Phase two of Keys to Launching a Medspa consists of three parts: the business plan, site selection and bank financing.
The business plan is the culmination of all the aforementioned documents as well as a few others. The business plan is needed to present to banks in order to secure funding. The documents to include are: the executive summary, company summary, products and services summary, market analysis summary, strategy, management summary, milestones and the financial summary.
When selecting your business’s physical site location, consider the proximity to the market that it’s in, if it will be easily accessible by clients, and the visibility of the location and signage from the road.
You should submit the Business Plan, Bank Application and a Personal Financial Statement to the banks of your choice. Make sure they are preferred SBA lenders. Definitely include your current bank where you have your mortgage and/or personal accounts. Word of warning: the bank wants a signed lease but you don’t want to commit to a 10 year lease until you have a bank loan. It’s OK to have it as one of the contingencies of the loan. Once everything is finalized and that is the only contingency left, sign the lease and then sign the loan.
If you’re new to the Keys to Launching a Medspa series, be sure to check out our previous posts. Phase one was broken down into two different parts, which can be read here and here. We also covered the five Cs of financing for more information on how to finance your medpsa.