One of the most valued business types in the age of self-care are health spas. Men and women alike acknowledge the importance of caring for their skin and bodies in order to live the highest quality life. As the trends of beauty and laser treatments rise in popularity, opening a spa is easily one of the most sought-after new investments.
In order to ensure profit and maximize revenue, there are a few things to keep in mind before entering the market. Here are a few tips to opening your own health sp, the savvy way.
Saving on Equipment
First and foremost, choosing the equipment to provide your specialists with the proper tools to do their jobs is critical. The best in class tools often come with a large price tag, but this doesn’t mean you can’t afford to equip your staff with them. Companies like The Laser Warehouse can fill your spa with aftermarket pre-owned lasers, applicators, and IPL equipment.
The benefits of buying from these wholesalers is the peace of mind that each unit is stocked in their inventory and not purchased through dealers. This ensures you’re getting the best deal without added broker fees. Each piece of equipment is thoroughly tested, and receives all the necessary maintenance before being placed on the market. In turn, your business receives quality units for the safety of both staff and customers, at a discounted rate.
Purchasing Based on Popularity
When considering which pieces of equipment to purchase from wholesalers, take the popularity of treatments into consideration. In order to turn a profit, it’s best to stock up on equipment and supplies that’ll be used most. Lasers for facial resurfacing, hair removal, and age-defying treatments are often the most demanded by clients.
Keeping a record of the most booked services and treatments as the business grows helps to maintain inventory in the most financially-responsible way. In doing so, frivolous spending is decreased, and supplies are purchased solely on an as-needed basis.
Be Conscious of the Consumer
When planning your spa’s hours of operations, keep in mind that the beauty industry doesn’t typically operate at typical hours. In order to maximize profit and gain a large clientele, schedule your hours around this mindset. Your customers will often look for evening appointments as well as weekends. For many, the only time to attend a spa appointment is after nine-to-five work hours, school drop-offs, or before weekend plans.
Similarly, extending your business hours during holidays and peak seasons can increase revenue. During holiday seasons, prom season, wedding season, and other milestone markers, spa treatments are in higher demand. Having early weekend hours provides your customers with the opportunity to relax, rejuvenate, and pamper themselves before their busy schedules resume or special occasions take place.
Setting your pricing is key when ensuring a profit. This information will be determined based on the demographics of your business. Your services should reflect your local clientele based on needs and general income. For those located in upscale towns and cities, higher pricing based on high-end offerings are appropriate as opposed to lower income communities. If your pricing is too high, you limit your pool of clientele. However, if you lower your pricing too much, you can risk your ability to turn a profit and keep your business afloat.
When you’re setting costs and creating a budget, it’s important to also keep in mind your company’s own utility fees. These fees include salary for employees, inventory, rent and utilities, and any other materials or supplies needed on a regular basis. Working with a financial planner at the start of your business can help in estimating the amount you’ll need to turn a profit, and working backwards to create a budget accordingly.
When taking these tips into consideration, and keeping a financially-savvy business mindset, you’re sure to create the next go-to spa experience.