In the competitive landscape of aesthetic medicine, success hinges on understanding key industry dynamics. Medical spa practitioners must look beyond surface-level assumptions to develop profitable, patient-centered practices.
This article reveals four critical myths that can make or break a medical spa’s potential, drawing insights from the International Association for Physicians in Aesthetic Medicine (IAPAM).
Based on insights from our faculty, members and industry experts, here are the top 4 myths about medical spas:
Reality: While Botox® attracts clients, it’s not necessarily the most profitable procedure. Chemical peels and other treatments often generate higher profit margins.
Impact: This myth can lead med spa owners to over-focus on Botox®, potentially neglecting more profitable services. Diversifying treatment offerings is crucial for maximizing revenue and profitability.
Reality: Starting with a basic system around $100,000 and adding handpieces as the patient base grows is often more strategic. There are even portable devices for between $5,000 – $10,000 for those starting Botox side businesses.
Impact: Over-investment in expensive equipment can strain finances and limit flexibility. Strategic, gradual investment allows for better cash flow management and adaptability to market demands.
Reality: It’s possible to learn the basics in a weekend if practitioners are investing in their education with a reputable, experienced training company. What they need to be wary of are any free courses often put on by equipment manufacturers and don’t offer CMEs. Comprehensive, unbiased training from accredited companies is essential for a strong foundation.
Impact: Relying solely on free manufacturer-sponsored courses can lead to biased information, potentially pushing practitioners towards unnecessary equipment purchases. It may also result in incomplete knowledge, affecting patient care and business decisions. Investing in accredited, CME comprehensive training from unbiased sources like the Aesthetic Medicine Symposium provides a more solid foundation for success.
Reality: Med spas offer a range of treatments that provide both aesthetic and health benefits, including addressing skin conditions and even providing relief for migraines.
Impact: This misconception can limit a med spa’s potential client base. Educating potential clients about the broader benefits of treatments can expand the market and increase profitability.
Instead of focusing solely on Botox, providers should understand that while injectables bring patients through the door, other procedures like physician-strength chemical peels often generate more significant profit margins.
Contrary to popular belief, practitioners don’t need a $200,000 laser system or even $100,000 to start a med spa. If you’re ready to invest in a larger piece of equipment, physicians are much better off to start with a basic IPL/Laser System for $100,000, and then add additional handpieces as the patient-base grows.
For those looking to start small or as a side business, it’s possible to launch with as little as $10,000-$15,000 in equipment costs. Here’s how:
By starting small and growing strategically, practitioners can launch a part-time or side med spa business with minimal initial equipment investment.
As the practice grows, you can gradually expand your service offerings and equipment inventory based on patient demand and revenue.
So many times, physicians attend a free weekend training course in the hopes of learning everything there is to know about opening a medical spa or aesthetic practice.
Unfortunately, the reality of the market place is that most of these seminars are often run by laser manufacturers or consulting firms, both of whom are ultimately guiding you to purchase their products and services.
A physician may start along the information path by attending a weekend program, but one needs to have ongoing educational and peer support, and access to additional CME approved clinical training.
“You need to look at entering the aesthetic field as a journey; you are not going to learn everything you need to enter the industry in one weekend, so you need to have access to accredited on-going clinical training, medical textbooks, DVD’s and reputable on-line resources in order to hone your skills, just as you did in medical school,” shares Jeff Russell, Executive Director of the International Association of Physicians for Aesthetic Medicine.
The underlying theme here is – Be Prepared and Stay Aware!
The key to any business success, including opening a medical spa or aesthetic medicine practice, is having clinical expertise coupled with strong business acumen. “Make your patients your priority, make time for continuing education and keep an eye on your expenses,” counsels Russell.
“As you develop and grow your medical spa, you are going to experience the same growing pains common to any new business; the key is identifying, or ideally anticipating them, and responding with proven solutions.
The IAPAM, through events such its Aesthetic Medicine Symposium, which is held in Scottsdale, Arizona strives to provide a forum where experts and peers can share industry innovations, be educated on new and existing technologies and procedures, and communicate about industry challenges and tested solutions.”
The International Association for Physicians in Aesthetic Medicine (IAPAM) is a pioneering professional organization founded in 2006 to support healthcare providers entering the aesthetic medicine field.
With over 600 members worldwide, IAPAM offers comprehensive training that goes beyond simple procedure instruction. Its unique Successful Aesthetic Practice System™ provides healthcare professionals with both clinical and business training, helping them add profitable, cash-based aesthetic procedures to their practices.
IAPAM distinguishes itself by offering AMA PRA Category 1 CME-accredited training programs that cover core competencies including Botox training, light-based therapies, cosmetic injectables, skin rejuvenation, and medical weight management.
More than just a training organization, IAPAM serves as a professional development platform that helps physicians transform their practices, offering hands-on training, ongoing resources, and support to help healthcare providers grow their businesses and achieve greater professional and financial freedom.
Attend the most comprehensive accredited AMA PRA CAT 1 CME Botox® training weekend, learn how to create a profitable practice with the top 5 most lucrative non-invasive treatments, get hands-on Botox® training in a multi-million dollar aesthetics practice and get trained in GLP-1 agonists and other medically-supervised weight loss treatments.
Scottsdale, Arizona
Talk with a program advisor to discuss your hands-on or online training options for Botox®, Aesthetic Medicine and Medical Weight Management (GLP-1 inhibitors, semaglutide, tirzepatide and more).
The IAPAM has been helping physicians, nurse practitioners and physician assistants make more & work less with AMA PRA CAT 1 CME certification & training in Botox®, Aesthetic Medicine and Medical Weight Management since 2006.
Choose from online or hands-on training today!
