If owning your own spa has always been a dream of yours, now is a great time to make your dream come true.
The spa industry is booming. And, it’s set for record growth in the years ahead. According to researchers, the global spa services market is expected to reach over $154 billion dollars by the year 2020.
Every successful business begins with a winning plan. So, before you get started building your dream, you’ll need a spa business plan to set you on the road to success.
Don’t know where to start?
Well, you’re in the right place.
Read on to find out what you’ll need to include when writing a business plan for your very own spa!
1. Business Basics
The first section of your business plan ought to cover the basic information about your business.
- The name of your company
- Your company mission
- Your company vision statement
- The business structure (LLC, sole proprietorship or partnership)
- Your name & contact information, as well as the name/contact info for any additional owners
- Company values
- Customer service policy
- Business location
You may choose to include additional information that you feel is relevant as well. But, at a minimum, you should include the details listed above.
2. Operations & Services
Next, you will need to list the services that your spa will provide, along with a brief description of each. You should also list the requirements needed to perform these services, such as education, prior experience, licensure and other types of credentials.
It’s best to begin with a modest list of services. You can always add additional services once your business off the ground.
Be sure that you are capable of performing each initial service to the highest possible standard. This is crucial for establishing a positive business reputation with your customers.
Also in this section, you should list the days and hours of operation. You might also add critical elements of your business’s daily operations, such as the staff and equipment needed to operate.
3. Financial Information
This section is one of the most important things you’ll need to address as a new business owner.
These are some of the questions you’ll need to ask yourself:
- How much money is necessary to start your business?
- Is the funding already in place or is additional funding needed?
- If more funding is required, how do you plan to acquire the additional funds?
- Once your funding is established, will you be able to stay afloat even without turning an immediate profit?
- What is your budget for equipment and supplies, staffing, rent, utilities, and other expenses?
According to Forbes, the number one reason for their failure is most often a lack of funding. To give your business its’ best chance at success, make sure that you have the financial resources you need before opening your spa’s doors.
4. A Marketing Plan
How will you market your business? Do you plan to rely on your own marketing prowess or will you hire an outside professional?
You’ll need to determine the most effective marketing techniques for reaching your target audience.
Today’s businesses must rely on several marketing mediums, including digital advertising. Your marketing plan should include your website and social media site information, and your digital marketing strategies.
Also, decide how much you’ll allow for printed materials, and which materials you will need immediately. Every spa should have brochures available. And, as the owner, you’ll definitely want to have plenty of business cards on hand at all times.
Other than this, your marketing plan will vary according to your personal business needs and budget.
5. Start-Up Timeline
Finally, you should devise a timeline leading up to the start date. If you are planning a grand opening event, open house, or ribbon-cutting, you’ll also want to plan a tentative date for it as well.
Implement Your Spa Business Plan
Once your spa business plan is complete, and you’ve checked off your pre-opening to-do list, you can start looking forward to your big day.
Listing your spa in our directory can help you get noticed by others in your area. This is a great way to draw in new customers and establish yourself as a professional in the field.
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