How much does it cost to open a medical spa franchise?
Some franchise companies will tout how affordable and inexpensive it is to buy into their company. We’ll go the other way.
In other words, we’ll be honest, though, sure, we hope we don’t scare you off, and that you’ll keep reading… medical spa franchise opportunities aren’t cheap.
We typically tell interested parties that if you want to open a Beverly Hills Rejuvenation Center medical spa franchise, you should have at least $300,000 in the bank. But you’re probably looking at, once you factor in financing, a million dollar investment.
Not that you’re likely surprised. Running and maintaining a medical spa franchise isn’t like starting, say, a man-in-a-van business or a gift boutique shop. This is healthcare, after all, and given that medical spas can easily make a half a million a year, and more, it makes sense that it takes a serious investment to make serious money.
Medical Spa Franchise Costs
So, what are the types of expenses you’ll incur when opening a medical franchise. Well, several that you’ll want to be ready for:
- Construction costs, or you may well lease space, but even then, you’ll likely have leasehold improvements (enhancements that you’ll pay for in the space you lease). Of course, the cost fluctuates greatly depending where you’re located and how much space you want.
- Staffing. Unless you plan on being the medical director – and if you’re a physician, you can — your clinic will need a medical director, which, as you imagine, won’t be somebody who was flipping hamburgers at their last job. It’ll be somebody with medical experience, such as a nurse practitioner. You’ll also want somebody at the front desk, and you’ll likely have a nurse or two. That said, a medical spa isn’t a hospital. On average, you can expect to hire three full-time employees and a couple part-time employees.
- Equipment and supplies. You’re probably looking at $125,000 and maybe more. We’re talking everything from treatment tables and facial-table chairs to Botox and Allergan products.
- Liquidity. That is, cash flow. Working capital. Whatever you want to call it, you’ll need some. You might want $75,000 (that’s just a number we’ve thrown out; if you’re located in a high cost of living city, you may need much more, and if you’re located where the cost of living is low, you may need less).
So, to some people, that’s a lot. But the good news is that when you become a franchise owner, your money goes a lot further than when you’re starting a stand-alone independent medical spa. Here’s how, and what, we mean:
- Construction costs. As we mentioned, the costs can be high, and the commercial real estate world is complex, and the opportunity is there to lose a lot if you don’t know what you’re paying is higher than necessary. But you aren’t going to be on your own. When you buy a BHRC franchise, you’re working with our real estate firm, which will help you find the right location. We know the laws in each state, the build-out construction laws. We’ll be with you every step of the way as you build or lease space for your BHRC.
- Staffing. As we mentioned, a nurse practitioner might make a fine medical director for your BHRC, but in some states, you need somebody with more medical education. We will help you staff up, so you don’t make mistakes and run afoul of the law. In fact, that’s one of the big selling points of becoming a BHRC franchise – receiving guidance on avoiding the numerous legal pitfalls in a highly regulated industry.
- Equipment and supplies. The costs aren’t cheap, but as a BHRC franchise owner, you’ll benefit from the volume discount we get a top group buyer. You’ll save 30 to 60 percent on equipment and supplies as a BHRC franchise owner, versus what you would pay as an independent medical spa.
- Liquidity. We can’t give you working capital, of course, but we can connect you with potential lenders – and we will partner with you through the franchise process so that you don’t make costly errors. In other words, we’ll help you keep your money and make your money go farther than if you strike out on your own as an independent medical spa.
Seriously, this is an intense and expensive industry to enter, which is why working with a franchise is so powerful. We’re all stronger working together as a group, rather than trying to do this alone. We as a franchise are more powerful with the franchise owners we partner with – and are always on the hunt to create relationships with additional talented, passionate franchisees. We know we’re better off with you, and we hope you decide that you’re better off with us.
Of course, really, maybe the question of “How much does it cost to open a medical spa franchise” isn’t what you should be asking. Instead, there’s another, more important query to mull over: If you don’t open your own medical spa practice, what’s it going to cost you?
If you’re interested in learning more, click here to see how you, too, can take advantage of the rapidly growing medical spa industry.