Are you thinking about opening a SPA or a medi spa?
Hi I am Dori Soukup founder of InSPAration Management inviting you to watch this video to discover 10 Costly Mistakes to avoid.
I was in NY City recently attending and speaking at a spa conference, I met few people who were planning on opening medi spas and day spas. The one thing I come across over and over is the lack of planning people do to insure their success.
Venturing into owning and operating a spa or a medi spa is a big undertaking. Many entrepreneurs feel that because they are successful business people in other fields or because they have an MBA, they can plan and operate their spa without spa industry experience, professional advice and/or expert assistance.
A lot goes into planning and positioning a spa for success. So Here are 10 myths and some valuable advice to help you save time and money.Mistake one: Build it and they will come.
Creating a detailed business plan and a feasibility study are the foundation of your spa business venture. This is where you outline your vision, business strategies, type of spa, positioning and capital investment needed.
The Feasibility study is the financial blueprint to your new venture. It outlines all financial aspects of your business. It should include: Initial investment by room, fixed cost, variable cost, a budget, revenue projections, return on your investment, surplus needed, and more…
Mistake eight. No retail space.
Retail space, can’t be an after-thought… Create a spa boutique. You could generate lots of revenue from retail! Don’t miss out on this income opportunity, plan for it and train the team on the PRIDE system to maximize the revenue per guest.
Mistake 9 – Implement the wrong compensation model.
Don’t follow what everyone else is paying. This is a big problem in the spa industry. Look into innovative compensation plans, such as the “VPG ComPlan” from InSPAration Management. It’s structured to pay the team their true worth based on Volume Per Guest. You want to implement a performance based compensation model to insure the team is motivated to step up.
Mistake 10. Not having manuals.
This is one of the biggest mistakes I see. Not many spas have their business model in writing. This makes running a business very difficult. You need to have structure, systems, strategies in place and in writing. To make things ways on you can check out the 9 business manuals on insparationmanagement.com and insure your success.
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Until next time, stay inspired!
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