For information only. Not meant as advice in any form. Please consult your medical professional or lawyer.
Opening a new business comes with a long to-do list, with all the documents, legwork, and funding you need to ensure — this is especially when you’re thinking of venturing into the medical spa business. A medical spa has a high demand and promises competitive returns. But it also comes with stricter licenses and permits and more expensive funding. Defining what you need and how to secure them will help you keep on track and avoid becoming overwhelmed.
So what do you need to open a med spa? You’ll need to develop a business plan, concept, organizational structure, compensation plan, health and safety protocols, policies, and informed consent and patient forms. You also need to secure funding, insurance, legal requirements and certifications, a location, reliable equipment, and aesthetic training. Hire a medical director, aesthetic practitioners, accountants, lawyers, and a marketing team.
What You Need to Create for Your Medical Spa
The medical spa business is one of the most lucrative ventures today because of its high demands. Many people have higher confidence in aesthetic treatments, from laser hair removal and other laser treatments to injectable solutions, like Botox and dermal fillers. The continuous treatment sessions required in many medical spa services also ensure continuous returns.
A medical spa might be a combination of a traditional spa and medical practice, but it still primarily provides medical services. That means opening up a clinic might offer more restrictions to ensure that your medical spa treatments comply with the federal and state laws imposed on the industry, maintaining public health. One of these limitations is the corporate practice of medicine that states only a licensed physician should own a medical spa.
The specifics of these regulations might leave an aspiring medical spa owner a bit confused about where to start. To keep you on track, you should seek legal advice with experience in the med spa industry. To open a medical spa, you must create a business plan, concept, organizational structure, compensation plan, health and safety protocols, policies, informed consent, and patient forms.
1. Business Plan
Opening a business always starts with a business plan. This should include comprehensive information about your med spa business, from its feasibility according to the market research to the financial data estimating the needed funding. A business plan usually indicates:
- Business idea and concept
- Marketing strategy
- Sales strategy
- Financial forecast
- Operational costs
- Security funds
- Profit forecast
- Loss forecast
- Risk analysis
These are only some of the information included in your business plan — you may still make it as detailed as you can. A comprehensive business plan will help other professionals get intimate with your business and create winning campaigns and plans like your management service organization, architect, marketing assistant, and others.
Define your medical spa’s concept — determine your brand, the vision of your medical spa, and how you’ll make it happen. You should also decide on the medical spa treatments you’ll provide according to your business size and funding. This will also include the overall atmosphere your med spa brings. A med spa might provide medical services, but it’s also similar to a day spa, where clients also visit for wellness, relaxation, and pleasurable experience.
3. Organizational Structure
Develop an organizational structure to ensure smooth processes, providing your patients with convenient med spa services. This also helps your partners and employees operate more efficiently.
4. Compensation Plan
Define your compensation plan and its terms. When creating this for your med spa, you might want to do extensive research to ensure you’re paying your cosmetic procedure practitioners — no more, no less. Since you’re aiming for the best quality possible, you might want to invest in highly-trained aestheticians.
5. Health and Safety Protocols
Define your health and safety protocols to keep your medical spa organized. This helps your business prevent or manage accidents and unfortunate situations, giving you and your employees clear directions in operating medical spa services. Review the medical spa requirements in your state on how you should operate as a business and clinic.
You must create policies for your med spa to help as your business operates and provides aesthetic treatments and other services. These keep med spas, employees, and customers protected from accidents, security breaches, and other unwanted situations. Your policies must include:
- Operation of equipment
- Storing medications
- Handling medications
- Risk management
- Patient privacy
- Incident report
Review the medical spa requirements imposed by your state regarding these policies to know what you should apply to your business. These policies ensure smooth transactions for your medical spa. You should seek legal advice to learn more.
7. Informed Consent and Patient Forms
Like a medical practice, your med spa must have patient forms and informed consent before performing any service. All your medical spa treatments must come with informed consent from the patients.
This certifies that they understand the cosmetic procedure, as explained by your aesthetician, and they consent to your med spa performing those aesthetic treatments. This protects your aesthetician and your business. You must also keep patient forms to record the treatments done on a patient.
What You Need to Secure for Your Medical Spa
There are also medical spa requirements and recommendations you need to secure for your business. These are the documents, materials, and funding needed to open your med spa and allow it to operate smoothly. These include funding, insurance, legal requirements and certifications, location, equipment, and training.
Starting med spas can be more expensive than any other business. The average cost of opening one is $19,267, with the minimum cost being $62 and the maximum being $35,923. Those providing broad and luxurious med spa services have a capital reaching up to $700,000 to $1,000,000.
Get insurance to keep your business, aestheticians, and clients protected. Some of the plans you might want to secure are:
- General liability insurance
- Professional liability insurance
- Workers’ compensation insurance
3. Legal Requirements and Certifications
A med spa may be similar to a day spa, but it’s as strict as regulating medical practice. Seek legal advice to know the permits and certifications you need, like the Occupational Safety and Health Administration or OSHA forms and the HIPAA certification.
Secure a feasible location suitable to your funding, target market, and business size. Circle back to your business plan and concept to know the ideal location you’re looking for.
5. Reliable Equipment
When it comes to med spa services, you’re going to be heavily reliant on your equipment. Review your business plan and concept to determine the aesthetic treatments you’ll provide to know the machines you’ll need. You might want to invest in high-quality equipment to provide stellar results.
6. Aesthetic Training
You may hire highly-trained professionals, but discoveries and trends in aesthetic medicine always change. Because of this, you must also secure continuous aesthetic training to ensure providing the best medical spa services possible.
Who You Need to Hire for Your Medical Spa
A medical spa wouldn’t be complete without qualified medical professionals and partners. A med spa owner wouldn’t be able to do everything, so they would need to hire the following:
- Medical director – hire a licensed physician with educational background and experience in medical aesthetics. They ensure proper protocols in every cosmetic procedure, supervise treatments, and ensure confidentiality.
- Aesthetic practitioners – hire qualified aestheticians to perform your medical spa services.
- Accountant – seek the services of a reliable firm for an accountant to help you balance your income and expenses and translate it into insightful information.
- Lawyer – consult your lawyers on regulations you need to abide by and other legal matters you need to discuss.
- Marketing team- marketing your medical spa is crucial for attracting customers and driving growth into your business. Employ a more cost-efficient option and hire a professional marketing team instead of building in-house.
Browse Our Catalog at FACE Med Store for Medical and Beauty Supplies and Educational Packages
Opening a medical spa might be a big leap that involves rigorous preparations, but it’s not impossible to fulfill once you’ve thoroughly planned your courses of action. If there’s one thing you shouldn’t forget, it’s to invest in world-class supplies, and FACE Med Store can help you with this.
We provide high-quality medical and beauty supplies for many practices across different states at reasonable prices. A guaranteed trusted partner for practices, we also have educational packages to help your aestheticians stay on track with the developments in aesthetic medicine. Browse our catalog today for good deals and promotions.