do.
- 2. Live frugally and save money to start your business.
Starting your business on a healthy, debt-free financial footing will give you a sense of security and take some pressure off. Very helpful when you’re starting out and have so much else to think about.
- 3. Talk to other people who work in the industry.
People who’ve been there are a great resource when you’re trying to find your feet. Network as much as you can – in person at industry events, and online in forums and communities. People like to share their knowledge, so be interested in what they have to say.
- 4. Innovate – adopt new technology, offer new products and treatments.
Once you’re up and running, don’t get complacent. If you want to maintain a competitive advantage, you’ll have to stay ahead of the game. Be bold, and keep introducing new treatments, technology and products you believe in.
- 5. Build strong relationships with your suppliers.
Ultimately, you need other people to make your business a success. Relationships of all kinds are important when you’re starting a new business, so nurture your relationships with key suppliers. They’ll know a huge amount about the industry, and can be a great source of information and practical help when you’re starting out.
- 1. Leave your job before you have a comprehensive business plan.
Before you jump, have a solid plan. Where will you be in five years? How will you get there? How will you measure your progress? The most successful businesses have a concrete medium-term plan and regularly check progress against key performance metrics.
- 2. Risk all your assets – consider limiting your liabilities.
Trading as a Limited company gives you the peace of mind of knowing you won’t lose your house if your company hits financial difficulties. There are trade-offs – having to submit company accounts being one of them – but you may decide the added security is worth it.
- 3. “Race to the bottom” when it comes to price.
If you can help it, don’t make price your main selling point. You want to build a loyal client base, not patients who only choose you because you’re the cheapest. It’s not ideal for your bottom line, nor for building a brand. So think instead of adding value for your patients. Give them a great experience and results that they feel are well worth the money they paid.
- 4. Overlook the negative aspects of running a business.
There are great rewards in starting a new business, but there are also sacrifices. Your best guarantee of success is to go into business with your eyes open. Think about all the negatives – write a list if it helps – so you’re better prepared for whatever comes your way, and can be more resilient in the face of the inevitable challenges.
- 5. Rely on too few loyal customers – diversify.
While you want to build a loyal client base, you always want to be growing it so you aren’t reliant on a core of people. People’s circumstances change, so you can’t take a healthy client list for granted. There’s no guarantee they’ll keep coming back to you, so be proactive about attracting new patients.
Starting an Aesthetic Business ? Find out more
If you’re thinking about starting an Aesthetic Business, you’ll want as much support as possible. At Cosmetic Courses , we’ve helped thousands of medical professionals make the transition to aesthetics – and our support doesn’t end with your training. Our ongoing support network will give you all the tools you need to make a success of your aesthetic business.
For information on our aesthetic training or advice on starting a new business, give our team a call on 01844 318317 or email [email protected] .
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How to start an aesthetic business and be successful
Dr Tim Pearce is regularly asked about starting a business in the aesthetic sector. The short answer is that it is quite simple to get started as there is little red tape to cut through in the UK. More importantly, he thinks the question ought to be rephrased to answer how you can set up a SUCCESSFUL business in the aesthetic sector, ensuring that it is primed to thrive.
In this blog, Dr Tim will share the advice that he would now give to his 28-year-old self when he was starting up and growing his successful aesthetic clinic business.
Dr Tim will be discussing more medical aesthetic training tips as part of his upcoming webinar series, so if you’re looking to increase your CPD-certified learning and want to learn more skills to make you a better clinician, then step one is to register for the free webinars by Dr Tim .
How easy is it to set up an aesthetic business?
To set yourself up with a business in the aesthetic sector, you need very little as a basic starting point, if we take it on face value.
You can get going once you have a certificate confirming you have attended training in cosmetic injectables (essentially learning where to inject), and can then start to offer treatments to the public – usually starting with friends and family, and branching out into advertising on social media, in local buy and sell groups etc. Getting stock is easy thanks to a myriad of online suppliers, and insurance is available (if you want to bother), and then it is just a case of finding somewhere to meet your customers – this could be anywhere from local hotels, salons, or even a converted camper van! When you meet your client, you can deliver the injections they have requested, take payment, and hope to do the same again in a few months’ time.
This may sound a little tongue in cheek, but as Dr Tim points out, amazingly, in the UK there are no entry requirements to operating and providing injectables in the aesthetic sector. We have an incredible situation whereby aesthetic training providers are targeting their training towards people with no formal, statutory educational qualifications – or even a basic ability to read and write – let alone having any medical qualifications; and there is no statutory legislation to stop it.
The underlying point to this is that there really is no difficulty for aesthetic clinicians to get started with setting up and running a business within the aesthetic sector; anyone can do it, but how to do you do it right so you can thrive in medical aesthetics?
How do you build a successful aesthetic clinic business?
This starts with your business strategy – how are you going to add value to the marketplace?
Broadly speaking there are a limited number of ways that any business can survive – when you start out, you will inadvertently choose one of these paths because every business is competing, either to be the cheapest, the most convenient, or the best in a particular domain.
Many of the people who take the ‘low bar’ approach to medical aesthetics naturally end up competing on price because the training is so basic, the practitioner feels they have limited value to offer so they look for ways to be cheaper instead, competing on convenience and trying to decrease the price. In any given location, there will always be one business that is cheaper than all the rest, and for those consumers who are price driven, this is the best provider in town. Of course, in the same town, there are customers whose focus does not centre around saving money or time, and it is within this part of the market that Dr Tim believes the greatest variety of successful businesses will survive because there are so many ways to compete beyond time and money.
Starting with this approach begins with having empathy for your potential patients, discovering their hopes and fears. Once you understand your target market, you can compete at being the best to alleviate their fears, and to help them attain their hopes.
Starting to care for your potential patients – they are not just on your treatment conveyor belt – will mean that you can be successful with this approach. You will make better decisions if you truly ‘love’ your patients. Grown your practice from the point of view of wanting the best for your patients – when you care you aim high with everything you do and that provides real value back to them.
However, this will not be an immediate path to success, it takes time. When you are just starting out, you will no doubt be much more focused on your own insecurities, often seeking reinforcement and support from peers, mentors, trainers etc. to increase your confidence and reaffirm that setting up your business was the right thing to do.
Sometimes, it can feel a bit like the school playground where emotions run high and friends and critics, support and compete in equal measure. This can make you fearful of your ability to deliver results for your patients and cause you to worry about rejection and the judgement of your colleagues, leading to imposter syndrome. All of this can be a huge distraction and you may find yourself putting your energies into fortifying yourself against critics and managing feelings of inadequacy and insecurity, when ultimately these are irrelevant to your patients.
Chasing reinforcement of your worth and success, usually self-imposed, until you feel you have ‘arrived’ – some look towards awards, further qualifications, or a shiny new clinic – can all be a common part of the journey for many before they finally relax and start focusing on their patients (to implement the correct business strategy).
What do your patients really need from you?
The bedrock of medical aesthetics in trust. To demonstrate this, you must master:
- Integrity – if you genuinely want the best for your patients this should come across naturally in your communication, but it is wise to make it abundantly clear to patients, be honest and learn ways to help them to help themselves by saying no sometimes or budgeting for the best treatment plan,
- Emotional safety – if you have empathy for your patients, you will already understand their underlying emotional battles, but they need to feel safe to open up to you and to share their insecurities.
Dr Tim notes that in an aesthetic sector that has become dominated by airbrushed photos and meaningless awards, he has realised that the best aesthetic practitioners are those who demonstrate authenticity – they are on the side of their patients, want the best for them, and upskill to help, not just to sell.
Unfortunately, many of these practitioners do not know how to let their potential patients know about the value that they have to offer, so he urges practitioners to ensure that their marketing catches up with the skills they are developing to benefit their patients.
How to successfully market your clinic business in the aesthetic sector?
A business can only survive if it sells something, and you cannot sell without marketing.
If you have identified your customer base and have established empathy with them, then you already know how to target your marketing. Your goal is to build a system to generate a predictable stream of new patients.
There are multiple ways to achieve this – a weekly column in a local magazine, social media posts including live engagement, or through affiliated businesses. Your goal is to get their attention and to build trust. You can achieve this by being real and genuine, no one likes a fake or to feel tricked, then you can build trust by educating, informing, and guiding with the content that you share. Remember, be you, be unique, and do not just try to emulate everyone else, because that will just make you invisible. People buy from people, so your uniqueness is a benefit to your business.
Do not forget to make them an offer to seal the deal – you would be surprised how many forget this part – ensure you have a call to action along the lines of getting them to book in for a free consultation. If you believe in the products and procedures that you offer and their ability to help your patient, it becomes a much more natural process to sell.
Once you get your messages out there and you start to get a response, the final part to this successful marketing strategy is to rinse and repeat and iterate as you progress – keep improving your skills, your understanding of your patients, and the number of problems that you can solve, establish the best routes to getting their attention, to build trust faster, and to get them into your clinic to see you.
For more advice, why not get a copy of Dr Tim’s guide on 5 steps to create a successful aesthetics business . If you need help with creating a proven, step-by-step marketing method that attracts a steady stream of dream customers booking in for aesthetic treatments, then find out more about the Dream Customer Attraction Method from expert marketing advisor, Miranda Pearce.
If you have more advice to add yourself or any further questions for Dr Tim on setting up a business in aesthetics, then why not let him know on social media – drop a comment to Dr Tim Pearce on Instagram .
Aesthetics Mastery Show
Why you do not have to compete on price in aesthetics.
This blog follows our recent Aesthetics Mastery Show, in which Dr Tim Pearce explains his experience of starting an aesthetics business. The truth is, in the UK there aren’t many hurdles to overcome at the start up phase. Watch the full Aesthetics Mastery Show below.
Join the debate!
The show has had a number of comments already – you can join in by leaving your comments below or on our YouTube channel
“Thank you so much for being such an excellent educator and raising the bar for aesthetics. I have worked in emergency medicine for 15 years and now have a private clinic and have added on aesthetics. I love procedures and missed performing them in private practice. But, I never felt trained until I watched your courses. FINALLY – medical science, pharmacology, and anatomy review for a medical ‘aesthetic’ procedure.”
“Love this. 10 years later in my own private practice this rings sooooo true. Thanks as always Dr. Tim (and Miranda) :)”
“Thank you for sharing Dr Tim! Refreshingly honest with integrity. Love before and after pictures by the way, you look great!”
Are you still anxious about delivering cosmetic injectables safely?
If you want to learn more about mastering medical aesthetic treatments and complications or conquering the anxiety of where to place your needle, then register for the next Dr Tim webinar .
Dr Tim Pearce eLearning
Dr Tim Pearce MBChB BSc (Hons) MRCGP founded his eLearning concept in 2016 in order to provide readily accessible BOTOX® and dermal filler online courses for fellow Medical Aesthetics practitioners. His objective was to raise standards within the industry – a principle which remains just as relevant today.
Our exclusive video-led courses are designed to build confidence, knowledge and technique at every stage, working from foundation level to advanced treatments and management of complications .
Thousands of delegates have benefited from the courses and we’re highly rated on Trustpilot. For more information or to discuss which course is right for you, please get in touch with our friendly team.
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How to start an aesthetic clinic in the UK
Starting an aesthetic clinic in the UK can be a rewarding and challenging experience. As someone who has recently opened an aesthetic clinic in the UK, I can provide some insight into the process and offer some tips on how to start an aesthetic clinic in the UK.
First and foremost, it’s important to have a clear idea of what services your clinic will offer. Will you focus on treatments such as Botox and dermal fillers, or will you offer a wider range of services such as laser treatments and skin peels? Once you have a clear idea of what services your clinic will offer, it’s time to start planning and preparing.
One of the most important steps in starting an aesthetic clinic is to obtain the necessary licenses and permissions. In the UK, aesthetic clinics are regulated by the Care Quality Commission (CQC or HIS) and must be registered with the CQC or HIS in order to operate legally. The CQC and HIS website have more information on the registration process and requirements.
It’s also important to find a suitable location for your clinic. This can be a physical clinic, such as a standalone building or a suite within a larger medical facility, or it can be an online clinic. Whichever option you choose, it’s important to ensure that the location is easily accessible and meets the necessary regulations and standards.
Once you have a location and the necessary licenses and permissions, it’s time to start building your team. Aesthetic clinics require a wide range of professionals, including doctors, nurses, and aestheticians, as well as administrative and support staff. It’s important to hire experienced and qualified professionals who are committed to providing high-quality care to your patients.
Marketing and branding are also important factors in starting an aesthetic clinic. It’s important to create a strong brand and marketing plan that will help you attract patients and establish your clinic as a trusted provider of aesthetic services. This can include creating a website, using social media, and running promotions and advertising campaigns.
Finally, it’s important to provide excellent patient care and support. Aesthetic treatments can be intimidating and stressful for some patients, so it’s important to provide a welcoming and supportive environment that makes patients feel comfortable and at ease. This can include providing information and support before and after treatments, as well as offering follow-up care and support.
In conclusion, starting an aesthetic clinic in the UK requires careful planning and preparation. By obtaining the necessary licenses and permissions, finding a suitable location, building a strong team, and providing excellent patient care and support, you can create a successful and thriving aesthetic clinic.
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Our Top Tips for Starting Your Own Aesthetics Business
Start your own aesthetics business.
Are you toying with the idea of starting your own aesthetics business? You may be worrying if you will be able to make it a success. Well, the aesthetics industry is huge and more people are turning to non-surgical options to help them look younger than ever before. Once you have taken an aesthetics course , there has never been a better time to start a business providing these sort after techniques. But like many other jobs, you need qualifications and confidence before you can start your own practice. While the courses often don’t take long, your new skills need to be mastered before you put yourself in front of paying clients. As you will be performing treatments that have long-term results, there is no space for mistakes or self-doubt.
Even after you have learnt the skills, there are other necessary steps to setting up a business. Picking a brand name, registering your business, finding a location, and many other steps. At first, it can seem overwhelming, but if you are passionate, it can be done. You also need to fully understand the health and safety surrounding this practice as well as any legal requirements. But most importantly, you need to know how to promote this type of business. Check out our tips on how to start your own successful aesthetic business and keep it active.
Get your Qualifications
The first thing you need to do before you start your business is to get the necessary qualifications. You need to be confident that you know the right ways to perform the procedures. If you cut corners, you could end up with a bad reputation, no clients, and even lawsuits. You should research which treatments are popular in your area and which will continue to grow more popular. Currently, Botox accounts for the majority of non-surgical cosmetic procedures at 48.2% in America. Although the UK aesthetics industry has no statistics as of yet, it is thought to be similar. Taking a botox or dermal fillers course can be the first step you need to create your own business.
If you want to grow your business quicker, you could take a combination course and offer a variety of treatments. Combination courses can teach you multiple skills at once, saving you time and money. It is the perfect way for people who want to set up their own business as they can offer multiple treatments from the very beginning and build a broader client base.
Prepare Your Business
You don’t need to have a business background to set up your own aesthetics practice. All you need to know is the necessary steps to set up your business safely and legally. You need to register as self-employed or as a limited company with the government. Then you need to make sure that you have good cosmetic insurance for business protection. Finding a good accountant can be very helpful too.
Once the legal side of the business is covered, you need to plan for the practical. Build relationships with suppliers and stock up on equipment and supplies, so that you are ready for when you open. You don’t want your business to have to halt or close temporarily while you wait on the stock. Also, plan for problems. What if one month isn’t as busy as another? Or one treatment turns out to not be as popular as the rest? Plan ways that you can keep control of your finances, so you never find yourself short of money. Putting time into being organised and safe is the only way to ensure your business is productive and profitable.
Publicise and Promote Yourself
Once you’ve decided whether you will be a mobile or clinic business, you need to learn the effective ways to promote this. Your aesthetics business, mobile or not, should have a website. This establishes your business as credible and trustworthy to potential clients. It is a platform for them to research you and see your credentials and qualifications. When it comes to cosmetic procedures, potential clients will do their homework and need to be able to see that you are professional otherwise they will struggle to put their faith in you.
If you are a mobile business, think about the power of business cards. Leaving clients with a business card means that when people visit them, they might see it. It can also be a great way for them to keep you in mind as they have your details in front of them. This, combined with a great review from the client, can make them likely to come to you for future treatments. Referral schemes can also work well. Offer them a discount if one of their friends wants a treatment.
If you are setting up your own clinic, shows and events are a great way to boost brand awareness. Setting up a stand and talking to those interested in your business can increase your credibility. You can also meet different companies that can help stock your business, potentially helping you to save money.
Regardless of whether you have a clinic or a mobile service, social media can be a great marketing channel. Posting special offers and deals to entice people in can work very well on sites like Facebook as they can easily be shared by your clients and friends. Also, encourage your clients to leave reviews on your Facebook page. Instagram can be a great way to showcase your past procedures. Nothing beats before and after photos when trying to build trust with potential clients. However, remember to get consent from your client before posting.
Build a Reputation
If you want people to trust your aesthetics business, you need to build a solid reputation. As you are practising non-surgical cosmetic treatments and any mistakes could affect your clients long-term, being trustworthy and reliable is essential. One way to do this is to build healthy relationships with your clients. Pull out all the stops to make the treatment as pleasant as possible. Also, make sure you are on-hand after procedures so that they can rest assured that you will always be there for them if they have any issues or questions. This means they will keep coming back every three to four months for top-up treatments. They may even bring or recommend their friends.
Word-of-mouth is also a reliable way to establish a successful practice. The quality of your training and treatments will show through in the number of referrals you get. Let people know the level of aesthetic training you have gone through as this will reassure them that you are professional and safe. Be sure to ask clients for reviews and recommendations.
Always Learn New Skills
If you start your aesthetics business with just one treatment make sure you don’t stop learning new techniques. You want to be constantly learning new cosmetic procedures to help upsell your services and gain new clients. Aesthetic training courses are always developing and advancing, and there are always new non-surgical courses that you can take, to either learn new skills or improve the ones you have.
If you only offer the same treatment continually, you will eventually run out of new clients. Clients will be returning for top-ups, but if you don’t have anything new to offer people, you can find yourself struggling to grow. If you introduce a new treatment every now and then you can see an increase in clients. New clients will be drawn to you, turning into loyal customers and you can gain more reliable income. The better the quality of your work the more likely it will be that current customers will be interested in new treatments.
Setting up your own aesthetics business isn’t easy. You need to have the right qualifications before you can even get started. Then you have to go through the health and safety, legal and promotion aspects. If you need any help with aesthetic training for your future business, then contact us today.
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Medical Aesthetics Business Template
Written by Dave Lavinsky
Medical Aesthetics Business Plan
Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their medical aesthetics companies. We have the experience, resources, and knowledge to help you create a great business plan.
In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a medical aesthetics business plan step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your medical aesthetics business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a medical aesthetics business or grow your existing medical aesthetics company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your medical aesthetics business to improve your chances of success. Your medical aesthetics business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Medical Aesthetics Businesses
With regards to funding, the main sources of funding for a medical aesthetics business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for medical aesthetics companies.
How to Write a Business Plan for a Medical Aesthetics Business
If you want to start a medical aesthetics business or expand your current one, you need a business plan. This is true for a botox business plan too. The guide below details the necessary information for how to write each essential component of your medical aesthetics business plan.
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your executive summary is to quickly engage the reader. Explain to them the kind of medical aesthetics business you are running and the status. For example, are you a startup, do you have a medical aesthetics business that you would like to grow, or are you operating a chain of medical aesthetics businesses?
Next, provide an overview of each of the subsequent sections of your plan.
- Give a brief overview of the medical aesthetics industry.
- Discuss the type of medical aesthetics business you are operating.
- Detail your direct competitors. Give an overview of your target customers.
- Provide a snapshot of your marketing strategy. Identify the key members of your team.
- Offer an overview of your financial plan.
In your company overview, you will detail the type of medical aesthetics business you are operating.
For example, you might specialize in one of the following types of medical aesthetics businesses:
- Body contouring: This type of medical aesthetics business specializes in helping patients eliminate unwanted fat and change the shape of certain areas of the body.
- Chemical peels: This type of medical aesthetics business specializes in treating skin discoloration, scars, and wrinkles.
- Cosmetic dermatology: This type of medical aesthetics business specializes in helping patients reverse signs of aging or making aesthetic improvements to the skin through the uses of such methods as dermal fillers or Botox.
- Hair treatment: This type of medical aesthetics business specializes in hair growth treatments and transplants.
- Laser treatment: This type of medical aesthetics business specializes in providing patients with laser treatments to diminish the appearance of fine lines and wrinkles in the skin.
In addition to explaining the type of medical aesthetics business you will operate, the company overview needs to provide background on the business.
Include answers to questions such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of patients served, the number of treatments performed, reaching $X amount in revenue, etc.
- Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry or market analysis, you need to provide an overview of the medical aesthetics industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the medical aesthetics industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.
The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your medical aesthetics business plan:
- How big is the medical aesthetics industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential target market for your medical aesthetics business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section of your medical aesthetics business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: individuals, families, and corporations.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of medical aesthetics business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other medical aesthetics businesses.
Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of medical service providers, spas, salons, and other types of aesthetics service providers and retailers. You need to mention such competition as well.
For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as
- What types of customers do they serve?
- What type of medical aesthetics business are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide options for the uninsured?
- Will you offer products or services that your competition doesn’t?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a medical aesthetics business plan, your marketing strategy should include the following:
Product : In the product section, you should reiterate the type of medical aesthetics company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide laser treatments, body contouring, or dermal fillers?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.
Place : Place refers to the site of your medical aesthetics company. Document where your company is situated and mention how the site will impact your success. For example, is your medical aesthetics business located in a busy retail district, a business district, or a standalone clinic? Discuss how your site might be the ideal location for your customers.
Promotions : The final part of your medical aesthetics marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:
- Advertise in local papers, radio stations and/or magazines
- Reach out to websites
- Distribute flyers
- Engage in email marketing
- Advertise on social media platforms
- Improve the SEO (search engine optimization) on your website for targeted keywords
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your medical aesthetics business, including answering calls, performing treatments, billing patients and collecting payments, etc.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth patient, or when you hope to reach $X in revenue. It could also be when you expect to expand your medical aesthetics business to a new city.
To demonstrate your medical aesthetics business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally, you and/or your team members have direct experience in managing medical aesthetics businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a medical aesthetics business or successfully running a spa.
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.
An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you see 5 patients per day, and/or offer discounts for repeat customers? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your medical aesthetics business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement
Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a medical aesthetics business:
- Cost of equipment and office supplies
- Payroll or salaries paid to staff
- Business insurance
- Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your clinic location lease or testimonials from happy customers.
Writing a business plan for your medical aesthetics business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the medical aesthetics industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful medical aesthetics business.
Medical Aesthetics Business Plan FAQs
What is the easiest way to complete my medical aesthetics business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily write your medical aesthetics business plan.
How Do You Start a Medical Aesthetics Business?
Starting a medical aesthetics business is easy with these 14 steps:
- Choose the Name for Your Medical Aesthetics Business
- Create Your Medical Aesthetics Business Plan
- Choose the Legal Structure for Your Medical Aesthetics Business
- Secure Startup Funding for Your Medical Aesthetics Business (If Needed)
- Secure a Location for Your Business
- Register Your Medical Aesthetics Business with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Medical Aesthetics Business
- Buy or Lease the Right Medical Aesthetics Business Equipment
- Develop Your Medical Aesthetics Business Marketing Materials
- Purchase and Setup the Software Needed to Run Your Medical Aesthetics Business
- Open for Business
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