Medical Spa Business owners have good intentions to keep improving their medical aesthetics’ business and succeeding, however; many don’t make it. Intentions are one thing, taking proper action is another.
Only 25% of businesses surpass 15 years. The question is, how can you ensure that you are among those who thrive and succeed. In this article, you will discover 10 Steps to Leap Ahead and to help you build a healthy and financially secured business!
Principle One: Having a Positive Mindset
Having a positive and motivated mindset is a key factor to succeeding. You know the quote “it all starts at the top”. If the top is not positive, driven, and motivated to be the best, guess what? The rest of the medspa team will not be. People are always trying to change things or change other people, but the fact is if you want to change your results and improve them you must change yourself. Get the right mindset, be positive, enthusiastic, and tap into the infinite opportunities you have. Be grateful for all the blessings you have in your life. Don’t be a whiner and a complainer, that thought process will only drag you down. Be uplifting, passionate, and happy instead. Be A Force For The Good! And remember what you focus on expands. So think good thoughts and believe in your ability!
Principle Two: Define Your Vision and Set Your Goals
Having a clear vision that is backed by targets and goals is essential to your success in the medical spa industry. Clarify everything you want to accomplish as much as possible, make it crystal clear. When you combine a vision with goals you magnify the big picture of what needs to be accomplished. Share your vision with the team, so everyone is on board to help you make your vision a reality. Having a vision is good but you also need goals. Napoleon Hill, the author of one of my favorite books Think and Grow Rich said, “A person without a goal is like a ship without a rudder.” Define your short and long-term goals for your professional and personal life. Often when I go on locations to visit spas and medispas, I ask the leaders and the team about their goals and in most cases, they don’t have any. Avoid this mistake, have a vision and goals so you can chart a successful MediSpa path.
Principle Three: Have a Strategic Business Plan
“People don’t plan to fail they fail to plan.” This is not a cliché. It is real. Without a plan, you are winging it. Winging it is not a successful formula. Having a strategic medical spa business plan on paper provides you with a blueprint on how to achieve success. It’s wise to refresh and revise your business plan on an annual basis. In today’s world, the ability to pivot and adapt is necessary for continued success. That is why assessing, re-planning, and measuring are crucial to your success. Having a plan is a start but implementing the plan is what drives success! The most important part of the plan is your financial model. How do you generate revenue? How do you pay the team? How do you tap into new opportunities? We teach a performance-based compensation model to help you hold the team accountable and pay them more, the more value they contribute. It’s called the Medspa VPG compensation model. Clients who have implemented this model see a major improvement in their productivity and profits.
Principle Four: Implement an Effective Business Model
Most businesses do not have a proven effective medical aesthetic business model that they follow and that is another reason why only 25% succeed. A business model must include the client journey and guest experience, operational guidelines, marketing strategies, financials, the spa menu of services, team onboarding process, and training, to name a few. The business model must include call management tactics, reserving the consultation, your revenue streams, and conversion to a lifetime client. This principle is often skipped or is not very defined. If you don’t have a clear business model now is the time to have one. Don’t get stuck in a rabbit hole and fail. Implementing a proven effective and successful business model will lead your business to operate on autopilot without you having to be there all the time! It provides you balance, freedom and success!
We go over a successful medical aesthetic business model during the Leap Ahead seminar. We are having live events again! Check out the date on InSPArationManagement.com and join us! It’s a three-day event in Daytona Beach, Florida.
Thousands of people have attended the Leap Ahead and were able to completely transform their business. And You can too!
Principle Five: Professional Medspa Branding & Positioning
How you and your team show up to consumers can make or break your business. Yet many don’t pay attention to the little branding and positioning details. The fact is consumers are searching for solutions and looking at your brand, what you do and what you stand for before you even meet them. They are forming an opinion about the medspa business from seeing your website, your social media platforms, your reviews, and more. They are deciding if you are “the right choice for them”. This principle is key to attracting affluent consumers and to keeping them. Don’t underestimate the importance of your brand, your image, and what you stand for. It’s well worth the investment to have a professional image to help position you and your team as experts in your field.
Principle Six: Marketing your Medspa & Spa
You can have the most beautiful interior, building, or skilled team but if you don’t have consumers walking into your medspa or spa you have nothing. Your marketing efforts fuel the business, without it you flatline and go out of business. Some professionals still operate under the adage “build it and they will come” unfortunately that is no longer a valid method due to the competition that exists. You must launch effective marketing strategies, key differentiators, and attract affluent consumers who will benefit from your treatments and products. As a leader, it’s your responsibility to implement a lead generation strategy to help you build a client list and increase your capacity.
Principle Seven: Sales, Sales, & More Sales
How much money are you leaving on the table because your team is allergic to selling? Not sure why the medical spa and spa industry is so anti sales, especially home care and making recommendations. Having a sales process is a must to ensure success. Everyone on the team must understand their responsibility and the value of their contribution to help the business thrive and be financially healthy. Each team member must know their goals, targets and be trained on how to achieve them. We believe that your medical aesthetic consultation process is a big part of your sales model, yet many locations don’t even have a designated consultation room. That’s like having a car without tires. Perfect your sales model, your consultation, and retails then watch your sales soar! We teach the Don’t Sell Recommend! philosophy and the P.R.I.D.E. to help your team upgrade and recommend home care products. Don’t leave money on the table and deprive your clients of great results.
Principle Eight: Recurring Revenue Model
The COPIE System are steps to creating and implementing a recurring revenue model.
This is my favorite principle because it’s so effective and takes a lot of the pressure off your marketing and new sales efforts. As a business owner, you are constantly having to market the business, bring in new clients, and then try to retain them. It’s an endless cycle. That cycle can be improved with the VIP membership model. Having a membership model ensures a steady revenue flow on a monthly basis. We believe that you should generate enough revenue monthly to cover all your expenses and beyond. This principle will help you reduce your marketing cost, increase client retention, and revenue! Many industries have a recurring revenue model, yet when we first start working with medi spas and spas most don’t have this model. We have clients/members who generate six figures per month from their Medspa VIP program, by implementing the system we teach called the C.O.P.I.E. system. When implemented you too can generate six figures per month from your VIP program.
See Member Spotlight for this month.
Principle Nine: Personal Development & Training
Principle Ten: Performance Measures & Rewards
Performance measures are key. Keep your eye on the ball, because if you don’t it gets fumbled, and the competition wins. Daily measures are necessary to monitor performance and to adjust the plan when necessary. We recommend measuring performance daily, weekly, monthly, quarterly, and annually. This action will help you discover areas to improve spa coaching, and training opportunities. Also, recognizing and rewarding the team is essential.
Most humans like to be recognized for the efforts they apply. Catch your team doing things right and reward them. Host a monthly reward and recognition meeting to highlight your superstars and give them the recognition that they deserve.
In closing, of course, this DoriTalks barely scratches the surface. We can talk about each principle for days but at least you can get started building your path to success. If you would like to hit the ground running and learn more about each principle, I encourage you to follow a successful medspa or spa business model rather than reinventing the wheel.