The medical spa industry is thriving, and it’s not hard to see why. This niche is filled with both millennials and older folk who are driven by the desire for experiences that are immersive and that leave them feeling refreshed and looking younger. The treatments offered by specialists in the area have steadily gained roots and have become widely accepted(visit website to see the range of treatment options available). But whether you’re a beauty aficionado or an aspiring entrepreneur, launching a medical spa is no small feat. There are numerous hidden costs and expenses involved in setting up your business from scratch — especially if you plan on hiring staff, buying equipment and leasing space. To save you from hefty future expenses, we’ve compiled everything you need to know about how much it costs to start a medical spa. Read on to discover everything from initial investment costs to ongoing monthly expenses.
What Are The Initial Costs To Start A Medical Spa?
The initial costs of starting a medical spa will vary from business to business. That said, you can expect to spend anywhere from 700,000 and $1,000,000— or more — to get set up. Here’s a breakdown of the major upfront expenses you’ll need to consider when calculating your start-up costs:
– Business Plan – $1000 – $5000
– Branding and Marketing – $2000-$5000
– Location and Facility Costs – $200,000-$500,000
– Insurance – $5000-$10000
– Legal and Accounting – $5000
Equipment And Furniture
One of the biggest expenses you’ll encounter when starting a medical spa is buying equipment and furniture. This includes everything from sterilizers and massage tables to manicure chairs and beautiful cabinets. While the costs of these vary from business to business, you can expect to pay anywhere from $5000 to $25,000 — or more — for these. This may seem like a hefty price, but keep in mind that these items will last you for years. Here is our estimates: Sterilizers and autoclaves – $5000 – $12,000, massage tables – $2500 – $5000 , manicure sinks and chairs – $1000 – $5000, and beauty cabinets – $1000 – $5000
If you decide to hire staff, you’ll need to account for their salaries in your business plan. This includes everything from the cost of hiring and firing to payroll and taxes. While the cost of hiring and employing staff members depends on the type of work you’re doing, you can expect to pay anywhere from $5000 to $20000 per month on staffing costs. Keep in mind that you’ll also need to cover things like workers’ compensation and health insurance. You’ll also need to pay for a business license and insurance if you’re hiring employees.
As with any other business, marketing costs are vital in the medical spa industry. You’ll want to start marketing your new business as soon as you can. This includes everything from hiring a marketing consultant to set up your social media accounts. You can expect to spend anywhere from $2000 to $5000 on marketing. While this may seem like a small amount — especially when compared to the cost of setting up a business — it’s important to remember that this is an ongoing expense. You’ll want to set aside a small amount each month for marketing, especially once your business is up and running.
Monthly Operational Costs
There are several monthly operational costs to consider when calculating your expenses, including utility bills, insurance premiums, and payments for loans. – Utility bills – $500 – $1000, Insurance – $5000 – $10000, Employees – $5000 – $20000, Equipment repairs – $500 – $2000, and business supplies and inventory – $1000 – $3000.
Are there ways to reduce this cost?
Yes, there are a few ways you can reduce the cost of starting a medical spa. One way is to purchase used equipment. You can also look for discounts on supplies and inventory. Finally, you can try to negotiate lower rental rates for your space. However, keep in mind that these costs will still add up — so be sure to factor them into your budget.
Where to get financing?
There are a few places you can look for financing when starting a medical spa. One option is to take out a small business loan. You can also look into grants and funding from government agencies or private organizations. Finally, you can use your own savings or money from investors. Keep in mind that the amount of financing you’ll need will depend on the size and scope of your business.
While the medical spa industry is booming, being an entrepreneur isn’t easy. There are countless hidden costs and expenses involved in setting up a new business. If you’re considering starting a medical spa, you’ll need to account for everything from equipment and furniture costs to marketing and operational expenses. To help you get a better idea of how much it costs to start a medical spa, we’ve compiled everything you need to get your business up and to run.