Devin Haman in Forbes Magazine – Med Spa Industry Growth
When your industry is experiencing rapid growth, just as the Medical Spa industry is, then you need to know how to keep up.
Devin Haman, our co-founder, has been doing his best to ride the growth of the medical spa industry bullet train. At an annual turnover of around $3.97 billion, predicted to grow an average 8% per year through 2022, it’s a prime example of how business needs to step-up to demand.
Here’s Devin’s tips on how to do it:
How to Keep Up With Massive Industry Growth
Build To Scale
If you want to become a national or international presence, you need to build your business around a proven scale concept. Here are a few:
- Franchise – finding willing partners to spread out the costs of starting a national or international business is a smart way to become a household brand. This is the strategy I used with BHRC.
- Acquisition – You could find partners with capital to purchase an existing business in your industry.
- Strategic Takeover – On the flip-side, you may want to allow your company to be acquired by a bigger competitor.
Spend Money On Growth
You need to spend money to get good results. Period. Allow sufficient budget for things like:
- Hiring the right experts to help you build your business
- Quality inventory which is compatible with your services and has a strong reputation for after sales support
- Prime real estate
- And more.
Know What You’re Doing — Before You Do It
Sounds obvious, but I’ve seen many businesses fail because of it.
Just because something works in Studio City doesn’t mean that it’ll work in St. Louis.Work closely with an industry body related to your business to make sure that you are up to speed on the latest techniques and laws in each state that govern your industry, for example.
Work With a Team of Great People
Unfortunately, not everyone does this, and it will hurt their business.
Devin believes that your business only as good as your people. They are your best assets, and you need only the best, enthusiastic, committed team to grow a business.
Some of the professionals you can expect in your team are:
- A social media manager
- A marketing team that specializes in SEO (among other things)
- A public relations firm,
- An accountant
- IT experts.
Just to name a few.