“How Profitable Can My Medical Spa Be?”
Hi there, Dori Soukup here with another Question of the Week. This week’s question comes to us from Don from New Orleans. Don is asking, “How profitable can a medi spa be? How much money can I really make?”
That is a great question that I’m so glad you asked, because I get this question all the time. The fact is, it all depends on the structure, strategies and systems that you have in place. If you set it up properly, then you should be able to make millions with your medi spa. But if you’re winging it, and you don’t have solid foundation and structure, then there are a lot of people who open up and they don’t even stay open for one year.
As a matter of fact, I live in one of the most affluent neighborhoods in Orlando called Dr. Phillips, and right on Sand Lake Road, where it’s one of the best streets to have a business and a medical spa opened up. And they didn’t even last one year; they were out in six months in this great space.
It all depends on your business model. And if you have a good one, you can make millions. I’m getting ready to publish a brand-new book called “How To Make Millions With Your Medical Spa.” And you know, success is within your reach. You just have to be smart about it.
So what separates a failing business from a successful one? You see, as an entrepreneur, the way I look at my businesses, I want to find the fastest and the most effective way to reach success. I don’t want to sit and reinvent the wheel. So my advice to you is to find that successful model, and then you follow it to the tee. Don’t try to change things. Then you will be able to reach success.
But what are some of those foundations that you need? You really need to start with a business plan. That’s the most important thing. Have your whole vision, your structure, your strategies, systems, everything is solidified in writing before you even open. The other thing you need to really have is definitely a great location. And then third, marketing, marketing, marketing. You have got to have a good marketing plan. And when you do all these things, and you hire the right people, that’s number four. You’re building this great high-performing team that’s driven and passionate about what you’re trying to do. Once you implement that model, and you have all these components in place, then success is definitely within your reach.
So to answer your question, how much money can you really make? It really depends on the space, how many people, and your location. I have a solo preneur in Tampa, Florida, as a client. And by herself, she generates a million and a half per year just doing injectables. So that’s an example for you. And then I have other people who make 5 million per year. So it depends on your size, how many team members you have, and how much marketing you’re doing to increase that capacity.
As far as a rule of thumb, and how much profits you can make, because revenue is one thing. So yes, she did a million and a half. But how much did she profit? Yes, they do 5 million, but how much did they really profit. So as a rule of thumb for profit, if it’s a standalone business, because there’s different types of businesses, you should be able to make at least 15% profit. So out of each dollar that comes in, you’re making at least 15 cents on the dollar. Now of course, as a business owner, you usually run your car, your this, your that out of it, plus you pay yourself, right? So you really are able to make a lot of money if you structure it right from the beginning. And that’s what we do. We help busy entrepreneurs like you set up their business so they are generating a mega amount of revenue, keeping profit, and improving their lifestyle so they don’t have to work so hard. So they’re having a good time enjoying themselves. And they’re running their business instead of their business running them. That’s how you can reach success.
So of course, this was the short version. Now if you really want to make good money, your first step is for you to come to the Leap Ahead Seminar. That’s our three-day event, and then go from there and become a member. Then that way you can tap into that effective business model.
I hope I answered your question, Don. And if you have a question, make sure you email it to Dori@insparationmanagement.com so we can answer your question. It was great being with you. Until next time, stay inspired!