Before jumping into the fast lane to open your medspa as soon as possible, it is best practice that you are organized with your practice’s vision, budget and timeline. Many successful medspas have achieved a foundation for an efficient process by hiring an experienced business consulting team. One of the many benefits of having a consulting team is to offer aesthetic medical industry expertise and to help the manage the project throughout its many important phases.
A common mistake medspa owners make when launching a medspa is to try to do too much at once, or “put the cart before the horse,” which will likely result in wasted time and dollars. Acara Partners has seen that the best time to hire a consultant is when you are ready to dedicate time towards making important decisions that will pave the path towards a successful business.
Some of the consulting services we offer include:
– Concept Development
– Market Assessment
– Financial Pro Forma & Sales Forecast
– Business Plan
– Site Selection Analysis
– Architectural Building Design Support
– Practice Manager Recruitment
– In-person Management Training
– Technology, Equipment, Software Recommendations
– And much more!
Understand your startup investment.
Financially, the best time to start a medspa is when you have a minimum of 20-25% owners’ equity* to put into the project — this includes the working capital. The number one reason businesses fail is because they don’t have enough working capital. In Acara Partners’ Feasibility Study (Phase 1 of our Medspa Development), we develop a Financial Pro Forma which details the startup investment costs required to bring the business owners’ vision to life. Included in the Financial Pro Forma is a five-year Sales Forecast of projections.
Acara supports our clients’ vision, beginning with the development of their concept, by assessing their defined market area and building their financial plans for getting started. When working with Acara’s consulting team, we expect that business owners will have an excellent understanding of what everything will cost, and see the sales projections in months one, two, three and up to the five-year mark.
*After the startup investment costs are defined, a business plan is written for the client to use when applying for a bank loan (if needed). Banks will want to see between 20-25% owners’ equity (of the startup costs) before getting started, and Acara supports this threshold and recommends the same to potential clients before getting started with the development of their medspa.
Hire the best consulting team.
Acara understands the attributes of a strong consulting team. Reputation, experience, expertise, integrity and consistency are the cornerstones of a successful medspa consulting team. Acara Partners is led by Francis and Colleen Acunzo — pioneers in the aesthetic medical industry. Having helped launch the first medspa nearly 30 years ago, the Acunzo’s have led Acara’s consulting team to advise hundreds of practices nationwide. Our business consulting group has unparalleled experience in supporting our clients to develop medspas for the past 20 years. Acara Partners recommends when selecting a consulting team to develop your medspa that you look for in-house talent. Oftentimes we hear of outsourcing, which can lead to inconsistent results. Acara is proud to operate as a hybrid work model (remote and in office) under one roof in Branford, CT. Acara Partners has been a business consulting group for 20 years. We have worked with hundreds of aesthetic medical practices.
If you are ready to get started with your medspa development, we’d love to hear from you. Contact us today to schedule your consulting consultation.