The number 1 question that Medical Spa investors, owners and managers are asking right now is: “How do the recent events on Wall Street effect me and my business?” Needless to say, as small business owners we will be impacted by the downturn in the economy and, to some degree, the volatility of Wall Street.
Clearly, the credit crunch is having a negative impact on those seeking to add or increase credit lines or secure a loan. There is no money available right now for small business. Thus growth and expansion along with new developments have slowed to almost a standstill.
The silver lining for Medspa investors, owners and managers is that the consumer demand for our services seems to have remained strong due to market expansion. People have less money to spend but every day there are more people becoming educated and knowledgeable about the results and benefits of Medical Spa services. This market expansion seems to be maintaining and growing sales at the well-run Medspa operations, locations that understand the necessity for a consistent dose of efficient marketing and effective management every day, every month, every quarter.
In addition, since there is no money to open new or shore-up failing Medspas, the well run operation is in a great competitive place. Weather the storm, steadily maintain or grow sales over the next 12 months and the outcome will be an opportunity to capture the expanding market along with the renewed energy of spending once past these difficult economic times.
We have successfully worked with Medspas across the country in the past 12 months, to help them continue their sales growth and based on our observations of the industry we continue to remain positive for the successful future of the Medical Spa Industry.