For anyone starting a new business, it’s a heady and exciting time. But amidst all the excitement, there are important things to do – and things to avoid.
Here are our top 5 dos and don’ts when starting a new business in aesthetics.
- 1. Learn the ropes by working in an aesthetic practice.
Working in a practice will help you learn the necessary processes before taking the plunge for yourself. Think of it as a risk-free crash course. Seeing it from the inside will also help you confirm that it’s really what you want to do.
- 2. Live frugally and save money to start your business.
Starting your business on a healthy, debt-free financial footing will give you a sense of security and take some pressure off. Very helpful when you’re starting out and have so much else to think about.
- 3. Talk to other people who work in the industry.
People who’ve been there are a great resource when you’re trying to find your feet. Network as much as you can – in person at industry events, and online in forums and communities. People like to share their knowledge, so be interested in what they have to say.
- 4. Innovate – adopt new technology, offer new products and treatments.
Once you’re up and running, don’t get complacent. If you want to maintain a competitive advantage, you’ll have to stay ahead of the game. Be bold, and keep introducing new treatments, technology and products you believe in.
- 5. Build strong relationships with your suppliers.
Ultimately, you need other people to make your business a success. Relationships of all kinds are important when you’re starting a new business, so nurture your relationships with key suppliers. They’ll know a huge amount about the industry, and can be a great source of information and practical help when you’re starting out.
- 1. Leave your job before you have a comprehensive business plan.
Before you jump, have a solid plan. Where will you be in five years? How will you get there? How will you measure your progress? The most successful businesses have a concrete medium-term plan and regularly check progress against key performance metrics.
- 2. Risk all your assets – consider limiting your liabilities.
Trading as a Limited company gives you the peace of mind of knowing you won’t lose your house if your company hits financial difficulties. There are trade-offs – having to submit company accounts being one of them – but you may decide the added security is worth it.
- 3. “Race to the bottom” when it comes to price.
If you can help it, don’t make price your main selling point. You want to build a loyal client base, not patients who only choose you because you’re the cheapest. It’s not ideal for your bottom line, nor for building a brand. So think instead of adding value for your patients. Give them a great experience and results that they feel are well worth the money they paid.
- 4. Overlook the negative aspects of running a business.
There are great rewards in starting a new business, but there are also sacrifices. Your best guarantee of success is to go into business with your eyes open. Think about all the negatives – write a list if it helps – so you’re better prepared for whatever comes your way, and can be more resilient in the face of the inevitable challenges.
- 5. Rely on too few loyal customers – diversify.
While you want to build a loyal client base, you always want to be growing it so you aren’t reliant on a core of people. People’s circumstances change, so you can’t take a healthy client list for granted. There’s no guarantee they’ll keep coming back to you, so be proactive about attracting new patients.
Starting a new business in aesthetics? Find out more
If you’re thinking about starting a new business in aesthetics, you’ll want as much support as possible. At Cosmetic Courses, we’ve helped thousands of medical professionals make the transition to aesthetics – and our support doesn’t end with your training. Our ongoing support network will give you all the tools you need to make a success of your aesthetic business.
For information on our aesthetic training or advice on starting a new business, give our team a call on 01844 318317 or email [email protected].