Building a Cosmetic Medicine Business
There are lots of considerations when it comes to launching and building a cosmetic medicine business, from getting to grips with regulations and purchasing equipment to hiring and marketing – there are numerous jobs to tackle from the get-go. We’ve picked the brains of some our clients across the aesthetics and medical sectors, to nail down the broad strokes of what to expect when creating your practice.
Not dissimilar to other businesses, it comes down to planning and putting together a plan that can be executed well. It’s not for the fainthearted but the rewards can be vast. It involves many skills, as well as patience, creativity, determination and a business sense.
Being your own boss is a huge coup for those with an entrepreneurial spirit and that sense of ownership and agency that comes with running your own clinic is something that can’t be matched when working in a larger hospital or practice system. The good news is that, as difficult as it can be to get your business up and running, it’s well within reach if you have the right attitude and information.
There are three main types of operation, with increasing benefits, obligations and complexity for the owner:
- Mobile Clinicians
- Renting a room
- Opening your own clinic
There’s no perfect formula for setting up, however, it’s definitely worthwhile hiring a consultant [who are these people?] who has done this type of thing before to help guide you on your way. They will assist with navigating you through the variables and will help you plan accordingly. However, we will share with you our insights and those from our client base.
Over the next few weeks we’re going to provide insights on building your cosmetic medicine business via the following:
Creating a business plan and obtaining financing
- What makes a great business plan – an overview to show revenue and expense projections. Always a challenge!
- Marketing plan – how to attract and retain your patients
- Incorporating as a legal entity and registering for tax
- Establishing policies, procedures, and compliance documentation
- Purchasing insurance
- Marketing and promotion
- Accounting and taxation
Staff, Property and Equipment
- Practice management system
- Background check services
- Credit card processor
- Equipment leasing companies
- Property search and leasing
Opening your doors and evaluating practice performance
- Launching your practice
- How to track progress, review milestones and operations
- Changing regulations
- Industry trends
We look forward to following up next with a look at how to approach bankrolling your venture and what constitutes a business plan.