Before anyone starts a new business, they want to know that it is worth it. Not only do you want to make sure that it can be profitable, so too will your investors or bank. It is very difficult, after all, to start a business without some sort of loan, and while that is perfectly okay, it does put more pressure on you to ensure your business will be a success. To help you decide on whether running a day spa is profitable, take a look at these facts and figures, as well as tips on how to maximise profits to truly run a successful spa:
The Beauty Industry’s Worth
The beauty industry is worth over £300 billion worldwide – and that’s just in the sales it brings in. From skincare to makeup, this is one of the most profitable industries for women to start a new company in.
The Wedding Industry’s Worth
Similarly, this industry is also worth hundreds of billions, and that number is set to only substantially increase with time. Young couples are spending more on average for their wedding than ever before, and, part of that big day is often getting professional hair and makeup done for both the bride and the bridal party. If you can offer professional salon services at your day spa, you can tap into their market by offering a bridal party package or partnering with local wedding planners.
Tip: Tap into the prom and event industry as well and offer different packages and quality services to many different types of event services. This will help appeal to a variety of different clients and help you expand and bring in more profits during the high seasons.
Wellness Industry’s Worth
Wellness is an incredibly massive industry, one which spas fit in nicely. Offer wellness treatments, like massages or other grooming services, and you can tap into this multi-trillion-dollar market for yourself. In the UK alone this amounts for nearly 10 billion GBP and is expected to rise to 12.4 billion GBP by 2020.
How to Maximise Profits
The more your spa can do, the more profits it can bring in. While yes, being a specialist or catering to a niche can be worthwhile for many companies, being the one-stop shop for beauty needs and building a rapport with clients can help bring them in again and again. Your clients want to trust, and like the people who help make them beautiful, and in some cases, they need to trust them.
Getting a hair removal wax, for example, requires a great deal of trust in the skincare specialist, and if you or your employees can create that bond, there is nowhere else, that client will go. To gain this trust and reputation you will need to hire the best, continue to train them or sponsor their further training, and you will need to invest in the best hair removal products. Only when you have the best, can you provide the best service.
When you expand operations, you aren’t diversifying your business. Instead, you are becoming the only place a woman needs to go. Hire specialists or freelancers to help enhance the quality you can offer, and train your on-site employees as much as you can so that you can become the beauty haven your clients have been desperately searching for. Only then can you tap into the huge potential of the beauty, occasion, and wellness industries.