Do you want to start an aesthetic clinic business? If so, find here a detailed business plan guide to start this business covering issues with licenses and permits, startup costs, inventory required.
The medical aesthetics business has steadily grown in the mid-2000s. Medical practices like laser hair removal, skin peeling, skin needling, botox injections, acne treatments, body sculpting come under this category. The medical aesthetic is probably going to be the largest revenue creator in the healthcare industry. The global market as per this report is expected to reach USD 17.07 billion by 2023 from USD 9.42 billion in 2017, at a CAGR of 10.6%.
If you want to be part of this sunrise industry and make fortune out of it, find below a detailed stepwise guide to start a profitable medical aesthetic clinic business.
Here are the 20 Steps to Follow to Start an Aesthetic Clinic Business
1. Who Can Start Aesthetic Clinic Business
If you already a certified aesthetic practitioner, you can skip this chapter. For beginners, it is important to understand a thing or two about this profession. Aestheticians, or estheticians, are licensed cosmetology professionals who cleanse and treat the skin. They typically perform a variety of duties, including facials, waxes, massages and chemical peels.
According to the International Association for Physicians in Aesthetic Medicine, aesthetic medicine is described as:
A branch of medicine focused on satisfying the aesthetic desires and goals of patients. This specialty is primarily focused on the pathophysiology of aging skin, and adheres to scientific based procedures. Physicians practicing Aesthetic Medicine are trained in both invasive and non-invasive treatment modalities, and typically utilize a combination to meet the needs of the patient.”
The first thing you need to do before you start your business is to get the necessary qualifications.
You must attend an aesthetic course in cosmetology before you start practicing. It is advised to work as an intern with a reputed aesthetic clinic before starting your own. You need to master the skills and get confident about the medical processes that are required . while treating a patient.
2. What to sell
It is extremely important to decide on the products and service you are going to sell before starting the business.
According to the American Society for Aesthetic Plastic Surgery (ASAPS), following is a representative list of ancillary (non-surgical) medical procedures
Chemical skin peels: Alpha Hydroxy Acid (AHA), Trichloroacetic Acid (TCA), Phenol,
Injectable treatments: BotoxTM, Collagen, Fat, Sclerotherapy (treatment of leg veins), Laser hair removal, Laser treatment of leg veins
Skin resurfacing: Ablative Lasers (Carbon Dioxide, Erbium), Nonablative Lasers (N-Lite, Cool Touch and others), Intense Pulsed Light, Dermabrasion, Microdermabrasion.
Choose the services you want to practice as pers your skills and confidence.
3. Location of the Clinic
Finding the right location is a crucial aspect of a successful medical aesthetic clinic business. Try to find out a location where the average age of the nearby community is more than 25 years. It is seen in general, aging people are the major customers in this trade. You can also practice hiring a space in a local salon, spa, yoga studio, or a gym.
4. Understanding Competition
Do some market research and gather information regarding the local competitors and the requirement of clients. Check the services offered and the pricing modules. It would be easier to select the products and services to sell if you have clear knowledge about the needs of the customers.
5. Target Customers
Having a clear idea about your target customers is critical for success in the aesthetics clinic business. You can categorize it by age, lifestyle, etc. For example, people with age in between 25-40 years having a car, maintaining good health and concerned about their appearance will be your most prospective target audience.
6. Naming the Business
Select a relevant, catchy, easy to remember, and relatable name for your aesthetics clinic business. Do not forget to check whether a similar domain name is available or not before finalizing the name. Check this guide to name your business.
7. Decide on Unique Selling Points of Your Aesthetic Clinic
To start any successful business, fixing USPs is very important. If you are certified by a reputed organization do mention it along with your qualifications. Offering facilities like free follow-ups, payment installment options, free aftercare kit, etc might attract more customers to your clinic.
8. Create a Business Plan
A well-documented business plan is essential for the success of any startup business. It holds true with aesthetic clinic business too. Check this stepwise guide to know more about writing a proper business plan.
9. Licenses & Permits
Talk to appropriate authority regarding licenses and permits to start and run an aesthetic clinic business in your locality. You can also tie up with a registered agent and procure the necessary licenses.
10. Form a Legal Entity
If you want to run a stress-free business, forming a legal entity is recommended. Every state and country have different sets of rules for forming a company. Talk to a lawyer and fix the best suited legal business structure. In the United States, forming an LLC provide extra benefits to a business owner with some additional cost.
11. Business Insurance
Business Insurance is another aspect to consider before starting an aesthetic clinic. Contact local insurance vendors and choose the best possible insurance for your business.
12. Hiring Manpower
Running an aesthetic clinic need some skilled personnel to carry out day to day operations. You will be of the need to recruit personnel for accounting, clinical notes record keeping, booking customers, aftercare calling, prescribing, etc. Create a detailed job description for each job. You can contact manpower providing agency, put up an advertisement in a local newspaper, or post jobs on free online job portals.
13. Pricing Strategy
You need to have a pricing strategy while charging customers for your service and products. It is advised to learn from other similar clinics how much they are charging for similar services. For example, charging for Botox for a single area will be more than multiple areas.
14. Setting up & Inventory for the Clinic
The setting of the clinic interior should be comfortable for customers. Ensure there is ample space for reception and lounge space for waiting customers. Stuff like a mobile bed, briefcase with wheels, chairs, computers, uniforms, etc need to be purchased at the initial phase. Other than this, items like botulinum toxin, dermal filter, derma roller, skin peel, gauze, swabs, insulin needles, syringes, sharps bin, gloves, cooler bag, ice packs, etc need to be procured on an ongoing basis.
15. Calculate Startup Cost
Arrange finance for startup costs for purchasing equipment, studio rent if not of your own, consumables, furniture, training, etc. If you are looking for the fund, pitch in with investors with your business plan
16. Decide on Working Hours
Clearly mention the working hours in a signboard in front of your clinic. Decide whether the clinic will remain open on Saturdays or Sundays of a week.
17. Select Suppliers
Talk to suppliers and negotiate the best price. Remember, purchasing consumables is an ongoing purchase. Therefore, it is better to have more than one supplier so that you are never short of inventory at any time.
Setting up an easy to maintain bookkeeping process is an important part of the smooth functioning of a clinic business. Choose proper accounting software to ensure that. Try to provide customer various option of paying fees like cash, cheque, Paypal, phone apps, etc.
19. SWOT Analysis
Do an elaborate SWOT analysis for your aesthetic clinic business. Write down your strengths, weakness, threat, and opportunities regarding the business.
20. Promoting Business
Create a marketing plan before starting to promote your business. Leaflets, brochures, visiting cards are some basic promotional materials to print. Having a website is a must. Create social media profile pages on Facebook, Instagram, etc.