If you are interested in or if you are working in the aesthetics industry, you probably should have witnessed a rapid and substantial growth in the last decade. The main reasons of this growth are the rising interest of consumers to the aesthetic procedures, technologic innovations which offer a diverse set of treatments, procedures,equipment and the increasing passion of people to turn back their aging process. The future outlook for the industry also seems positive and high CAGR is estimated for the upcoming 10 years. (https://www.marketsandmarkets.com/Market-Reports/medical-aesthetics-market-885.html)
So, where to start? Of course you will need a business plan whether for funding or to set up your direction and strategies. Let us dive in to how to write an aesthetic clinic business plan and also list some tips to make you successful.
What is an Aesthetic Clinic Business Plan?
A business plan, in general is a comprehensive document, consisting of several sections and it outlines the details of your business, gives information about your business both in strategic and practical ways.
A comprehensive business plan explains where your business will be located, what type of a company will it be, what are your products, how is your pricing, what is the situation of your industry, what are the risks and trends, how is the competitive landscape, who are the competitors, what are your advantages and disadvantages against competitors, what is your operations plan, who are your team members, what is your financial plan, etc.
This plan is essential for your clinic and it serves as a roadmap throughout your whole journey.
To watch a video of this article (how to write an aesthetic clinic business plan) click the link below:
How to Write an Aesthetic Clinic Business Plan?
A well-thought plan starts with designing each section and combining all the sections in the Executive Summary. So, the sections for an aesthetic clinic business plan can be:
1. Executive Summary
Seen first, but written last. It is a summary of the whole business plan. So, write it after you finish the other sections of your business plan. This section is very important; it will give the reader a good or a bad impression at first pages. Keep it 1-2 pages long, do not overwhelm the reader with too many details right at the beginning.
2. Company Description
Write the details about your clinic. These can be details like:
- Type of your company – legal structure (LLC, Inc, Sole, etc.)
- Partnership structure
- History (if any)
- Types of your offered aesthetics services
- Your medical credentials (if any)
- Personnel headcount
- Facility details
- Why are you different
Explain in detail what kind of aesthetic services and practices you will offer to your customers. Provide details about your equipment and treatments. Give details about the procedures and pricing too. In the aesthetics business, your services are the most important differentiators from your competitors so, try to point out what makes your services better, where are your advantages in providing the services to your customers.
4. Market Analysis
Maybe most important and challenging section of a business plan for an aesthetic clinic is the market analysis & research section. Because an aesthetic business needs investment and capital sensitive, so, you need to asses your target customers, your location and your services/practices very carefully. Otherwise, your investment can be wasted.
Collect information and statistics about your industry such as its size, growth rate, average revenues of similar companies, work statistics, industry trend, risks and opportunities of your industry, number of businesses (especially in your area), are they opening or closing their doors, etc.
The key to a good market analysis is to define target customers and then, to understand those customers. You need to have a look at their demographics such as population, age, gender, income in your desired location. Gain information and insights about your customers’ choices, habits, etc. Collect information about how important are your services to them, what are their pain points, what is the average service price, how many customers can you attract to your clinic.
At this point, you also will need a competitive analysis. List your competitors. Make a comparison chart comparng your clinic to them, through different points like price, services, location, etc.
This section is also a good place to include your SWOT analysis. A SWOT Analysis is a strategic tool which helps you identify your business’ Strenghts, Weaknesses, Opportunities and Threats. While doing your SWOT Analysis, be aware that Strengths and Weaknesses refer to internal factors, i.e., things you have control over and can change. In contrast, Opportunities and Threats are external factors, i.e., things you cannot control, but you can potentially respond to.
5. Marketing Plan
Your marketing plan describes how you will attract customers and how you will retain them. For this, you need to know where your target customers are and how you can reach them.
To build your marketing plan for your aesthetic clinic business plan first, understand your target customers. Develop unique and attractive sales propositions for your target customers. These can be the factors like quality, athmosphere, technology, expert staff, pricing, etc.
Positioning: Describe how you plan to position your business in the market.
Pricing Strategy: Detail how you’ll price your services in relation to competitors.
Promotion and Advertising: Set up and define your marketing strategies considering social media, local ads, trade events, on-line platforms, etc.
Describe your sales channels, including your sales process, techniques, and activities, including your payment collection processes.
6. Operations Plan
Outline your daily operations cycle and also include the necessary equipment, staff, operational processes. Make a timeline and milestones chart if you can, so that you can foresee your roadmap before you start operations.
- Define the main employees and their roles, responsibilities,etc.
- Number of employees
- Which equipment will be used, for what and at what cost
- How you will conduct the Daily operations, how does a typical day look like
- Include any payment systems that you will have
In this section, also provide information about the necessary permits, licences, safety guidelines, health guidelines and procedures.
7. Management and Organization
This section is the ideal place to showcase your and your team’s experience, background and capabilities. Write detailed backgrounds and give info about yourself, your management team and key staff. Include comments on how this background will help you achieve success in your clinic.
8. Financial Plan
A business aims profits. To reach these profits, you need a well constructed financial plan. It is the roadmap of how your business will earn and spend money.
First of all, you need to know how much it will cost you to “open the doors”. This is done with estimating your startup assets and startup expenses.
Assets mean the materials that you will make use of generally more than 1 year. You will use their benefits in the long time. They tend to be 1-time as of their nature, like equipment, furniture, computers, etc.
Expenses are more likely to be beneficial in the short term, such as marketing expenses, wages, office supplies, disposables, electricity, gas, accounting, etc. They tend to be recurring as of their nature.
Write down a list of both assets and expenses to start your business and this will give you the idea about how much you need to start your clinic.
After identifying startup costs (assets and expenses), you will need to make a financial plan for 3 years. Here is how:
Gathering information from market research, estimate your revenues first. Make a monthly estimation table for year 1. For the next 3 years, make quarterly or annual revenue estimations. Be realistic, write achievable numbers. Try to make assumptions like number of customer per days, “different days mean different numbers”, try to estimate how much revenue you can earn through each customer. You can also differentiate customer types and guess the revenues for each category.
After estimating “meaningful” revenues, estimate your expenses with the same timeframes. Monthly for the 1st year, quarterly or annualy for the next 3 years.
When you list down the revenues and expenses and subtract the expenses from the revenues, you should have an idea about how much profit you can make for the upcoming 3 years. This will be your financial plan.
Include any additional information that supports the business plan, such as legal documents, resumes, and marketing materials.
Visit us at : https://peakplans.co/ and Schedule a free of charge consultation if you need a well written, Professional business plan. At Peak Plans, we understand that a solid business plan is the foundation of any successful venture. Contact us today to learn more about our business planning services and how we can help you achieve success.