Why some medical spas and spas succeed while some fail, and what you can do to make sure you are in the top 5% of successful businesses?
Introducing Dori Talks A Show Design To Help You
Succeed With Your Medspa/Spa Business.
This show will provide you with great business strategies and industry topics to help you reach success the fastest way possible and increase your income.
Here is the moment of truth: We have all gone through some changes in the last few months. You can definitely say that it’s business unusual.
Due To The Coronavirus
Most Businesses Fall Into Three Categories
Where Do You Stand?
Here are the facts: According to the Small Business Administration, only the top 5% of all businesses go beyond $1 million in annual revenue.
86.3% of small business owners make less than $100,000 a year in income. Many businesses operate as solopreneurs and limit their growth. Those who have employees are more likely to earn more.
As a business firm who helps medical professionals and entrepreneurs, we receive many phone calls from people who want to open a medical spa.
Normally, The Phone Call Goes Like This:
“Hello, I am a medical professional who works in a hospital, or have my own practice and want to open up a cash business model with a med spa.”
They start learning new clinical skills. They sign up with Empire Medical Training or other resources, and see themselves as the person delivering the treatments. That’s what we call a solopreneur.
That’s fine and dandy, but as a solopreneur you are limiting the amount of revenue you could actually generate. Here are some statistics from the SBA regarding how the number of employees affects the amount of revenue you could be generating.
Employees Impact On Annual Revenue
Most med spas have between 1 to 10 employees. They are generating about $1 million per year in gross revenue.
The more money you want to generate, the more team members you’ll need. Keep that in mind.
Let’s go back to my original question. Why do so few medspas succeed and why do so many flatline and/or fail?
Failure is caused by many reasons. According to a recent study, 82% of businesses fail due to a lack of cash flow.
Cash flow. Yes, they run out of money because they did not have the right business model in place.
Implement The 4S’s And Succeed.
- They lead to the 5th S, SUCCESS
I want to share with you a business model we teach, to open up your eyes on how you can succeed beyond your wildest dreams.
Medical Spa Success Business Model
- Lead generation
- Conversion from lead to phone call
- Phone call to consultation
- Consultation to customized programs
- From programs to membership with a recurring revenue model
- To lifetime client
I just did a webinar about Recurring Revenue Models and How To Protect Your Business Against Any Disruptions. You can watch it on YouTube or InSPArationManagement.com
It’s a big mistake we see over and over. Many entrepreneurs try to reinvent the wheel. Instead, they should look at who perfected it, and then apply a proven effective business model.
Where are you in this scenario? Have you perfected your business model? Are you reaching the revenue goals you desire for your business? Are you getting paid your true worth? If not, it’s your time to LEAP Ahead and start Flying High!
Here’s How You Can Chart A New Path To Achieve Success With Your Medical Spa
- Take medspa business assessments.
- Let someone help you create a strategic plan.
- Begin the implementation process with the Flying High program.
Go ahead; elevate your success! Regain your passion, your drive, your excitement, and begin taking action now. Chart your path for growth. Discover the infinite opportunities that are available to grow your business exponentially.
We just went through this process and reinvented InSPAration Management’s business model to include a few new shows. We invested a major amount of money into the Brewing Brilliance studio to bring to you high quality shows to help you grow your business.
InSPAration Management’s goal is to provide the medical spa industry with valuable business strategies and publish them globally, so everyone will benefit and make a great positive impact on people’s lives.
Do You Remember Why You Went Into Business?
You didn’t go into business to breakeven. You went into business to have more time, balance, financial freedom, and less stress.
You are taking a huge risk by being in business, so shouldn’t you earn your true worth? Did you go into business to make less than $100,000 per year? Or did you go into business to make $250K, $500K, or a million per year in net income?
Who Is Succeeding?
Only 1% of business owners earn between $250K to $1 million per year.
You are probably thinking, “Is that really possible? Could I make this much in net income?”
Yes, you can! Anything is possible. You just need to take the right action, a proven model, and implement it!
Discover Your True Potential
Do you want to know your true potential based on the number of rooms you have in your medspa business? Go to InSPArationManagement.com and download the Capacity Calculator and see what your true potential by treatment room is.
Get excited again! Make a decision to succeed! BUT REMEMBER: Success requires education, both clinical and business.
The more you learn, the more you earn! Start investing in yourself!
Success is a decision. Make the right one!
Begin by accessing the Leap Ahead on demand seminar, your blueprint for success! Chart your path to a better lifestyle!
Thank you for watching.
Know that we are here for you, and to help you succeed!
Join the InSPAration Management conversation.
Receive A Complimentary Copy Of Dori’s Book
This 239-page book is filled with great strategies
to help you step into multiple seven figures.
Need help? Reserve A Private Coaching Session
Call us, 386-226-2550 or write us to info@InSPArationManagement.com
Leave a comment and connect with us! And reserve your Success Planning Session!
Until next time, stay inspired!