Embarking on an entrepreneurial journey in the medical aesthetic field is not just a test of professional skills but a profound exploration of one’s mindset. As a consulting firm working closely with medical professionals and entrepreneurs, we see firsthand the emotional side of entrepreneurship. Going into business is no easy task, it takes a strong mindset and the tenacity to overcome many obstacles that may creep up along the way.
Let’s discuss the 10-Step journey most entrepreneurs go through to create a multiple seven-figure medical spa.
Vision & Passion
The first step in the entrepreneurial journey is vision and passion. We receive phone calls daily with people describing their vision for opening a new medical spa. Some want to open large facilities and some want small ones. Some are medical professionals, doctors, dentists, NPs, PAs, and some are non-medical who are entrepreneurs with a desire to start a business but have no idea where to start, and that’s why they reach out to us. The first step is to clarify their vision and establish a solid foundation that will lead them to success! Walt Disney said, if you can envision it and dream it, you can do it!” So, if you are just getting started, my advice is to clarify your vision as much as possible and write it down. This will be useful for the next step in the entrepreneurial journey.
Planning your Success
The second step in the entrepreneurial journey is planning for Success. Having a well-defined business plan is how you’ll make your vision a reality. The medical spa business plan must include the financial investment required, the legal support needed, market research, choosing the right location, space planning, revenue forecasting, ROI and more. This will help you establish a solid foundation and give entrepreneurs the blueprint on how to succeed. As you begin your planning process, you may experience fear and self-doubt. You may also feel overwhelmed with all the things to do and the financial responsibility you are committing to. This is where a team of professionals will be invaluable. Smart entrepreneurs select a business advisor, an attorney, and an accountant to help them navigate and plan for success!
Business Education
The third step in the entrepreneurial journey is business education. When working with medical professionals we notice their clinical genius and knowledge, however; we also know that they don’t teach business in medical schools. Business education is essential to make your entrepreneurial journey a huge success. Learning how to run a business with systems, strategies, structure, and solutions will lead to success. Implementing a proven effective business model will help you avoid two things: 1. reinventing the wheel and 2. avoid costly mistakes. Continued education will help you maintain an edge over the competition, deliver a great guest experience, build a high-performing team and more. I love my mentor, Jim Rohn. He said, and I quote, “formal education will make you a living, self-education will make you a fortune!” We invite you to be part of MedSpa Biz University so you can make your entrepreneurial journey a huge success!
Brand Building & Differentiation
The fourth step in the entrepreneurial journey is developing your brand and differentiating your medical spa from the competition.Your brand starts with your logo, your online presence with a great website, social media platforms, your menu, your facility’s decor and ambiance, your team’s image, etc. When you develop a professional brand, you will attract affluent clients to your medical spa. While developing your brand, it’s important to focus on dedifferentiation or unique selling proposition. What makes you different from everyone else? We help clients differentiate by becoming published authors and using their books to showcase their expertise. A book is a great marketing tool and differentiator. We have a new author in our community, Dr. Walters. She just completed her book! We are so proud of her! You can do the same. Leadership & Team
The fifth step in the entrepreneurial journey is developing leadership and team skills. No business can thrive without a dedicated leader and a skilled, high performing team. Entrepreneurs transition into leadership roles, honing their skills in team management, communication, training, and mentorship. You can’t reach multiple seven figures working alone. You’ll need a well-educated team. Providing your team with business and clinical training will speed up your efforts toward multiple seven figures. John Maxwell said, “A leader is one that knows the way, goes the way, and shows the way!” Focus on leadership and team skills and you will step into the millionaires’ circle.
Operation Management
The sixth step in the entrepreneurial journey is operation management. Operation management is the administration of business structure, practices, and processes to enhance efficiency and maximize profit. We refer to it as the management of functions that a business needs to run effectively day-to-day, including guest relations, injectors, aestheticians, and laser techs. It’s everyone knowing their roles and the value of the contributions they make on a daily basis. The goal is to provide everyone with processes and systems needed so your business can run on autopilot without you there. This involves streamlining workflows, optimizing resource allocation, controlling your spending, and monitoring product cost. With proper operation management, you will be able to enjoy consistent results and deliver a great environment for the team and the clients.
Revenue Model
The seventh step in the entrepreneurial journey is the establishment of a great revenue model. A great revenue model must include 1. lead generation and management to help you generate new sales. 2. Generating revenue from existing clients through your recurring revenue model and repeat visits to your medical spa. When you focus on both, your scaling-up efforts will be executed a lot faster. Having a recurring revenue model (such as the C.O.P.I.E. system) will result in increasing the overall lifetime client value, reducing your marketing cost, enhancing your guest experience, and becoming more profitable.
The Guest Experience
Your retention rate is a direct reflection of the type of guest experience you deliver. A great experience example for you is Starbucks. When Howard Schultz launched Starbucks, everyone thought he was crazy to charge, back then, $5 for a cup of coffee. The truth is, when you deliver a great product, price is irrelevant. People will always pay for a great experience. Assess your experience and implement touchpoints that will make your clients say wow! From focusing on the team’s skills, the ambiance, the refreshments, the quality of product, to the emotional connections you make to improve people’s lives, all of that is key to your success. Make a commitment to deliver a 5-star experience, and you will be able to elevate your success!
Reaching your First Million
The ninth step in the entrepreneurial journey is a big milestone which is reaching the first million. This is a testament to the dedication, innovation, education, and implementation of an effective medical aesthetics business strategy. Yes, you can celebrate, but you can’t rest on past accomplishments. It’s important to remember that what got you to your first million will not get you to the second. It’s important to keep strategizing and growing so you can step into multiple millions.
Planning for the Future
The tenth step into the entrepreneurial journey is to either open multiple locations or exit by selling the business. This step is an indication that you are a high achiever and that you accomplished what only a few people in business have been able to accomplish. Most businesses fail within the first year, and for anyone to build a sustainable and a thriving business, generating multiple eight figures annually, indicates that you are among an elite circle of entrepreneurs. Congratulations on your success!
No matter where you are in your entrepreneurial journey, we invite you to be part of the MD Business Advisors and InSPAration Management community, and let us help you navigate through each phase so you can reach success the fastest way possible.
