Tag Archives: cosmetic business plan

Creating a Cosmetic Business-Planning

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Creating a Cosmetic Business

Reality business shows such as Dragon Den and the Apprentice have gained a large fan base due to the entertainment factor. However there is a stronger message being presented by both Lord Sugar and the Dragons to candidates who are asking for investment in their businesses. The message is you need to have a defined and clear business plan and strategy before any entrepreneur will invest in your business, regardless of your education and professional background. It does not matter if you have achieved success in another business since what is important is you have a thorough plan for the proposed business. A good plan will summarize the business concept and provide quantitative data to justify the business concept. The quantitative data is mandatory to show demand for the proposed service or product. The plan needs to provide detail instructions on how the business will achieve its financial objectives for year 1 and a strategic plan for the next five years since very few entrepreneurs wants to give money to a new business which might fail in year two. The candidate Neil from the apprentice performed excellent winning every task as project manager, however when asked for his business plan, he failed miserably. He had an idea but did not engage in market research to identify if the business idea was credible.

Apprentice Cosmetic Business Plan

On a good note, Leah who trained with KT Training and who is known for its business training to doctors, did have a business plan. She identified that the market was growing and she also identified that the return on investment was far greater than selling cupcakes on line. Well done Lea!!!! In a previous apprentice show there was a surgeon who did not make it through and similar to Neil, he felt he could make any business a success. Lord Sugar felt differently.

Banks, venture capitalists and entrepreneurs are looking for young entrepreneurs wanting funds to develop businesses in growth industries. Medical aesthetics is the fastest growing industry in the world and many doctors have the ability to raise funds from the private financial market however it is not your doctor credentials that will sell your business idea but your very comprehensive business plan showing you know how to manage the business for long term success.

Creating a Cosmetic Business Plan for Doctors

If you have a business idea, wish to assess the market demand and to create a comprehensive business plan, you can contact KT Solutions at [email protected]or call us on 01793323786 to speak to a business consultant.
Yasmin is the author of Simple Steps to Building Successful Cosmetic Practices and a Consultant for KT Solutions.

Medical Aesthetics

Dr. Leah Totton; a Doctor with a Plan!

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Regardless of looks, youth or position, Dr Leah Totton has caught the attention of the producers of the Apprentice, and Lord Sugar himself! How did she do it? One of the most importance aspects of her success is that she took the time to make a business plan. Say what you want about reality television, but business plans and strategy are necessary in any type of business venture; including Medical Aesthetics.

The Medical Aesthetics Business

The business element of medical aesthetics is hard for medical practitioners to get their head around because for the most part, they have never had to attract customers. If someone needs an operation, or a root canal, they are not going to wait for a practitioner to be nice to them before they get the procedure. We take for granted the fact that customers come to us without us planning for it. Furthermore, after we print out some business cards, leaflets, and get our friend to make us a website, we think our work is done! Hello pound signs, thanks for coming. Relax and stay a while. Unfortunately for us, the medical aesthetics industry doesn’t work that way.

Have you ever wondered why the Dragons on Dragon’s Den never seem that interested in Hair or Beauty Salons? It is the same reason why you see generic Hair and Beauty Salons appear and disappear, only to reappear on your local high street year in and year out. The salons are selling a service that is similar to others, and they have not done any strategic planning to ensure that customers stick with them and don’t move to a competitor.

Now think of the medical aesthetics industry. It has been around since the days of cellular and yet it doesn’t have any long lasting global brand names. You have to respect Dr. Leah Totton. She may be young, and new to the industry, but she has realized the importance of a sound business plan and even if it may not be perfect yet, she is aligning herself with people that can help her.

In closing, individuals within and on the fringes of this industry are rightfully concerned with the ethics of it. Dr. Totton was trained by KT Training and they have been preaching that one of the best ways to raise the standard within the industry is to give the customer a level of service and quality to expect of all practitioners. The only way to do that is to grow business in a planned and structured way. Dr. Leah Totton is prepared to do it, are you ready to compete with her?

Dr Leah Totton the Final of The Apprentice

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Dr. Totton reaches final stage

Congratulations to Leah and Louisa on reaching the final of “The Apprentice”.

Last week the candidates were interviewed by Lord Sugar’s business advisors, the business plans were reviewed and questioned with Leah providing the right answers to ensure progress to final, even though the plan was not perfect the numbers were correct.

The Cosmetic Business Plan

The cosmetic business plan as a whole was criticised for not being complete and this is something I am sure will be developed with the right guidance.

Leah has a good financial plan, the business model is also good, which is to start a medical aesthetics clinic by providing only the most popular and successful cosmetic treatments available in aesthetic medicine which are botulinum toxins, dermal fillers and skin peels.

This business model is the best for a start up cosmetic business and we will explain more about why this model is good and provide information regarding creation of a successful business plans for a start-up cosmetic practice in future posts.

“If you fail to plan, you are planning to fail” Benjamin Franklin

In the next show the previous candidates will return and Leah will have to select a good team to assist with the last task which is to start their business.The winner will receive an investment of £250,000 from Lord Sugar for a 50% share of the company.

Medical Aesthetics

If you are interested in the medical aesthetics business “Simple Steps to Building Successful Cosmetic Practices” is a good place to start, to find out what this this manual includes visit the Cosmetic Business Solutions << or contact KT Solutions to purchase your copy.

 

We will posting updates on the final as it happens please subscribe at the bottom of the page to receive reviews plus interact with the questions and issues by cosmetic business consultants during the show.

 

CPD Approved Customer Service and Cosmetic Business Courses

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We are pleased to announce the following KT Training Clinic and Business Development Courses will be starting in 2013 and have verifiable CPDs approved.

Customer Service Course-CPD Approved

Business Development Course-CPD Approved

These training courses are for aesthetics staff, clinicians and cosmetic business owners.

Developing your cosmetic practice courses have been developed specifically for the aesthetics market by Yasmin Khan and Keisha Paul.

Why is Planning Your Medical Aesthetic Business Important?

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Why is it necessary to plan your business model before you start your medical aesthetic clinic.

When you enter the commercial world of medical aesthetics you are not competing with just yourself. You are competing with larger and smarter companies than yourself who are prepared to out perform you to attract the limited private patient market. Therefore you may be skilled as a business person and feel confident about your ability to run a business without planning the business beforehand, however, planning will reduce competitive and financial risks. Also, there is easy entry into the medical aesthetic market. In any month, there are 100 of new suppliers entering into the market, diluting the opportunities for existing businesses.

The amount of planning required to develop a medical aesthetic business depends on the kind of business and the size of the business. It is also linked to the amount of investment being put in. Larger, more complex start-ups require more detailed business plans while smaller start up business do not require as detailed a plan.

What sort of business plan do you need for your cosmetic clinic?

The level of business planning is dependent on the type of business structure you choose.

Many clinicians are choosing to use the Salon Environment as their choice of business structure. There is a misconception by clinicians that they only need to negotiate percentage split and the booking of the procedures is the responsibility of the Salon Owner. However, even the salon environment is becoming competitive so clinicians have to be prepared to develop the salon program with the salon owner to make the venture a success. At KT Training, we not only provide a formal salon program business plan but we outline how the salon owner and clinician will work together to build this strategic relationship for the long term. In the next article, I will discuss the marketing mixes within the salon environment which can be implemented by the salon owner and clinician to continuously market the clinician’s skills resulting in more booked procedure for each clinic.

To receive updates regarding Yasmin Khans articles and business advice for the medical aesthetics sector please subscribe to this post at the foot of the page.

Medical Aesthetics Business, Planning and Development