How to Expand Revenue Streams

The question I receive most often from spa professionals is,

“How do I approach a doctor to become my medical director?”

Or, if you are a doctor with a medi spa, I get asked,

“How do I approach spas to partner with them?”

Let me begin with why you would want to do this.

Partnering with other businesses is a very smart move that allows you to grow your client base without increasing marketing cost.  Referring people to each other and offering more treatments is one of the ways to practice geometric growth.   If you’ve been thinking about expanding your menu but don’t know how to do it, here are some tips to help you.

First, do your homework.  

Research within your community to determine who would be a good partner for you.   You want to look for things such as whether or not they cater to the same target market as you.

  • How far away are they?
  • What is their reputation in the community?
  • Do they have an online presence?
  • What types of reviews are they receiving?
  • What about the facility itself?

Find out about the person and team, skills, etc.

Once you’ve inspected all those items and more, you can approach the doctor or the spa owner and set up a meeting to discuss the opportunities that both of you can benefit from.

Next, set up the meeting.

Set up an appointment to discuss the opportunities of working together.

Finally, construct relationship guidelines.

This is where most people get stuck.

  • What type of relationship will work best?
  • How should you paying the medical director?
  • Will the treatments be performed in their practice or in your spa?
  • How will they refer clients to you?
  • Who is responsible for the insurance?
  • Who will pay for the product cost?
  • How will the revenue split be?

And the list of questions goes on.Dr. Shatkin

If this is a topic that you would like to learn more about, join me as I welcome Dr. Shatkin for a CoachMe Expert teleconference where we will discuss all of these questions for you.   Dr. Shatkin is plastic surgeon, and he also owns a spa.   He lectures all over the country on this exact topic.   Join us and learn more about how to expand your revenue streams and build strong and profitable partnerships.

Click here to learn more and reserve your seat.

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