A thorough business plan is often the difference between success and failure. So many new businesses fail because they lack a map to guide them to financial success and profitability.
Last week, I talked about the first five steps to creating a spa business plan. This week, I will address the next five:
Step 6: Planning the Menu
Now it’s time to decide what’s on the menu – literally. What services do you intend to offer to your customers? And how are they different than the ones offered by your competition?
Here’s where you will discuss how many varieties of massage and facial services you plan to offer. Will you include body treatments, make-up, nails, waxing and other beauty services? Do you plan to offer medical spa services?
It’s not only important to define the services you plan to offer, but you should map out how you plan to bundle or package these services as well. For example, will you offer couples packages, bridal packages, and/or a suite of different gift packages?
Make sure you have the right equipment to support these services. For example, if you plan to offer variety microdermabrasion facials, make sure the machine you purchase can support those services. Or if you plan to offer multiple massage rooms, make sure you order enough tables, sound systems, etc.— and don’t forget to include these capital investments in your financial planning.
This section of your spa business plan should also include customer service aspects such as how the customer experience in your spa will differ from that of your competitors’.
Step 7: Identify Your Management Team
Successful spas rely on the skill, experience and reputation of the owner and staff. In this section of your spa business plan, identify your service producers (therapists, estheticians, make-up artists, etc.) and describe the scope and depth of their expertise.
Include a brief, professional biography highlighting you and your staff’s experience and qualifications. Include their names, job duties and details about their skills or training. This includes each of their licensing information, years of experience and areas of expertise. For other staff such as receptionists, you can include information about customer service experience.
In addition, you may also want to include bios of any co-founders or investors with a management stake in the company.
Step 8: Outline the Day-to-Day
One of the crucial aspects of building a successful spa is the support you’ll need to run your new business day-to-day. Outline in your spa business plan, list the day-to-day activities needed to market, open, manage, provide services and close the spa. Indicate who on your team is responsible for each activity.
Here are a few examples to get you started:
· Spa Manager. The spa manager can handle tasks like paperwork, recordkeeping, employee scheduling, and purchasing. They also can oversee spa maintenance and handle facility management issues.
· Massage Therapists. The massage therapist is the life’s blood of any spa. They perform the bread-and-butter services of your business: massage.
· Esthetician. This service provider can perform a wide range of spa services that include facials, waxing, and makeup applications.
· Receptionist. In addition to greeting clients, the receptionist answers the phone, books appointments, gives directions, cashes out clients, and performs various other customer service duties like making coffee or even hanging up coats for clients. This employee should be extremely knowledgeable about the spa products you sell.
Step 9: Appendix
This section of your spa business plan should include additional support documents or materials such as business licenses and permits, health department or state occupational permits, and trademarks.
Step 10: Executive Summary
Now that you’ve gathered this great information in the first 9 steps of your spa business plan, write an executive summary to use as the first section! This one-to two-page summary should provide an overview of your business plan, quickly highlighting important features of each succeeding section.
You’ve compiled and written a great business plan. Congratulations!
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