I often speak to owners of failing Medical Spas. They contact us hoping that we can turn them around, make them successful or at least bring them to a break-even point.
Most of the time when Acara assesses a Medical Spa we can quickly identify the “levers” to press that places the spa back on-track towards profitability. Though it can be tough to press those levers when the same problem that got you into trouble originally still exists: you’re out of money.
The number one reason why Medical Spas fail is insufficient capital to cover the cost of doing business while waiting to achieve break-even. Oftentimes, Medical Spa owners either believe (or are told by companies that don’t know better) that they will be profitable quickly thus they don’t plan for the right amount of money (working capital) in the bank on day one.
So, in referring back to the title of this post, “Turning Around your Failing Medical Spa”: the “Easy” Answer” is experience and money! I can guarantee you that without money to hire professionals who provide good advice, money to spend on a team of knowledgeable professionals, and money to launch a well conceived marketing plan you will not be able to turnaround your business and in the end the best decision would be to close your doors.
For those of you who know me as an eternal optimist, this post may sound a bit pessimistic, but I believe that it is important to identify the reality of the current situation of many Medical Spas. I have incredible faith in the industry and believe most Medical Spas can succeed with the right dose of consistency in operations and well executed marketing.
So my advice for today, is to determine how you can re-capitalize your business and re-launch it. But don’t go it alone. If you don’t have the experience and the money then just don’t keep going.