A med spa franchise can be a costly investment with high overhead. See how they compare to other beauty franchises to make the best choice for you.
What is a Med Spa?
A med spa is essentially the combination of a day spa and an aesthetic medical center that focuses on nonsurgical aesthetic treatments and services that require the supervision of a licensed medical provider. The difference between a med spa and a day spa is the presence of a physician. This requirement determines the type of treatments that can be offered. The most intensely therapeutic treatments a day spa may provide include microdermabrasion and light chemical peel facials. Med spas can offer deeper chemical peels, injections (such as Botox), and laser treatments.
Day spa treatments are performed by aestheticians, while med spa services must be performed by licensed healthcare providers, such as physicians and RNs. All require specialty training, but the licensure required of med spa professionals is far more elaborate, time-consuming, and costly.
Owning a Med Spa: Costs & Revenue
Running a successful med spa franchise takes not only a blend of business and marketing savvy with an eye on personal care, but a well-informed understanding of state and federal medical practice laws and clinical training.
Med spas are essentially medical practices, but they must also be structured and run like businesses to attract clients and remain profitable. According to the AmSpa Medical Spa State of the Industry Report, the average med spa can bring in $1 million in annual revenue, and top practices can make even more.
But the startup costs for a med spa franchise can range between $700,000 to $1,000,000, with proprietors committed to building their practice for at least a couple of years before they may see a return on their investment.
In terms of ongoing expenses, bear in mind that medical aesthetic procedures require high-tech, high-cost equipment that need to be serviced and replaced in order to both uphold the law and follow the latest consumer trends. Not to mention the necessity of employing on-site medical professionals, whose salaries can reach over three times that of a trained aesthetician at a more traditional day spa or salon.
A Better Option
The self-care industry is vast and varied, and there are other highly lucrative avenues for passionate entrepreneurs to explore that don’t require seven-figure start-up investments and the ongoing employment of medical professionals and costly equipment.
The waxing industry accounts for over $11 billion annual sales within the larger self-care market, and a successful franchise can be operated without the necessity of a medical license or machinery, not to mention less than half the startup expense. A standard part of many people’s self-care routines, waxing continues to be one of the most profitable services in spas and salons, due to the essential nature of the services provided and the minimal overhead it takes to run a thriving franchise.
Even without the medical element, there is plenty of room for waxing franchises to innovate and provide their customers the most top-of-the-line services to stand out in a bustling market. Uni K Wax revolutionized the waxing industry back in 1993 when founder Noemi Grupenmager opened the first, one-of-a-kind unisex waxing studio designed to cater a full range of clients.
Nearly three decades later, Uni K Wax is still innovating on the original premise, providing prospective franchisees an advantage over the competitors by offering a proven model, low investment, a sustainable business structure, and unlimited growth potential.
If you would like to learn more about franchising with Uni K Wax, please visit us.