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 an Aesthetic Business? Find out more
If you’re thinking about starting an Aesthetic Business, 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].
Find out more about delegate’s most frequently asked questions on Aesthetic Training in our Aesthetics Knowledge Hub.